Broker-Dealer Regulation

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Broker-Dealer Regulation

Broker-Dealer Compliance and Regulation

WilmerHale’s broker-dealer team is known for providing incisive, practical regulatory advice to the financial services sector. We work with clients to devise and implement sophisticated policies and supervisory procedures to achieve compliance with federal and state securities laws and self-regulatory organization regulations. Our lawyers have extensive experience conducting compliance reviews, counseling clients on triggers for broker-dealer registration, and advising them through the FINRA new and continuing membership application process.

Over the last 15 years, we have assisted in the creation of a number of new securities firms, alternative trading systems and other trading platforms that are now leaders in their respective areas of business. We deliver integrated solutions through a multidisciplinary approach that connects lawyers in the group with leading practitioners in the related fields of financial institutions, futures and derivatives, investment management, and cybersecurity and privacy.

Clients frequently turn to us to assist them in areas of law that are unsettled. We advise on newly adopted rules or legislation, and provide guidance on compliance and supervisory procedures in areas subject to heightened regulatory scrutiny. From our Washington DC–based regulatory hub, we also craft public policy solutions for financial market participants and trade organizations, assist clients in responding to proposed securities legislation, and work with them to secure exemptive relief, where appropriate.

Key Contacts

Experience

  • Investment Banks

    We have advised on equity and debt capital markets, syndicate practices, regulatory net capital, research issuance, market making and block trading in the secondary market, insider trading and code of conduct, conflicts of interest, electronic communications and recordkeeping, cross-border trading, structured products, Big Data and anti–money laundering, among other issues.

  • Hedge Funds

    Clients have turned to us for representation in matters relating to information barriers, data use, derivatives oversight and controls, convertible arbitrage and other trading strategies, short sale compliance, and securities enforcement.

  • Wealth Management

    Our work has spanned private banking products and services, margin and credit issues, financial planning and asset allocation, anti–money laundering, privacy, wrap fee programs, mutual fund distribution, sales practices and suitability policies.

  • Prime Brokers and Custodian Banks

    We have assisted clients in matters related to clearance and settlement, trade financing, securities lending, regulatory surveillance and reporting, counterparty insolvency, and foreign exchange operation.

  • Exchanges, ATSs and Other Trading Platforms

    We have worked with clients on matters related to market structure, exchange registration and governance, electronic communication networks and alternative trading systems, multi-dealer platforms, and currency trading agreements.