Broker-Dealer Advisory & Counseling

  • Representing a broker-dealer in a FINRA investigation and enforcement action relating to mutual fund sales practices.
  • Reviewing and negotiating clearing and related agreements between client broker-dealers and clearing firms.
  • Reviewing and counseling broker-dealers on electronic record-keeping of transactional and financial records, including WORM compliance.
  • Preparing a FINRA continuing membership application relating to a client’s consolidation of affiliated broker-dealers.
  • Assisting a broker-dealer in a FINRA inquiry regarding fixed income pricing, mark-ups, and best execution.
  • Assisting broker-dealer clients with regulatory examinations and investigations.
  • Advising broker-dealers on various aspects of their electronic trading platforms.
  • Advising a broker-dealer in connection with its electronic blue sheet submissions to regulators.

Looking Forward

The new administration has installed leadership at the SEC that promises a more aggressive path for securities regulation. Market participants can expect more regulation by enforcement and less regulation by regulatory guidance. Market participants can also expect less regulatory leeway in addressing perceived faults or violations. The best antidote for this turn of events is for financial firms to establish clear internal policies and procedures to assure that rule compliance is fulfilled. And if regulatory inquiries take place, it is imperative to involve counsel at an early stage to optimize regulatory outcomes.