Overview
Matthew Kulkin, co-chair of Steptoe's Financial Services Group, is a former Commodity Futures Trading Commission (CFTC) division director who advises financial market participants on a wide array of legislative, regulatory, compliance, and enforcement matters. Matt relies on his substantive knowledge and recent government experience to assist clients in navigating issues with the CFTC, the Securities and Exchange Commission (SEC), the Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau (CFPB), and other regulatory agencies. Matt’s clients have included banks, broker-dealers, asset managers, proprietary firms, energy companies, trading venues, non-bank financial institutions, trade repositories, insurance companies, corporate end-users, financial market utilities, and systemically important financial institutions.
Matt regularly provides CFTC, SEC, and NFA regulatory compliance counsel to swap dealers, security-based swap dealers, swap execution facilities, designated contract markets, futures commission merchants, broker-dealers, derivatives clearing organizations, clearing agencies, introducing brokers, investment advisers, and commodity pool operators.
From 2017 through 2019, Matt served as director of the CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) under Chairman J. Christopher Giancarlo. At the CFTC, Matt was responsible for a number of significant measures related to financial markets, including futures, swaps, cryptocurrencies, and blockchain technology.
Specifically, Matt oversaw policy-making and advised on enforcement matters related to swap dealers, futures commission merchants, commodity pool operators, commodity trading advisors, and the National Futures Association. His portfolio also included the Volcker Rule, substituted compliance determinations with non-US jurisdictions, planning for a no-deal Brexit, proprietary trading firms, and uncleared margin implementation. As the DSIO director, Matt worked closely with Executive Branch agencies, US and global independent regulatory bodies, and the US Congress. He also advised the CFTC's Division of Enforcement with respect to matters involving examinations and investigations of DSIO registrants.
In private practice, Matt has also represented clients seeking access to capital under the legislation designed in response to economic crises: Consolidated Appropriations Act, 2021, the CARES Act (Payroll Support Program, Main Street Lending Program, national security business loan program), as well as similar programs under the Emergency Economic Stabilization Act of 2008.
Previously, Matt served as co-chair of the DC Bar's Derivatives, Securitization, and Project Finance Committee. Matt is recognized as a thought leader on the Dodd-Frank Act implementation through his frequent writing and speaking engagements, including contributing to Derivatives Regulation – 2018 Cumulative Supplement (Wolters Kluwer) and co-authoring several chapters of the Emergency Economic Stabilization Act Handbook (Thomson Reuters).
- District of Columbia
- Georgia
- J.D., The George Washington University Law School, 2005
- B.A., Tufts University, 2002
Representative Matters
- Developed and now implementing a comprehensive remediation plan for a registered swap dealer in connection with a CFTC investigation and enforcement matter.
- Serve as primary outside regulatory counsel for US and non-US registered swap execution facilities, preparing rulebook amendments, new product listing submissions, revising compliance policies and procedures, and responding to CFTC requests for information.
- Advise non-US multinational investment bank and financial services company on CFTC regulatory issues associated with a proposed financing transaction to facilitate the purchase of precious metals.
- Secured CFTC no-action relief for non-bank futures commission merchant with respect to investments in SOFR-linked securities as part of LIBOR transition planning.
- Counsel virtual currency exchange regarding registration as an introducing broker with the CFTC and NFA.
- Secured CFTC no-action relief related to clearing certain interest rate swaps on behalf of a coalition of community development financial institutions. No-action relief subsequently was codified as an exemption in CFTC regulations.
- Advise US company on legal and regulatory issues associated with possible acquisition of designated contract market and derivatives clearing organization.
- Represent US-based cryptocurrency exchange with respect to the application of the CFTC's "actual delivery" guidance for retail commodity transactions in virtual currency.
- Act as regulatory policy counsel for a global financial services trade association, preparing comment letters, developing industry best practices, and engaging with policymakers.
- Provide public policy counsel to non-US cryptocurrency derivatives trading platform.
- Represent air carrier contractor in connection with US federal funding under the CARES Act Payroll Support Program.
