People

Cherie Weldon

Special Counsel

Weldon, Cherie
Cherie Weldon is a special counsel in the firm's Securities Department, and a member of the Broker-Dealer Compliance and Regulation and Futures and Derivatives Practice Groups. She joined the firm in 1997. Ms. Weldon's practice has a particular focus on the regulation of exchanges and alternative trading systems, in addition to other trading venues and systems.

Practice

She has extensive experience involving the regulatory and compliance issues raised by established markets as well as up-and-coming trading venues. She has applied this knowledge in providing regulatory advice regarding the creation and ongoing operation of such markets, including the drafting of regulatory filings, policies and procedures and trading rules. She also provides regulatory support in the acquisition of, investment in and other corporate transactions, involving trading venues. Furthermore, she assists in commenting on and responding to various rules promulgated by the SEC and the self-regulatory organizations regarding market structure concepts, with a recent focus on the SEC’s proposed rules regarding equity market structure.

Ms. Weldon also advises and represents a variety of clients in the securities industry, including broker-dealers, clearing agencies, hedge funds and trade associations. She has counseled clients on a wide range of issues involving compliance with the securities laws and the rules of self-regulatory organizations. She also provides regulatory support for internal investigations and enforcement actions that involve potential violations of complex securities rules and regulations.

Publications & News

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March 27, 2018

SEC Proposes Transaction Fee Pilot for NMS Stocks

On March 14, 2018, the Securities and Exchange Commission (SEC) proposed Rule 610T of Regulation NMS under the Securities Exchange Act of 1934 to conduct a pilot program (Pilot) to study the effect of equity exchange transaction fees and rebates, and changes to those fees and rebates, on order routing behavior, execution quality and market quality.

January 17, 2018

SEC's Fixed Income Market Structure Advisory Committee Discusses Bond Market Liquidity in Its Inaugural Meeting

On January 11, 2018, the Securities and Exchange Commission's (SEC) Fixed Income Market Structure Advisory Committee (FIMSAC) held its inaugural meeting.

December 2, 2016

Change and Continuity in Securities Regulation

Given the fluidity of the regulatory environment, making accurate predictions regarding what to expect from the SEC under a new Administration and a new Chair is difficult. Nevertheless, in this Client Alert we explore possible key areas of securities regulation that may be affected under the new Administration. This Client Alert was republished by the Harvard Law School Forum on Corporate Governance and Financial Regulation.

May 11, 2016

SEC's Equity Market Structure Advisory Committee Considers an Access Fee Pilot and Changes to the Regulation of Trading Venues

On April 26, 2016, the Equity Market Structure Advisory Committee held its fourth meeting at the Securities and Exchange Commission in Washington DC.  The Committee is considering whether various regulatory or industry initiatives would improve the function of the US equity markets.

April 14, 2016

Registration of Associated Persons with Algorithmic Trading Responsibilities

On April 7, 2016, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority's proposal to amend NASD Rule 1032 to require registration as Securities Traders of associated persons primarily responsible for the design, development or significant modification of algorithmic trading strategies, or who are responsible for the day-to-day supervision or direction of such activities.

February 29, 2016

SEC's Equity Market Structure Advisory Committee Considers Market Volatility and Customer Issues

The Equity Market Structure Advisory Committee held its third meeting at the Securities and Exchange Commission in Washington DC on February 2, 2016. The Committee is considering whether various regulatory or industry initiatives would improve the function of the US equity markets.

February 11, 2016

Changes to US Treasury Market Structure and Request for Comments

The dramatically changing market for US Treasury securities raises questions and concerns for the public and regulators alike.

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.

November 5, 2015

Access Fees and Regulatory Structure of Trading Venues

On October 27, 2015, the Equity Market Structure Advisory Committee (EMSAC or Committee) held its second meeting at the Securities and Exchange Commission (Commission or SEC) in Washington DC.

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”).

Professional Activities

Ms. Weldon has co-authored several articles on market-related issues, including "Is it Time to Revamp the Current Regulatory Structure of the Markets?," by Brandon Becker, Stuart Kaswell, Judy Poppolardo and Cherie Macauley in The Journal of Investment Compliance, and contributed to the book What is an Exchange? The Automation, Management, and Regulation of Financial Markets written by Ruben Lee.

Practices

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Education

JD, Yale Law School, 1995, Editor, Yale Journal of Law and Humanities

BA, magna cum laude, Williams College, 1992, Phi Beta Kappa

Bar Admissions

New York

District of Columbia

Massachusetts

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