Trading and Markets Financial Regulatory Advice

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.

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