People

Bruce H. Newman

Partner

Newman, Bruce H.

Bruce Newman has extensive experience handling a broad range of broker-dealer regulatory and enforcement issues, including issues related to trading, sales, research, banking, soft dollars, cross-border activities, net capital, customer protection, margin, and new and continuing membership applications.

Mr. Newman has extensive experience in broker-dealer issues, policies and compliance practices. Mr. Newman has previously served as Director of Equities Compliance and Executive Director at UBS Warburg LLC, Director of Capital Markets Compliance at PaineWebber, Inc. and Branch Chief of the Broker-Dealer Enforcement Division of the SEC.

Practice

At UBS Warburg and PaineWebber, Mr. Newman primarily was responsible for designing, implementing and maintaining a comprehensive program to ensure that the firms’ securities businesses operated in compliance with all relevant rules and regulations. He conducted training, provided legal and compliance advice, researched legal issues, wrote policies and procedures and supervised a staff that monitored trading and sales activities. Mr. Newman began his legal career at the SEC as a Staff Attorney in 1991 and served as Branch Chief of the Broker-Dealer Enforcement Division from 1994 to 1996. Before joining UBS Warburg, he was with PaineWebber Inc., serving as Assistant General Counsel from 1996 to 1997 and as Director of Compliance - Capital Markets from 1997 to 2000.

Honors & Awards

Publications & News

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January 4, 2016

SEC Proposes Significant Regulatory Changes for Alternative Trading Systems

The Securities and Exchange Commission recently proposed significant changes to the regulatory requirements applicable to dark pools and other alternative trading systems that trade national market system stocks. The proposed changes would require detailed public disclosure about the operation of the trading systems, as well as their owners and operators.

December 17, 2015

Barclays Completes Sale of its US Wealth & Investment Management Business to Stifel Financial

On December 4, 2015, Barclays PLC completed the sale of its US Wealth & Investment Management Business to Stifel Financial Corp. WilmerHale represented Barclays through this transaction, which was announced on June 8, 2015.

December 15, 2015

CFTC Proposes “Regulation AT” for Automated Trading

On November 24, 2015, the Commodity Futures Trading Commission (CFTC or Commission) proposed a new regulatory regime for automated trading on US designated contract markets (DCM) (Regulation AT or the proposal).

September 29, 2015

CFTC Updates Position Limits Rule

On September 22, 2015, the Commodity Futures Trading Commission (CFTC or Commission) unanimously approved the publication of a “supplemental” proposed rule on position limits. The supplemental proposal would modify the requirements in the proposed rules regarding the aggregation of positions subject to the Commission’s speculative position limits. Specifically, the proposal would modify the eligibility criteria and simplify the process for claiming an exemption from the aggregation requirements for owners of more than 50 percent of another entity.

July 9, 2015

SEC Approves NMS Plan to Implement Tick Size Pilot for Small Cap Stocks

In June 2014, the Securities and Exchange Commission (“SEC” or “Commission”) issued an order directing the national securities exchanges and the Financial Industry Regulatory Authority (collectively, the “Participants”) to act jointly in developing and filing with the Commission a national market system plan to implement a tick size pilot program (“Order”).

May 21, 2015

SEC Equity Market Structure Advisory Committee: Assessing Complexity in the U.S. Equity Markets

On May 13, 2015, the Equity Market Structure Advisory Committee held its inaugural meeting at the Securities and Exchange Commission in Washington, D.C.

May 19, 2015

WilmerHale Practices, Lawyers Ranked Among Nation’s Best by Chambers USA

Chambers USA: America's Leading Lawyers for Business announced its final rankings for the 2015 edition, with WilmerHale ranking among the nation's best in 46 practice area categories. Chambers also ranked 86 WilmerHale attorneys as leaders in their respective fields.

April 30, 2015

SEC Proposes Rules to Oversee Non-US Firms’ Swap Activity in the United States

On April 29, 2015, the US Securities and Exchange Commission proposed new rules to enhance its oversight of non-US firms’ security-based swap activity in the United States.

April 14, 2015

Expanding Oversight of Active, Proprietary Trading Firms: SEC Proposes Amendments to Rule 15b9-1

On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed an amendment to Rule 15b9-1 (the “Proposal”) under the Securities Exchange Act of 1934 ("Exchange Act") that, if adopted, would close an historical exception to the general requirement that registered broker-dealers must become members of a registered national securities association ("Association"), effectively, the Financial Industry Regulatory Authority ("FINRA").

December 15, 2014

SEC Requests Comment on NMS Plan to Implement Tick Size Pilot Program for Small Cap Stocks

In June, the Securities and Exchange Commission issued an order directing the national securities exchanges and the Financial Industry Regulatory Authority act jointly in developing and filing with the Commission a national market system plan to implement a tick size pilot program.

Practices

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Education

JD, magna cum laude, Yeshiva University, Benjamin N. Cardozo School of Law, 1991, Alexander Fellow; Member, Cardozo Law Review

BA, Rutgers University, 1987

Bar Admissions

New York