101 Park Ave.//New York, NY 10178-0060//United States
Ariel Gursky focuses her practice on representing broker-dealers, investment advisers, and their employees in US Securities and Exchange Commission (SEC), self-regulatory organization, and state securities commission investigations, and conducting internal investigations for such firms. She has particular experience in assisting broker-dealers in evaluating whether to self-report matters under FINRA Rule 4530(b), issues involving electronic trading and trade reporting obligations, and analyzing large data sets in the context of an enforcement investigation or settlement. Ariel acts as counsel to several broker-dealer self-reporting committees, and also has experience representing broker-dealers and individuals in all phases of the FINRA arbitration process.
Ariel is a lead author of the firm’s annual Year in Review outline that highlights key SEC and FINRA examination and enforcement developments and cases. She also frequently speaks on these topics at industry seminars and broker-dealer CLE programs.
Ariel's pro bono practice includes successfully securing asylum for individuals seeking refugee status in the United States and obtaining tuition reimbursement for a student under The Rehabilitation Act of 1973.
An active participant in several firm initiatives, 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 and as a member of the firm’s Global Committee on Associates.
Recent representations of broker-dealers, investment advisers and their employees in SEC and FINRA examinations and investigations include matters in the following areas:
Mutual fund share class selection practices
Form ADV disclosures regarding fees and conflicts of interest
Structured and complex products sold to retail clients, including sales practices and supervision relating to Unit Investment Trusts, leveraged and inverse Exchange Traded Funds and non-trade REITs
Books and records rules, including WORM compliance, record maintenance, retention, and audit requirements
OATS, TRF, and other trade reporting obligations
Order marking requirements, including origin codes on options orders
Prospectus delivery requirements
Supervision and retention of electronic communications
Algorithmic and high-frequency trading practices
Municipal bond disclosures to investors and underwriting expenses
Registration and customer complaint reporting issues, including Form U4/U5 filings
The Foreign Corrupt Practices Act
Routine areas of regulatory and compliance counseling include:
Designing, drafting governance documents, and implementing 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 and existing laws, rules and regulations, particularly in the area of trade reporting and books and records (OATS, CAT, WORM compliance)
Recent arbitration representations in the securities and investments area include:
Numerous FINRA arbitrations brought by former employees in their customer capacity alleging claims for, among other things, fraud
Securing dismissal of a FINRA arbitration initiated by a customer against a broker-dealer, alleging claims sounding in fraud, breach of fiduciary duty and many other areas (motion to dismiss granted by the Panel)
A FINRA arbitration initiated by a customer against a broker-dealer, alleging claims sounding in fraud, breach of contract, breach of fiduciary duties, among others, related to bond purchases
Obtaining dismissal of a FINRA arbitration initiated by a customer against a broker-dealer, alleging claims sounding in fraud, breach of contract, and unjust enrichment, among many others (motion to dismiss granted by the Panel)
Multiple FINRA arbitrations brought by former employees alleging claims for, among other things, breach of contract related to incentive compensation agreements
Awards and Affiliations
Member, Law Firm of the Year, Securities Regulation, US News/Best Lawyers – Best Law Firms (2019)
U.S. District Courts for the Southern and Eastern Districts of New York