Broker-Dealer

Our Broker-Dealer Group has in-depth experience advising clients on complex and sophisticated broker-dealer regulatory issues, transactions, examination management and enforcement matters.

Broker-dealers are both comprehensively regulated and critical providers in multi-institutional financial service offerings. Our broker-dealer group features dedicated experts in broker-dealer, exchange and ATS regulation and is an integral part of the firm’s Financial Institutions Group working closely with our other financial services practices, including banking, derivatives, insurance and investment management to provide multi-disciplinary solutions. We also work closely with the firm’s broader practices, including and structured finance, securities, mergers and acquisitions, private equity, hedge funds, project finance, executive compensation and employee benefits, intellectual property and litigation groups to provide seamless legal service to our broker-dealer clients.

Our attorneys advise clients on all aspects of statutory, SEC and SRO regulation, including registration requirements, capital, custody, margin and other financing rules, sales and trading practices, marketplace requirements, and duties to customers, supervisory and reporting requirements, anti-money laundering and privacy programs and insider trading. We develop compliance and supervisory programs, perform compliance reviews and conduct internal investigations. We counsel clients on the formation and operation of broker-dealers and alternative trading systems and prepare SRO membership applications. We advise broker-dealers, exchanges and clearing houses across a full range of practice areas, including new product offerings, , financings, derivatives, public and private sales of securities mergers, acquisitions, joint ventures and reorganizations. We structure and document complex service offerings, including cash and synthetic prime-brokerage, cross-border arrangements clearing and trading platforms, and structured products. We also represent clients in enforcement and litigation proceedings.

Our clients include many of the best known full-service, discount, regional and online broker-dealers, securities exchanges, alternative trading systems, market makers, mutual fund distributors and dual-registered firms. We represent these financial services companies as well as boards of directors, committees, executives and individuals. Our practice spans U.S. broker-dealer regulation and financial regulation in Europe and Asia. The lawyers in our group counsel clients subject to the Securities Exchange Commission, FINRA, the Financial Conduct Authority, the Federal Financial Supervisory Authority (BaFin) and the Japanese Securities Exchange Surveillance Commission on compliance matters, regulation, enforcement proceedings and investigations.

The lawyers in our practice include a member of FINRA’s e-Brokerage Committee and Nasdaq’s National Review Council and Market Operations Review Committee, the facilitator for the Midtown Regulatory Group – a group of over 400 senior compliance and legal officers from U.S. brokerage firms – alumni of the Securities Exchange Commission and a former general counsel for a broker-dealer. This combined experience provides our team with deeper understanding of our client’s regulatory and business needs.