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, clearing corporations, banks, insurance, investment advisers, funds and pension plans. We believe that no other firm can match the depth of our expertise, the diversity of the clients whom we represent and the range of issues that we face. Further, because our regulatory knowledge is fully integrated with our transactional practice, we are not only skilled at identifying issues, but also at resolving them.
- Broker-Dealers: Our broker-dealer clients include the largest, multi-national investment banks, as well as retail brokerage firms, boutiques and start-ups. We provide advice across the full range of practice areas, including prime brokerage, clearing, financing, capital, compliance, examinations and enforcement, registration (both employee and firm), M&A, sales and trading across the spectrum of products, OATs and other trade reporting issues, and cross-border derivatives transactions. Department Co-Chair Steve Lofchie is the author of Lofchie's Guide to U.S. 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.
- Banking: Our banking practice represents many U.S. and foreign 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. We have been particularly involved in matters relating to the financial crisis, such as representing newly created bank holding companies and advising existing bank holding companies and foreign banking entities on the implications of the new U.S. banking legislation, the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- Advisors: Our advisory clients include registered and unregistered advisors that are active in both the securities and futures markets. 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. In addition to representing advisors to private funds and public investment companies, we also do extensive work for the Managed Funds Association.
- CEA: We are involved in all aspects of regulation under the CEA including representing futures exchanges, FCMs, CPOs and CTAs. 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. Our attorneys serve as officers of the State Regulation of Securities Committee of the American Bar Association Section of Business Law and various subcommittees.
- Energy: We offer skilled legal counseling to navigate the legal risks faced by firms and individuals engaged in the energy complex. We provide advice on how to cope with a legal and political environment that has become increasingly adversarial for energy firms as reflected by the aggressive enforcement posture of the two federal regulators in this area-the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission. We have expertise on dealing with the multitude of compliance and enforcement issues resulting from the agencies' application of new enforcement tools, expanded penalty authority, and their assertion of novel theories of liability and jurisdiction. Financial Services attorney Robert Zwirb, formerly counsel to the Acting Chairman of the Commodities Futures Trading Commission, is intimately familiar with the legal issues that commodity traders in this market face today as well as the implications of concurrent and overlapping regulatory jurisdiction.
- Insurance: We are experienced in all aspects of insurance regulatory issues pertinent to our transactional practice, both at the state level and with respect to National Association of Insurance Commissioners initiatives. We routinely deal with on- and off-shore organizational structures, special purpose insurers, financial guaranty insurance, risk-based capital and investment issues, insurance holding company, licensing, agency, privacy, life settlement and premium finance and other regulatory concerns. We are very accustomed to appearing before insurance regulators on behalf of clients on a variety of matters.
- Fraud, Bribery and Money Laundering: We also have wide-ranging expertise in international public corruption (such as the Foreign Corrupt Practices Act, the OECD Convention against Bribery, and the United Nations Convention Against Corruption), commercial bribery, securities, commodities and accounting fraud, antitrust and environmental enforcement, bank and tax fraud, government (including defense) contracting, health care fraud and abuse, U.S. and international money laundering, asset forfeiture, and foreign bank secrecy and confidentiality laws. Our attorneys also are experienced in defending cases (including class actions) involving the RICO, mail and wire fraud statutes, as well as whistleblower actions under the Federal False Claims Act. They regularly advise corporate clients with respect to various economic sanctions, export control, foreign asset control, technology transfer, anti-boycott, and federal election laws and regulations. We also are widely recognized for our knowledge of the USA PATRIOT Act and related regulations that impose compliance, reporting, and due diligence obligations on banks, securities brokers and dealers, commodities traders, investment companies, onshore and offshore mutual and hedge funds, and insurance companies.