Ariel Gursky focuses her practice on representing broker-dealers and their employees in governmental, self-regulatory organization, and state securities commission investigations, and conducting internal investigations for such firms. She has particular experience in assisting firms in evaluating whether to self-report matters under FINRA Rule 4530(b), electronic trading, and trade reporting obligations; she acts as counsel to several broker-dealer self-reporting committees. Ariel also has experience representing corporate and individual clients in litigation and arbitration.
Ariel's pro bono practice includes successfully securing tuition reimbursement for a student under the Free Appropriate Public Education for Students With Disabilities requirement of The Rehabilitation Act of 1973.
Ariel is a member of the New York Office’s Recruiting Committee and IT Committee. She previously served as chair of the New York Office Associates Committee.
Prior to joining Morgan Lewis, Ariel was an intern in the US District Court for the District of Columbia, served as a student attorney in the Institute for Public Representation (IPR), and was president of Georgetown Law Habitat for Humanity.
Recent representations of broker-dealers and their employees in Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) investigations include matters in the following areas:
OATS, TRF, and other trade reporting obligations
Order marking requirements, including origin codes on options orders
Write Once, Read Many (WORM) compliance, including record maintenance, retention, and audit requirements
Supervision and retention of electronic communications
Municipal bond disclosures to investors and underwriting expenses
Structured and complex products sold to retail clients, including sales practices and supervision relating to leveraged and inverse Exchange Traded Funds (ETFs) and non-traded REITs
Algorithmic and high-frequency trading practices
Registration and customer complaint reporting issues, including Form U4/U5 filings
The Foreign Corrupt Practices Act
Recent areas of regulatory and compliance counseling include:
Designing, drafting governance documents, and implementing of procedures to comply with FINRA Rule 4530(b), including training of personnel, for multiple broker-dealers
Providing guidance on reporting obligations under FINRA Rule 4530(a) and Form U4/U5
Interpreting new laws, rules and regulations, particularly in the area of trade reporting and books and records (OATS, CAT, WORM compliance)
Recent litigation and arbitration representations in the securities and investments area include:
Successfully representing an organization in a FINRA arbitration initiated by a customer, alleging claims sounding in fraud, breach of contract, breach of fiduciary duties, among others (motion to dismiss granted by the Panel)
Defending an investment advisor in an action brought by one of its investors, in New York state court
Defending RMBS trustees in actions brought by investors in certificates issued by RMBS trusts, alleging claims for, among other things, violation of the Trust Indenture Act of 1939, breach of fiduciary duty, and breach of the trust agreements
Representing an organization in multiple FINRA arbitrations brought by former employees alleging claims for, among other things, breach of contract
Georgetown University Law Center, 2012, J.D.
Northwestern University, 2009, B.A.
U.S. District Courts for the Southern and Eastern Districts of New York