Broker-Dealer Advisory & Counseling

Our attorneys have a deep understanding of the complex and constantly changing regulatory environment in which financial institutions operate. We advise both global and regional broker-dealers on all aspects of regulatory compliance. Our professionals serve a variety of needs, including trading, sales, and research advice; internal reviews and investigations; assisting with regulatory examinations; policies and procedures; and education and training. We have the depth of knowledge and experience needed to effectively counsel clients on all regulatory matters that impact their businesses in this fluid and often turbulent environment.

Looking Forward

Major priorities of the securities regulators in 2018 will be firm culture, cybersecurity, market structure, conflicts of interest related to order routing and best execution, and promoting capital growth. The SEC has announced it plans to adopt a broker-dealer fiduciary rule this year. The SEC also recently established the Retail Strategy Task Force, which will use proactive, targeted initiatives to identify misconduct impacting retail investors (particularly senior investors). The SEC and FINRA will accelerate their efforts to use and rely on Big Data analytics to surveil the markets and identify market abuse, whether it be insider trading and manipulative conduct or sales practices such as the sale of unsuitable structured products or microcap pump-and-dump schemes. The regulators will continue their focus on required recordkeeping by broker-dealers (including WORM storage), supervision, and conflicts of interest and how firms remediate conflicts.