Joel Cavanaugh

Primary Focus & Experience

Mr. Cavanaugh advises clients on a wide range of US securities and financial regulatory matters, leveraging extensive federal government experience to advise clients on complex matters arising primarily under the Investment Advisers Act and the Investment Company Act.

Mr. Cavanaugh advises investment advisers, including private fund advisers and managers of collateralized loan obligations (CLOs), on registration, regulation and compliance matters under the Advisers Act. He also advises US and non-US companies and financial institutions on complex investment company status matters arising in connection with securities offerings, financings and M&A transactions.

In addition, Mr. Cavanaugh advises clients on securities law and related regulatory matters arising in financing and capital markets transactions, including Rule 144A and Regulation S offerings. He also advises bank holding companies and their affiliates on “covered fund” matters under the Volcker Rule.

Prior to joining Milbank, Mr. Cavanaugh served in several roles in the SEC’s Division of Investment Management (IM). In the Investment Company Regulation Office, he worked on significant rulemakings and regulatory initiatives relating to exchange-traded funds, funds’ use of derivatives, fund valuation and securities offering reform for registered closed-end funds and BDCs. In the IM Chief Counsel’s Office, Mr. Cavanaugh advised the SEC’s Divisions of Enforcement and Examinations on complex matters arising under the Investment Advisers Act and the Investment Company Act.

Recognition & Accomplishments

Mr. Cavanaugh earned his J.D. from Northwestern University Pritzker School of Law and his B.A. from Wesleyan University.