CFTC picks new general counsel from Proskauer

The Commodity Futures Trading Commission (CFTC) has hired Daniel Davis as the agency’s new general counsel.

Davis started work at the derivatives regulator on Monday, having joined from law firm Proskauer Rose, where he was special counsel in the labor and employment law department. A Proskauer spokesperson did not respond immediately to a request for comment.

‘I’m delighted that Daniel will bring his vast knowledge, keen intellect and good judgment to the important work of the CFTC,’ says acting chair J Christopher Giancarlo in a statement. ‘I welcome him to our agency, and I thank our acting general counsel, Rob Schwartz, for his exemplary service over the past several weeks.’

‘Congress has entrusted the commission with key responsibilities and I intend to assist the commission with the various legal issues it must address in fulfilling those responsibilities,’ Davis says.

Before Proskauer Rose, he worked at Gibson Dunn & Crutcher, where he was a member of the administrative law and regulatory practice, labor and employment practice and litigation practice, according to the CFTC. From 2006 to 2007, he served as counsel to the assistant attorney general of the US Department of Justice civil division.

The previous permanent general counsel, Jonathan Marcus, left the agency earlier this year, having taken on the role in 2013.

‘The general counsel at the CFTC is a unique position as he or she works for each commissioner and at times may be called upon to take a variety of positions on the same issue. Jonathan has always filled this role honestly, fairly and intelligently,’ said commission member Sharon Bowen in January. ‘Since I became a commissioner, I have relied on his excellent work to guide me on many of the complex issues facing the commission. It has been a great pleasure working with Jonathan and I thank him for his service and wish him the best.’

As general counsel, Marcus provided legal counsel on the implementation of the swaps market reforms contained in the Dodd-Frank Act, including the agency’s approach to cross-border regulation of the market. He also advised the commission and agency staff on a range of other matters, including CFTC reauthorization, responses to congressional and inspector general investigations, enforcement issues, inter-agency agreements, administrative law and ethics.

The CFTC’s division of enforcement on January 19 issued two advisories outlining the factors it will consider in evaluating co-operation in the agency’s investigations and enforcement actions (CorporateSecretary.com, 1/24). The division may at its discretion consider the following factors in assessing whether a company’s or individual’s co-operation warrants credit. These are:

• The value of the co-operation to the division’s investigation(s) and enforcement action(s)
• The value of the co-operation to the commission’s broader law enforcement interests
• The culpability of the company or individual and other relevant factors
• Any ‘unco-operative conduct’ that offsets or limits credit the company or individual would otherwise receive.