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David E. Aron

Special Counsel
Washington, D.C.
T: +1 202.753.3756 F: +1 202.753.3838 daron@lowenstein.com
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David E. Aron is a seasoned attorney with Commodity Futures Trading Commission (CFTC) regulatory, transactional over-the-counter (OTC) and exchange-traded derivatives experience from more than three decades in private practice, in-house, in the federal government, and at an intergovernmental organization.

Dave counsels clients on CFTC jurisdictional and compliance matters, including in connection with digital assets such as cryptocurrency, whether registration is required and the appropriate jurisdictional (CFTC vs. SEC) and product characterization of derivatives and other financial products (forwards, spot transactions, swaps, security-based swaps, mixed swaps or security options) overlying quantitative investment strategies and other transactions. Dave has assisted clients with swap execution facility (SEF), designated contract market (DCM), swap dealer (SD), futures commission merchant (FCM) and introducing broker (IB) registration and with CFTC and exchange investigations. He also advises clients on the intersection of federal event contract / prediction market regulation and state gaming regulation.

Prior to joining Lowenstein Sandler, Dave served in various roles at the CFTC, including as a principal draftsman of various sections of the CFTC-SEC rulemaking further defining "swap" (e.g., embedded optionality, environmental commodities, compo and quanto equity total return swaps, consumer and commercial agreements, foreign exchange (FX) non-deliverable forwards (NDFs), FX spot, and contracts for differences (CFDs), and as liaison between the Division of Market Oversight’s (DMO) Data and Reporting Branch and the Division of Enforcement in multiple investigations. While at the CFTC, Dave was also detailed to the Office of the Chief Economist and the U.S. Department of the Treasury.

Earlier in his career, Dave worked in the securities investments unit of an insurance company’s legal department, supported the equity, credit and private banking derivatives teams at a swap dealer and was a partner at a major law firm in its leading commodities and derivatives practice (with a focus on power and natural gas trading), among other roles.

Dave’s pro bono experience includes serving clients referred by Start Small Think Big, the National Veterans Legal Services Program and Legal Counsel for the Elderly.

Dave has published and presented extensively in various media and fora throughout his career.

  • Draft / guide drafting of various DCM, DCO and SEF application documents and IB policies and procedures
  • Review swap dealer application for sufficiency against applicable CFTC regulations
  • Revise DCM marketing agreements
  • Draft prediction market litigation disclosures in response to CFTC Advisory
  • Revise influencer marketing guidelines
  • Assist in DCM/DCO member/clearing agreement negotiations
  • Counsel asset managers on CFTC registration requirements and exclusions and exemptions
  • Research and analyze CTA registration implications of market analytics tool

Education

  • Syracuse University College of Law (J.D., M.B.A. 1993)
    University of Michigan (B.A. 1990)

Admissions

  • New York
  • District of Columbia

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