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Securities Regulatory Practice

Our attorneys have extensive experience acting as regulatory counsel for broker dealers and hedge funds (including individual officers, registered representatives, investment advisers and other employees) before FINRA and its predecessors, the National Association of Securities Dealers and New York Stock Exchange, as well as the Securities and Exchange Commission.  Our attorneys' expertise includes extensive knowledge of the Securities Act of 1933, the Securities Exchange Act of 1934, Investment Advisor Act of 1940, Dodd-Frank Act, Sarbanes-Oxley, JOBS Act, NSMIA, ITSFEA, Reg. NMS, Reg. SHO, Reg. M, state "Blue Sky" laws and exchange and FINRA rules.

Our attorneys have been general counsel of large Wall Street brokerage firms, and our partners are veterans of the New York Stock Exchange, Inc., Davis Polk & Wardwell LLP, White & Case LLP, Kelley Drye & Warren, Cadwalader, Wickersham & Taft LLP, Goodwin Proctor LLP and other highly respected Wall Street law firms and financial services companies. One of our Partners also served for four years on the Board of Directors, Regulatory Oversight Committee (including a term as chair) and Nominating & Governance Committee of Direct Edge, a national securities exchange. 

Our attorneys have counseled and defended clients in numerous Enforcement matters (both SEC and FINRA), including in regard to fraud, collusion, trading violations (including alleged violations of short sale, Regulation M, trading ahead, interpositioning, specialist and market-making rules, among many others), regulatory examination findings and supervision violations (including written supervisory procedures). 

Our attorneys have advised and represented clients in regard to many SEC and FINRA regulatory examination issues, including supervision (FINRA Rule 3010 (formerly NASD Rule 3010) and Sec. 15(b)(4)(E) of the 1934 Act); net capital (SEC Rule 15c3-1); anti-money laundering (AML); books and records, including email and other record retention (SEC Rules 17a-3 and -4); sales practices (including suitability); just and equitable principles of trade (FINRA Rule 2010); FINRA record requests (FINRA Rule 8210) and outside business activities (FINRA Rule 3270), to name but a few.

We have successfully counseled and represented individual registered persons before FINRA and broker-dealer employers with various disclosure issues on their Forms U4 and U5 (including prevailing upon FINRA that certain criminal record histories need not be reported on the individual’s Form U4, and prevailing upon broker-dealers not to “mark up” an individual’s Form U5).

Our attorneys have successfully advised and represented clients on the sales and purchases of broker-dealers and registered investment advisers, including in regard to FINRA’s New Membership Application process (Rule 1014 and Form NMA) and its Continuing Membership Application process (Rule 1017 and Form CMA) as well as the overall corporate transactional strategy and documentation.