Broker-Dealer Advisory & Counseling

  • Representing a broker-dealer in a FINRA investigation and enforcement action relating to mutual fund sales practices.
  • Reviewing and negotiating clearing and related agreements between client broker-dealers and clearing firms.
  • Reviewing and counseling broker-dealers on electronic record-keeping of transactional and financial records, including WORM compliance.
  • Preparing a FINRA continuing membership application relating to a client’s consolidation of affiliated broker-dealers.
  • Assisting a broker-dealer in a FINRA inquiry regarding fixed income pricing, mark-ups, and best execution.
  • Assisting broker-dealer clients with regulatory examinations and investigations.
  • Advising broker-dealers on various aspects of their electronic trading platforms.
  • Advising a broker-dealer in connection with its electronic blue sheet submissions to regulators.

Looking Forward

In 2019, securities regulators will likely focus on issues surrounding digital assets and blockchain-related offerings, cybersecurity, efforts to adopt a version of proposed Regulation Best Interest, the suitability and trading of volatility-linked products and other complex securities, due diligence with respect to private placements, market structure, new trading platforms, conflicts of interest related to order routing and best execution, and broker-dealers’ procedures and controls to promote compliance with the Customer Protection Rule. The SEC and FINRA also appear poised to continue their increasing focus on brokerdealers’ suspicious activity monitoring and reporting practices under the Bank Secrecy Act and related anti-money laundering regulations.