The firm enjoys "a wide reputation among clients as 'a leading expert on the regulation of broker-dealer firms and of markets' . . . with 'practical and innovative' solutions to complex regulatory problems."
- Chambers USA

We have expertise in virtually all of the financial-law related statutory and regulatory requirements, including regulations governing broker-dealers, securities and futures exchanges, banks, investment advisers and funds. We believe that no other firm can match the depth and range of our expertise, or the diversity of the clients whom we represent and the issues that we face.

• Broker-dealers: Our advice covers organizational structures; regulatory issues involved in all forms of complex structured products and securitizations; employee issues; sales and trading practices and procedures; the development of compliance and supervisory procedures; satisfaction of margin, capital and recordkeeping requirements; the rules of self-regulatory organizations; privacy; securities offering procedures; and insider trading issues. Department Co-Chair Steve Lofchie is the author of Lofchie’s Guide to Broker-Dealer Regulation, the leading treatise in the field.

• Securities and Futures Exchanges: We are experienced in representing equity, options and futures exchanges and clearing corporations, as well as alternative trading systems, with regards to issues relating to membership, electronic trading and routing systems, and compliance with agency rules and regulations. We have developed and implemented solutions for market structure problems including order routing and clearing systems and the settlement of transactions. Steve Lofchie also obtained SEC approval for the only non-U.S. exchange permitted to trade securities in the United States.

• Banking: We have a leading banking practice representing many U.S. and foreign depository institutions. We provide advice on issues of bank powers, mergers and acquisitions, charters and licenses, supervisory issues, insolvency concerns, affiliate issues, capital markets, and other regulatory matters. We have appeared in the last few years in front of every major bank regulator on behalf of our financial institution clients.

• Advisors: Our advisory clients include firms that are active in both the securities and futures markets, both those that are required to register and those that operate pursuant to an exemption. We have extensive expertise in cross-border issues and in dealing with conflicts of interest and other issues that arise when advisors are part of complex financial organizations or themselves have advisory clients with differing interests.

• CEA: We are involved in all aspects of regulation under the CEA including representing futures exchanges, FCMs, CPOs and CTAs. As noted in the description of our funds practice, we have long experience in representing public commodity pools. We are also particularly expert in issues as to the scope of CEA regulation, including its application to otc derivatives and foreign listed products.

• Blue Sky Laws: We have a leading state securities law (Blue Sky) practice, including representing clients in registration, exemption and enforcement proceedings under the securities, broker-dealer and investment adviser registration provisions of such laws. We have extensive experience in issues concerning public commodity pool and asset- and mortgage-backed securities offerings, as well as hedge fund and other private securities offerings. We have submitted numerous comment letters to state securities officials in connection with rule and policy proposals on a variety of subjects, and our attorneys serve as officers of the State Regulation of Securities Committee of the American Bar Association Section of Business Law and subcommittees thereof.

The group and other Cadwalader partners are also highly knowledgeable in issues relating to privacy, FCPA, OFAC and AML.