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Schulte Roth & Zabel LLP

Work +1 212 756 2000
Fax +1 212 593 5955
London, New York, Washington DC

Craig Stein

Work +1 212.756.2390
Schulte Roth & Zabel LLP

Work Department

Structured Finance & Derivatives, Regulatory & Compliance, Trading Agreements


Craig Stein is co-head of the Structured Finance & Derivatives Group. His practice focuses on swaps and other derivative products, including credit- and fund-linked derivatives, prime brokerage and customer trading agreements, and structured finance and asset-backed transactions. He represents issuers, underwriters, collateral managers and portfolio purchasers in public and private structured financings, including collateralized loan obligations (CLOs). In addition to The Legal 500 United States, Craig has been recognized in this area by the prestigious legal directory Chambers USA: America’s Leading Lawyers for Business. Craig is a member of the American Bar Association, the New York City Bar Association, the New York State Bar Association, the Loan Syndications and Trading Association, the International Swaps and Derivatives Association and the Structured Finance Industry Group. He is a much sought-after speaker for hedge fund industry conferences and webinars and the author of numerous articles on advanced financial products. He recently co-authored “Current Issues in the CLO Market: As of February 2017” for The International Comparative Legal Guide to: Securitisation 2017 and “U.S. Regulators Adopt Final Rule on Margin Requirements for Non-Cleared Swaps” in The Hedge Fund Journal.


Partner, Schulte Roth & Zabel LLP since 2001, Associate, 1995-2001, Co-Head, Structured Finance & Derivatives Group; Rogers & Wells, Associate, 1992-95.


American Bar Association; International Swaps and Derivatives Association; Loan Syndications and Trading Association; New York City Bar Association; New York State Bar Association; Structured Finance Industry Group.


University of Pennsylvania Law School, J.D., cum laude; Colgate University, B.A., cum laude.

United States: Finance

Structured finance

Within: Structured finance

Schulte Roth & Zabel LLP has a very active securitization practice, which focuses on ABS and CDO matters, and is also involved in the RMBS and CMBS markets. In an example of the group’s CLO work, Daniel Oshinsky acted for affiliates of Fortress Investment Group in the structuring and negotiation of a $425.4m CLO transaction secured by US syndicated commercial loans. Paul Watterson was manager’s counsel to Steele Creek Investment Management during a $360m CLO, and also advised a private fund established by the manager for the purpose of investing in the subordinated notes issued by the CLO. Craig Stein jointly heads the structured finance and derivatives group and handles transactional and regulatory aspects of swaps and derivative products. The team handled a range of derivative-related regulatory matters for hedge funds and other investment groups in 2016. Clients also include Mitsubishi UFJ Morgan Stanley Securities, Blackstone Real Estate Income Advisors and Barclays Capital.

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  • EU and Malta Securitisation Market

    Following the US subprime crisis that began in 2007, the notion of securitisation has suffered from bad press that tainted its reputation. However, securitisation is still considered as an essential component to continued economic recovery and for well-functioning financial markets.

  • DOJ Makes the Pilot Program Permanent and Announces FCPA Corporate Enforcement Policy

    The US Department of Justice ("DOJ") had announced a pilot program [1] ("Pilot Program") on April 5, 2016, which created new mitigation opportunities for companies that (i) voluntarily self-disclosed, (ii) cooperated fully, and (iii) took timely and appropriate remedial actions in FCPA matters that fell within the Fraud Section's mandate. The Pilot Program was to remain in effect for 1 year, starting from the day of its announcement. On March 10, 2017, the Acting Assistant Attorney General, Kenneth A. Blanco, announced in a speech that the Pilot Program would continue in full force until the DOJ reached a final decision on whether to extend it, and what revisions, if any, should be made to it. [2] The evaluation period of the Pilot Program ended on November 29, 2017, when Deputy Attorney General Rod Rosenstein announced the new FCPA Enforcement Policy ("Policy"), which effectively makes the Pilot Program permanent with some revisions. According to Deputy Attorney General Rosenstein, the FCPA Unit received 30 voluntary disclosures during the time period that the Pilot Program was in force, as opposed to 18 voluntary disclosures that were received during the previous 18-month period. The Policy has been incorporated into the United States Attorneys' Manual in order to "be readily understood and easily applied by busy prosecutors" as opposed to being promulgated in memorandum format. [3]
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    With the Statutory Decree No.671 dated August 17, 2016, and the recent changes with Regulations No.29987 and No.29824 on Regulation Regarding an Amendment on Placement to Open Punishment Execution Facilities effecting execution of the Law No.5275 on Punishment Execution Law has introduced significant changes.
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    Supreme Court Affirms Lower Court Decision, Finding Invalid the Regulations on Foreign Exchange Report on Incorporation of Offshore Subsidiary by an Offshore Company
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  • [SOUTH KOREA] New Administration’s Key Environmental Policies

    To step forward as an environment-friendly government, the Moon Jae-in Administration has announced its key environmental policies, including improving safety in chemical substances and household chemical products, and reinforcing implementation measures of the Paris Agreement.  Under the “sustainable development” paradigm, the new administration will continually promote new regulations to protect the environment and strengthen its enforcement of environmental regulations.
  • [SOUTH KOREA] Lower Court Issues Favorable Decision for 27,000 KIA Motors Employees in an ...

    Lower Court Issues Favorable Decision for 27,000 KIA Motors Employees in an Ordinary Wage Case 
  • SyCipLaw TMT Bulletin: “More Philippine Data Privacy Act: Are you Ready for Phase II?”

    Controllers and processors who have completed Phase I registration with the National Privacy Commission (NPC) will now have to gear up for Phase II. Phase II involves providing the NPC certain information on the organization’s compliance with the Data Privacy Act (DPA).
  • Crowdfunding - The Path towards a regulatory Framework

      The importance and feasibility of crowdfunding platforms is increasing in stature and importance for current and future the entrepreneurs. Malta has recently acceded to the rising trend by creating its first crowdfunding platform, ZAAR, a reward-based crowdfunding platform who has recently been awarded with the first prize in its section at the National Enterprise Support Awards 2016 also as well as being one of the local projects that have represented Malta at the European Enterprise Promotion Awards 2016, held in Slovakia. Nonetheless start-ups based in Malta with global aspirations often rely on international platforms. An increase in interest has emerged amongst the art and culture community as well in social entrepreneurship projects. Crowdfunding in Malta is still at the early stages of development. Despite this, there are endless opportunities for local entrepreneurs and the local business community. Research has shown that through international crowdfunding platforms, monies have been raised for projects in the field of gaming consoles, apps and software as well as for artistic projects.  Testimony to this is a new game design studio in Malta, that launched its first game, Politicks, raised financing through the crowdfunding platform Indiegogo.