Robert Zwirb is a consulting attorney who advises market participants on transactional, trading and regulatory issues.

Prior to joining Cadwalader, Robert served as counsel to Commissioner and Acting Chairman Sharon Brown-Hruska of the Commodity Futures Trading Commission and in the same capacity for former Chairman Wendy Gramm, providing advice on a wide range of regulatory and legal matters relating to the application of the Commodity Exchange Act to the futures and derivatives industry. He also served as Assistant General Counsel principally engaged in appellate litigation for the agency.

Robert has written on legal and regulatory issues for various law journals, Regulation magazine, and Legal Times, and has served as a panelist on programs sponsored by the ABA Committee on Regulation of Futures and Derivative Instruments. He received his B.A., summa cum laude, from the University of California at Riverside and his J.D. from the University of California at Los Angeles. He is admitted to practice in the District of Columbia and in the State of California (inactive).

Recent Articles & Comments

February 13, 2018

Commissioner Behnam's survey of the CFTC regulatory policy contains at least one positive and one less than positive suggestion. The positive one is Mr. Behnam's insistence that the Division of Enforcement more clearly describe the misconduct and how that conduct runs afoul of the law in settlements that it reaches with respondents. Too often, the language that appears in such settlement documents is so formulaic and legally obtuse that it fails to give the public a clear idea of what went wr...

February 12, 2018

As a general matter, it's not clear to what extent financial firms must become technically more savvy to fulfill their supervision duties under CFTC Rule 166.3 where, like most firms outside the tech sector, they delegate information security programs and the like to outside technology providers. The CFTC faults the FCM for being unaware of and not detecting the faulty work of its IT provider and relying on the provider's quarterly network risk assessments assuring it that its network was fre...

February 12, 2018

Even within the strict parameters of this in-house exercise – limiting its scope to "cleaning up the rulebook," "cleaning up the clutter," and otherwise improving rules in a "policy neutral" way – there is a lot to be excited about here, especially given that past efforts to prune the barnacles of the CFTC's 2088-page rulebook came to naught. Codifying a significant amount of past no-action and exemptive relief, eliminating silly hoops to obtain such relief, and promising to issue future requ...

January 31, 2018

It is ironic that the self-certification process for approval of new financial products, a creature of the Commodity Futures Modernization Act of 2000 ("CFMA"), is undergoing regulatory scrutiny now, rather than in the recent past when so much of the regulatory framework created by the CFMA was dismantled and replaced by Dodd-Frank. It is not surprising, however, given the challenges posed by virtual currency today.

The formal statements issued by the three sitting members of the Commi...