Elizabeth J. Reza
Elizabeth Reza brings a deep and nuanced understanding of the registered funds regulatory and business landscape to her work with asset managers. A partner in the asset management group and former co-head of Ropes & Gray’s registered funds practice, Elizabeth works with clients on the full range of matters facing their businesses—from launching and operating innovative new fund products to carrying out fund mergers and other transactions and advising on compliance and governance matters.
Recognized by Chambers and The Legal 500 for her work on behalf of clients, Elizabeth has more than two decades of experience designing and structuring registered fund products, including open-end and closed-end (including interval) funds. In recent years, she has devoted significant time to guiding clients that are looking to bring non-traditional asset classes to retail investors, and is familiar with a wide range of alternative investment strategies. In addition to her work with asset managers, Elizabeth counsels independent directors and trustees who oversee fund complexes.
Clients and peers laud Elizabeth’s “stunning” intellect and she “is esteemed for the advice and counsel she provides for registered investment companies,” according to Chambers. Clients value her practical and responsive advice and her ability to work collaboratively with the staff at the SEC. Her familiarity with both the regulations and the regulators allows Elizabeth to creatively develop new products and compliance solutions.
Elizabeth is a member of the firm’s governing Policy Committee and a former co-chair of the Ropes Multicultural Forum, which sponsors initiatives aimed at promoting and supporting diverse lawyers.
- Represents the Independent Trustees of the J.P. Morgan Mutual Funds and Exchange-Traded Funds.
- Represents the Voya Funds mutual fund and closed end fund complex.
- Represents the Stone Ridge Funds mutual fund and closed end fund complex and Stone Ridge Asset Management.
- Represents the Independent Trustees of the Nationwide Funds.
- Represents the Independent Trustees of the DWS Funds.
- Represents Grantham, Mayo, Van Otterloo & Co., LLC and the GMO mutual fund complex on a wide range of matters as primary outside counsel.
- Represents several asset managers on a wide range of regulatory and compliance matters relevant to their services to mutual funds and separate account clients.
- Profiled, “Top Women of Law 2021,” Massachusetts Lawyers Weekly (November 17, 2021)
- Quoted, “Agility will be vital post-pandemic, say lawyers,” Financial Times (May 6, 2021)
- Quoted, “SEC Has More Words, but Not Clarity, About Fair Valuation,” BoardIQ (December 17, 2019)
- Quoted, “Boards Can Decide Some Proxy Issues Without Vote: ICI,” BoardIQ (June 18, 2019)
- Quoted, “‘Happier Directors’ If SEC Says More About Good Faith,” BoardIQ (April 9, 2019)
- Quoted, “Mandatory age limits are gaining traction, but boards still split on the benefits,” Fund Directions (January 10, 2019)
- Quoted, “2019 Outlook: What's keeping directors up at night?,” Fund Directions (December 20, 2018)
- Quoted, “Foregoing a Raise (Even When You Could Take One),” BoardIQ (July 17, 2018)
- Quoted, “In Quest for Cyber Security, Don’t Forget About Vendors,” BoardIQ (April 10, 2018)
- Co-author, “Increased Enforcement Activity Underscores Need for Firms to Conduct Rigorous Cybersecurity Oversight,” Wolters Kluwer’s Securities Regulation Daily (May 24, 2018)
- Quoted, “Getting Boards Comfortable With Alts Funds,” Fund Action (April 3, 2014)
- Quoted, “Boards Push for Brain Gain as Alternative Allocations Grow,” BoardIQ (April 9, 2013)
- Quoted, “Deadline Approaches On Mass. Data Privacy,” Compliance Intelligence (January 17, 2012)
- “What’s the Fine Print of Money Fund Bailout,” Ignites (October 29, 2008)
