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Sub practice

Broker-Dealer/Securities Firm Regulation

Our team covers a broad waterfront of issues facing global and national financial institutions engaged in securities transactions within the United States, including foreign and domestic banks, insurance companies, investment advisers and private fund managers. Our clients range from financial institutions specializing in investment banking to market leading clearing firms and prime brokers.

We have extensive experience counseling foreign and domestic financial institutions on issues related to their status as brokers and dealers and helping financial institutions to register with the SEC and to become members of Self Regulatory Organizations (SRO) such as the Financial Industry Regulatory Authority (FINRA). We also assist broker-dealers in developing and revising written compliance policies and supervisory procedures and conduct reviews of their supervisory systems.

We counsel U.S. and international financial institutions, investment advisers and broker-dealers on issues related to compliance with the SEC’s financial responsibility rules, including the Net Capital and Customer Protection Rules, recordkeeping requirements, and financial reporting rules. We also advise with respect to sales practice regulations including suitability, point-of-sale disclosures, gifts and entertainment practices, and compensation structures for representatives.

News and insights

Key regulatory topics

Publications: 27 January 2023

Key Regulatory Topics: Weekly Update 20 - 26 Jan 2023

This week, TheCityUK published a report on improving the regulatory efficiency of FCA and PRA authorisations. The FCA published feedback on good and poor-quality applications made by cryptoasset…

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Key regulatory topics

Publications: 20 January 2023

Key Regulatory Topics: Weekly Update 13 - 19 Jan 2023

This week, HMT published its post-implementation review of the Payment Card Interchange Fee Regulations 2015 and its review of the PSRs. Meanwhile the FSB published a progress report on the…

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An LCD graph of the stock market

Publications: 19 January 2023

Episode 4: Deconstructing Crypto - The Post-FTX Episode

Following the indictments of senior FTX executives, two guilty pleas and related enforcement actions by the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission, the…

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Key regulatory topics

Publications: 13 January 2023

Key Regulatory Topics: Weekly Update 6 - 12 Jan 2023

This week, the PRA sent letters to deposit-takers, and international banks that are active in the UK, outlining its supervisory priorities for the coming year, while the FCA set out its supervisory…

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Investigations Insight

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Focusing on the latest trends, risks and developments in business crime and financial services investigations