Morgan Lewis

Broker-Dealers

Related Publications

03/12/14 SEC Issues FAQs on Financial Responsibility Rules
The guidance addresses expense arrangements, buy-in procedures, free credit balances, sweep programs, and bulk transfers, among other things.
02/28/14 SEC Issues Relief from Certain Financial Responsibility Rule Requirements
In two separate letters, the SEC staff addresses operational concerns raised by broker-dealers in connection with sweep program authorizations and the use of certain nonaffiliated U.S. branches of foreign banks.
View all publications

Related News

07/01/13 Director of SEC's Chicago Regional Office to Join Morgan Lewis's Litigation Practice
Morgan Lewis today announced that Merri Jo Gillette will join the firm as a partner in its Litigation Practice beginning in September, resident in Chicago.
12/05/05 Partner Anne C. Flannery Returns to Morgan Lewis
Anne C. Flannery, most recently First Vice President and General Counsel for Global Regulatory Affairs with Merrill Lynch, has returned as a partner in the firm’s New York office.
View all news

Our Broker-Dealer Practice is an integral part of the firm’s overall securities practice and complements the firm’s other securities disciplines: investment management, enforcement, litigation, and corporate finance. Our lawyers, many of whom joined us after distinguished careers at the SEC, provide a full range of services to participants in the financial markets and routinely address a broad spectrum of issues involving broker-dealer regulation and securities trading. We have substantial experience in market structure, trading, and other regulatory issues, including the regulation of national securities exchanges, ECNs and alternative trading systems, and compliance issues, including those relating to fixed-income securities. Our clients include many of the nation's best-known, full-service, discount, regional, and online broker-dealers, market makers, securities exchanges, and alternative trading systems.

We are well known in the securities industry for our work on complex and cutting-edge issues, and for our ability to develop creative and innovative solutions to regulatory issues. We also provide cost effective counseling on new regulatory requirements, such as the implementation of privacy and anti-money laundering programs, and regularly advise clients on developing and offering new products, such as exchange-traded funds and college savings (529) plans.

In our practice we regularly:

  • Represent clients before regulators, including the SEC, the NYSE, the NASD and state regulators.
  • Develop and review compliance manuals and supervisory procedures (including trading and Chinese Walls)
  • Conduct compliance reviews, mock examinations and internal investigations
  • Counsel clients on transactional matters, including mergers and acquisitions, joint ventures and reorganizations
  • Prepare agreements of all types (including customer agreements, clearing agreements and prime brokerage agreements
  • Create and license broker-dealers
  • Represent broker-dealers and their associated persons in litigation and arbitration
  • Advise alternative trading systems and ECNs on compliance issues
  • Advise broker-dealers on registration and reporting issues
  • Counsel broker-dealers and alternative trading systems on on-line trading and electronic delivery issues
  • Advise broker-dealers on soft dollar, directed brokerage and commission recapture programs
  • Advise broker-dealers on issues relating to providing research
  • Advise issuers and broker-dealers on payments to finders
  • Counsel clients on exchange and Nasdaq listing procedures and requirements