We have extensive experience representing financial institution clients before regulatory agencies and SROs, including the SEC, FINRA and U.S. securities exchanges. We are a leader in advising non-U.S. financial institutions in structuring their U.S. activities to comply with U.S. broker-dealer registration requirements. We provide experienced counsel on exchange and OTC trading of equities, fixed-income securities and derivatives. We work closely with Davis Polk’s hedge fund, private equity and smaller investment banking clients to address the particular broker-dealer needs of these entities.
During the recent financial market turbulence, we have advised many clients on the ramifications of broker-dealer insolvency and counterparty risk and documentation issues. We have also executed a number of assignments relating to the U.S. government’s actions to stabilize the financial markets.
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Significant recent regulatory advice to financial institution clients has included:
- Anti-money laundering
- Best execution
- Books and records
- Broker-dealer insolvency
- Change of control
- Clearing
- Complex structured products
- Exchange demutualization
- Exchange and clearing organization governance
- Federal preemption
- Geographic expansion
- Hedge funds
- Internal controls
- Joint ventures
- Life settlements
- Listed options
- Margin rules
- Market structure
- Merchant banking
- Private equity
- Prime brokerage
- Regulation of securities exchanges
- Regulatory capital
- Research reports
- Rule 15a-6
- Sales practices
- Short sales
- SRO membership
- Strategic minority investments
- Stock lending
- Suitability
- Supervisory systems and controls
- Technology
- Trading rules
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