- Panelist, “Board Update: A Roundtable Discussion,” Investment Company Institute 2018 Mutual Funds and Investment Management Conference (March 19, 2018)
- Moderator, “Managing Board Materials,” 2017 IDC Fund Directors Conference (October 23, 2017)
- Speaker, “Board Oversight of Fair Valuation: Current Practices and Themes,” Independent Directors Council Webinar (May 22, 2017)
- Panelist, “Looking to the Future: What Funds Should Expect in 2016,” Investment Company Institute 2015 Securities Law Developments Conference (December 2015)
- Presenter, “Independent Directors Council,” Boston Chapter Meeting (April 2015)
- Panelist, “Trends in Fund Board Structure and Composition,” ICI Mutual Insurance Company 2015 Risk Management Conference (April 2015)
- Panelist, “Cybersecurity Threats: Not If, but When,” Independent Directors Council 2014 Fund Directors Conference (November 2014)
- Moderator, “Ukraine, Russia and the Effects of Sanctions on Asset Management Firms and Their Clients,” Ropes & Gray webinar (April 2014)
- Moderator, “Board Oversight of Alternative Funds,” Mutual Fund Directors Forum 2014 Policy Conference (April 2014)
- Presenter, “Evaluating Your Information Security Program: Asset Management Firms,” Ropes & Gray webinar (February 2014)
- Panelist, “Alternative Investment Funds and Other New Products,” Independent Directors Council 2013 Fund Directors Conference (October 2013)
- Presenter, “Data Security and Handling Risks for Asset Management Firms,” Ropes & Gray webinar (June 2013)
- Presenter, “Registered Alternative Investment Products,” Independent Directors Council webinar (March 2013)
- Moderator, “Performance Advertising and Social Media,” Investment Adviser Association 2013 Compliance Conference (March 2013)
- Moderator, “Alternative Investments: What are They?,” Mutual Fund Directors Forum/University of Maryland Robert H. Smith School of Business program on “Board Oversight of Alternative Investments” (November 2012)
- Presenter, “IAA Compliance Workshop,” on Advertising and Social Media and Private Fund Issues (October 2012)
- Presenter, “Registered Alternative Investment Products: Review of Products, Board Considerations and Developments,” Independent Directors Council, Boston Chapter Meeting (September 2012)
- Panelist, “RICs and Commodity Market Exposure: Available Investment Options in the Current Climate,” Joint Fall CLE meeting: ABA Tax Section, Investment Management Committee (September 2012)
- Presenter, “Keeping Current with Regulatory Issues that Affect Investment Advisers,” NRS-Investment Adviser Association Regulatory Update (May 2012)
- Facilitator, Independent Directors Council’s “2012 Investment Company Directors Workshop,” discussion group on Portfolio Performance (May 2012)
- Presenter, “CFTC Rescinds or Revises Registration Exemptions: Implications for Mutual Funds,” Ropes & Gray webinar (February 2012)
- Panelist, KPMG’s Audit Committee Institute Session on Mutual Funds (December 2011)
- Presenter, “Disclosure: Form ADV Part 1 and Part 2, Performance and Advertising,” NRS - Investment Adviser Association compliance training program (September 2011)
- Presenter, “The Next Generation of Form ADV,” Ropes & Gray webinar (February 2011)
- Presenter, “IAA Compliance Workshop” on Form ADV, Part 2 and Investment Adviser Custody (December 2010)
- JD, Columbia University School of Law, 1997; Harlan Fiske Stone Scholar; Member, Law Review
- BA, Columbia College, Columbia University, 1992
Admissions / Qualifications
- Not admitted in the District of Columbia. Practice is limited to matters and proceedings before federal courts and agencies.
- Boston Magazine “Top Lawyers” (2021)
- Massachusetts Lawyers Weekly “Top Women of Law” (2021)
- Legal 500 (2019-2020)
- Chambers USA: America's Leading Lawyers for Business (2016-2022)
- Chambers Global (2020-2022)
- IFLR 1000 (2014-2023)
- Columbia Law School Latino/a Law Students Association, Distinguished Alumna Award (2011)