Overview
Rick Coyle is a partner and member of Chapman’s Investment Management Group. He focuses his practice on advising registered investment companies, registered investment advisers, index providers and broker-dealers on a variety of matters pertaining to the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 and other federal securities laws.
Rick has particular experience representing exchange-traded fund (ETF) sponsors and is a proud member of Chapman’s ETF team, which serves as fund counsel to over 525 ETFs with cumulative assets under management exceeding $225 billion. His clients include a wide range of asset managers, from large, established firms to start-up managers. He has advised and represented numerous ETF clients in launching novel products, including one of the first-day bitcoin ETFs, one of the first-day ether ETFs, the first “defined outcome” ETFs and some of the first ETFs to principally hold futures contracts referencing bitcoin and ether. He also has significant experience in representing issuers seeking to use derivatives to provide unique exposures in the ETF wrapper.
He has experience with forming and providing ongoing advice to closed-end funds, interval funds, mutual funds and unit investment trusts. He has advised registered fund and adviser clients regarding a wide variety of operational matters, including mergers, changes of control, reorganizations and other such matters.
Rick has advocated strongly on behalf of the digital asset and blockchain industry and advised numerous clients in matters relating to cryptocurrencies and blockchains. He has met with U.S. Senators, members of the U.S. House of Representatives, SEC Commissioners, and CFTC Commissioners regarding various initiatives and proposed legislation impacting the industry. He has also advised clients on the use of blockchains by asset managers and in securities offerings.
Practice Focus
Admitted
Illinois
Education
University of Michigan Law School, J.D., cum laude, 2013
University of Michigan, B.A., Political Science, 2011
Notable Engagements
Counsel to Three Spot Bitcoin ETFs Approved by SECChapman acted as counsel on the registration and listing of three of the first spot bitcoin exchange-traded funds (ETFs) to launch in the United States, which received approval from the U.S. Securities and Exchange Commission (SEC).
Counsel to Two Spot Ether ETFs Approved by SECChapman acted as counsel on the registration and listing of two of the first eight spot Ethereum (ether) exchange-traded funds (ETFs) to begin trading in the United States, following the U.S. Securities and Exchange Commission (SEC) declaring the registration statements for the ether ETFs effective on July 22, 2024.
Insights
Publications
- Co-Author, “ETF Share Classes: A Path Forward,” The Investment Lawyer, February 2024
- Co-Author, “The Crypto Conundrum: Why Won’t the SEC Approve a Bitcoin ETF?,” The Chamber of Digital Commerce, September 2022
- Co-Author, "ETF Prospectus Liability: Taking Stock after Jensen v. iShares," The Investment Lawyer, March 2018
Presentations
- Panelist, 2023 Blockchain Summit Panel: Law & Blockchain, University of Illinois Gies College of Business, April 28, 2023
- Presenter, "SEC Pumps the Brakes on Bitcoin Funds," Chicago Bar Association, Investment Management Subcommittee Meeting, January 31, 2018
- Presenter, “California Court Applies “Tracing” Requirement to Actions Brought Against ETF Issuers Under Section 11 of the 1933 Act,” Chicago Bar Association, Investment Management Subcommittee Meeting, October 12, 2017
- Presenter, “SEC Approves New Continued Listing Standards for ETFs,” Chicago Bar Association, Investment Management Subcommittee Meeting, April 27, 2017