Speaking Engagements
- "The Root Causes of Control’s Failures and Remediation," Futures Industry Association's Annual Law & Compliance Division Conference, Washington, DC, April 2022
- "Energy Markets: Overlap and Distinctions Between CFTC and FERC Regulation and Enforcement," FIA Webinar, February 10, 2022
- "GBBC Legal and Regulatory Group Update," Global Blockchain Business Council, February 24, 2021
News & Publications
Publications
April 28, 2022
Client Alerts
White House Releases Executive Order on Ensuring Responsible Development of Digital Assets
March 11, 2022
By: Matthew B. Kulkin, Alan Cohn, Scott A. Sinder, Micah S. Green, Jason Abel, Ayana Dow, Evan T. Abrams
Client Alerts
Previewing the SEC Division of Enforcement’s Annual Report
November 15, 2021
By: Matthew B. Kulkin, Elizabeth H. Baird, Stacie R. Hartman, Alan Cohn
Publications
Why the Global Libor Transition Depends on US CFTC Action
Morning Consult
July 12, 2021
Media Mentions
Reuters Quotes Matt Kulkin on Potential SEC Guidelines for Cryptocurrencies
March 4, 2021
Media Mentions
Compliance Week Cites Hartman, Kulkin on Cryptocurrency Regulation Under Gensler's SEC
March 3, 2021
Media Mentions
Compliance Week Quotes Matt Kulkin on Biden's Nomination for SEC Chair
January 14, 2021
Resources
Financial Services Group Advisory
Swap Dealers Face May 31 NFA Marketing Material Compliance Deadline
April 23, 2021
Financial Services Group Advisory
Climate Change Focus of Tomorrow's FSOC Meeting; Top Biden Administration Policy
March 30, 2021
By: Matthew B. Kulkin, Stacie R. Hartman, Micah S. Green, John T. Collins, Scott D. Fisher
Financial Services Group Advisory
United Kingdom to Consider Post-Brexit 'Reform to the Capital Markets'
March 17, 2021
Financial Services Group Advisory
Previewing Gary Gensler's SEC Confirmation Hearing
March 1, 2021
By: Alan Cohn, John T. Collins, Christopher R. Conte, Scott D. Fisher, Micah S. Green, Matthew B. Kulkin, Scott A. Sinder
Financial Services Group Advisory
SEC, IOSCO, FSB Announce Plans to Tackle Climate-Related Disclosures in Public Filings
February 25, 2021
Financial Services Group Advisory
Key Takeaways: CFTC Issues No-Action Relief for FCM Treatment of Separate Accounts Under Rule 1.56
September 16, 2020
By: Matthew B. Kulkin, Stacie R. Hartman, Micah S. Green, Richard Shilts, Michael V. Dunn
Exempt Organizations Advisory
Federal Reserve Releases FAQs for Nonprofit Main Street Lending Program
July 23, 2020
Exempt Organizations Advisory
Main Street Lending Program Finalizes Expansion to Nonprofits
July 17, 2020
Events
Seminars & Events
Third Annual Regulatory Symposium
December 9, 2021
Speakers: Shannen W. Coffin, Micah S. Green, Matthew B. Kulkin, William M. Keyser, Pantelis Michalopoulos, Monique Watson, Michael L. Weiner
Webinars
Financial Services Policymaking in the Biden Administration: A Six Month Review
July 20, 2021
Speakers: Matthew B. Kulkin, Briget Polichene, Christopher Robins, Alison (Ali) Wolpert
Webinars
Comment Letters 101: Effectively Responding to Agency Rulemakings
March 25, 2021
Speakers: Matthew B. Kulkin, Cynthia L. Taub, Monique Watson
Webinars
Post-Election Recap: Financial Services
November 12, 2020
Speakers: Alan Cohn, John T. Collins, Micah S. Green, Matthew B. Kulkin
Webinars
2nd Annual Regulatory Symposium: Elections Matter
October 22, 2020
Speakers: Christopher R. Conte, Micah S. Green, Matthew B. Kulkin, Marc L. Spitzer, Lisa M. Zarlenga
Webinars
Market Oversight and Regulation: FINRA and NFA Priorities and Practices
June 17, 2020
Speaker: Matthew B. Kulkin
Webinars
Perspectives from Washington: Navigating a Shifting Political, Regulatory, and Economic Environment
May 28, 2020
Speaker: Matthew B. Kulkin
On Demand
Lender Beware: Mitigating Risks in Lending Stimulus Funds to Small Businesses
May 6, 2020
Speakers: Michael Campion Miller, Stacie R. Hartman, Matthew B. Kulkin, Leah M. Quadrino, Ashwin J. Ram, Jeremy B. Glen
On Demand
Borrower Beware: Risks Associated with Accessing COVID-19 Relief Funds
April 14, 2020
Speakers: Matthew B. Kulkin, Michael Campion Miller, Leah M. Quadrino, Ashwin J. Ram, Jeremy B. Glen, Caitlin Conroy, Jason Meade
Webinars
Forecasting the CFTC's 2020 Agenda
March 3, 2020
Speakers: Micah S. Green, Stacie R. Hartman, Matthew B. Kulkin, Daniel A. Mullen
Noteworthy
- Best Lawyers in America, Derivatives, Futures Law (2022)
Previous Employment
-
Director, Division of Swap Dealer & Intermediary Oversight, Commodity Futures Trading Commission
-
Legal intern, Bureau of Industry and Security, US Department of Commerce
-
Judicial intern, Honorable Ellen Segal Huvelle, US District Court for the District of Columbia
Professional Affiliations
-
Past co-chair, Derivatives, Securitization, and Project Finance Committee, DC Bar