Cheryl Isaac is a partner and a member of the Asset Management and Investment Funds practice, where she concentrates on derivatives and commodities law. Cheryl regularly speaks and writes on novel legal issues relevant to the derivatives industry, and relies on her years of experience in private practice to advise clients on complex and in some cases unprecedented business models and financial products. Cheryl counsels a broad range of derivatives market participants—energy and commodity traders, financial institutions, brokers, asset managers, and derivatives exchanges, among others—on legal and regulatory matters under the Commodity Exchange Act, the Dodd-Frank Act, and related US Commodity Futures Trading Commission (CFTC), and National Futures Association (NFA) rules and regulations.
She works with derivatives market participants to apply for registration with the CFTC and NFA, develop robust compliance programs, and help them understand how US derivatives regulations apply to their existing or expanding business activities. She also advises clients on transactions in security-based swaps and applicable US Securities and Exchange Commission (SEC) regulations. She regularly engages with regulators on behalf of clients, and advocates for reasonable and principles-based rulemaking.
In addition to traditional finance, Cheryl also counsels derivatives and commodities market participants on a variety of emerging asset classes with evolving regulatory frameworks, including digital assets, decentralized finance (DeFi), and voluntary carbon credits. Among other things, Cheryl helps clients understand when and how one of these novel products or platforms would be subject to regulation by the CFTC.
Cheryl also has significant experience negotiating bespoke derivatives transactions in a variety of asset classes (interest rates, FX, digital assets, and commodities), including ISDA Master Agreements and related documentation.
Prior to joining the firm, Cheryl practiced law at other US and international law firms, where she represented clients in a variety of complex financial transactions, including interest rate swaps and other derivatives products, venture debt financings, digital asset transactions, and also advised on compliance with related derivatives laws and regulations.
- DC Bar Foundation, Advisory Committee
- DC Bar Association, Derivatives and Futures Law Committee
- American Bar Association, Securities, Capital Markets, and Derivatives Subcommittee, Banking Law Committee
- 100 Women in Finance, DC Education Committee
- Anti-Defamation League (ADL), Washington DC Region, Executive Committee and Board Member
- Moderator, Swaps and Security Based Swaps Panel at the Futures Industry Association Law and Compliance Conference, 24 April 2025
- Panelist, “Digital Assets: Hot Topics for Lawyers” New York State Bar Association CLE Luncheon, 27 March 2025
- Panelist, Ethics Plenary Session at American Bar Association Derivatives and Futures Law Winter Committee Meeting, 1 February 2025
- Panelist, “Tokenization in 2025,” FIA Webinar, 24 January 2025
- Speaker, Financial Services Industry Insights: Washington Weekly Series, “CFTC Regulation,” 23 January 2025
- Moderator, Futures Industry Association Law and Compliance Conference, “Buy Side Hot Topics,” 25 April 2024
- Panelist, K&L Gates LLP Webinar, "Artificial Intelligence for Asset Managers," 10 April 2024
- Panelist, “Understanding Core ISDA Documentation; the Variation Margin Credit Support Documents,” ISDA Virtual Conference, 6 March 2024
- Panelist, American Bar Association Derivatives and Futures Law Committee Winter Meeting, “Artificial Intelligence and Legal Ethics,” 27 January 2024
- Panelist, Strafford CLE webinar, “Swaps in Commercial Finance Transactions,” 9 November 2023
- Panelist, Strafford CLE webinar, "Life After LIBOR: Amending Existing Mortgage Instruments, Fallback Language, SOFR and Spread Adjustments," 8 August 2023
- Panelist, Futures Industry Association Law and Compliance Conference, “Crypto Regulation and Enforcement,” 28 April 2023
- Panelist, New York State Bar Association Derivatives and Structured Products Committee, “Emerging Issues in Derivatives Regulation: DeFi and Beyond,” 12 April 2023
- Panelist, Investment Advisor Association Compliance Conference, “Considerations for Investing in Digital Assets for Clients,” 14 March 2023
- Speaker, "Digital Assets Regulation: Where We Are Today" Financial Markets Association: Securities Compliance Webinar, 5 May 2022
- “7 Ways CFTC Should Nix Unnecessary Regulatory Burdens,” Law360, March 2025
- “CFTC Self-Reporting and Cooperation Considerations,” Futures and Derivatives Law Report, March 2025
- “SEC Leaves Meme Coin Fraud for Other Cops to Chase,” Law360, 10 March 2025
- “Evolving Regulatory Oversight For AI And Asset Management,” Law360, 5 August 2024
- Mentioned, "The DC Bar Foundation Names New Members to its Board of Directors and Advisory Committee," DC Bar Foundation, 13 October 2022
