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Amy Natterson Kroll

Partner

Amy Natterson Kroll counsels US and non-US financial institutions on US regulatory requirements and best practices related to broker and dealer activities. Clients seek Amy’s advice on, among other things, issues related to implementation of new regulations; the acquisition and sale of broker-dealers; expansion of business and related regulatory requirements for financial institutions; and regulations related to the capital markets, such as research activities and research analysts, supervisory controls and internal controls, and cross-border securities activities. Amy also advises clients on the collateral consequences of enforcement, civil, and criminal actions. She has a specific interest in the issues central to regional full-service and mid-market broker-dealers.

Extended Profile

Amy worked at the Securities and Exchange Commission twice. From 1997–1998 she was assistant general counsel (legislative and financial services) at the SEC, to which she had returned after five years in private practice counseling broker-dealers and other financial institutions. From 1984–1991, during her first tour of SEC service, she served in positions of increasing responsibility, first as an attorney-adviser in the division of Market Regulation (now the division of Trading & Markets), and subsequently as counsel to Commissioner Edward H. Fleischman and as senior special counsel in the division of Corporation Finance, Office of International Corporate Finance.

From 1998–2003, Amy was an independent consultant, focusing on issues confronted by non-US financial entities seeking to engage in broker-dealer activities in the United States. During that time, she also taught at the Washington College of Law, American University.

Amy serves as the Washington office practice group leader for the firm’s investment management practice and also is the Washington office hiring partner. She previously served as a member of the NASDAQ Market Operations Committee. Prior to joining Morgan Lewis, Amy was a partner in the financial institutions regulatory, enforcement, and litigation practice at another international law firm.

 

Education

  • Benjamin N Cardozo School of Law, 1983, Juris Doctor
  • Wesleyan University, 1980, Bachelor of Arts, Cum Laude

Admissions

  • District of Columbia
  • New York

Awards and Affiliations

Recognized, Securities Regulation, Washington, DC, The Best Lawyers in America (2020)

Member, Practice Group of the Year, Asset Management, Law360 (2017)

Ranked, Financial Services Regulation: Broker Dealer (Compliance), Nationwide, Chambers USA (2017–2019)

Vice-Chair, National Capital Poison Center, an independent, nonprofit organization that provides poison control services to residents of Washington, DC, and its surrounding counties

Publications

August 2, 2019 (Updated August 8, 2019) - FINRA Rule 5130 Evolves Further to Address Non-US Investors and Securities Offerings

7/8/2019 - SEC Chairman Clayton Makes Statement on Seeking Disqualification (‘Bad Actor’) Waivers

7/1/2019 - Bad Actor Disqualification Act of 2019 Introduced in House

6/27/2019 - In Focus: SEC Form CRS Roadmap – How to Navigate Its Operational Challenges

6/6/2019 - SEC Adopts Standards of Conduct For Retail Advice

11/3/2017 - SEC Tackles MiFID II Research Issues

6/23/2017 - Nevada Imposes Fiduciary Obligations on Broker-Dealers and Investment Advisers

6/13/2017 - Tenth Annual Advanced Topics in Hedge Fund Practices, Part 4: Changes in Research Practices

6/13/2017 - Tenth Annual Advanced Topics in Hedge Fund Practices, Part 7: Trading and Investment Practices Affecting Hedge Funds

5/12/2017 - Shaping FINRA's Desk Commentary Safe Harbor, Law360

4/20/2017 - FINRA Proposes Limited Relief for Desk Commentary

2/13/2017 - FINRA Rule: Thou Shalt Not Exploit Thine Elders

9/13/2016 - FINRA’s Proposed Rules on Gifts, Gratuities, and Non-Cash Compensation

6/9/2016 - Ninth Annual Advanced Topics in Hedge Fund Practices, Part 12: Current Broker-Dealer Issues

6/9/2016 - Ninth Annual Advanced Topics in Hedge Fund Practices, Part 7: Trading and Investment Practices Affecting Hedge Funds

5/10/2016 - Crowdfunding Begins on May 16, 2016

2015-2016 - Hedge Fund Deskbook

October 2015 - SEC Approves Rule to Regulate Debt Research Reports and Debt Research Analysts

7/22/2015 - SEC Approves Long-Anticipated FINRA Research Rules

4/21/2015 - Eighth Annual Advanced Topics in Hedge Fund Practices, Part 7: Trading and Investment Practices Affecting Hedge Funds

2/24/2015 - FINRA Issues Guidance on Materiality Consultations

2/12/2015 - SEC and FINRA Publish Materials Addressing Cybersecurity

February 2015 - Select Broker-Dealer Enforcement Cases and Developments: 2014 Year in Review

10/17/2014 - Microcap Securities: OCIE Issues Risk Alert Related to Broker-Dealer Controls Regarding Customer Sales

6/17/2014 - Andrew Ceresney: 2014 Enforcement Accomplishments and Priorities Relating to Financial Services Firms

4/9/2014 - FINRA Initiates Retrospective Rule Review Heavy on Process, Vague on End Game

3/28/2014 - FINRA Announces Effective Date for Consolidated Supervision Rules

2/26/2014 - Final Volcker Rule Regulations: Effects on Non-U.S. Entities

2/24/2014 - Broker-Dealers Should Prepare for Upcoming Effective Date for Certain Amendments to the Financial Responsibility Rules

2/10/2014 - SEC Issues No-Action Letter Regarding Broker-Dealer Registration Status of M&A Brokers

1/23/2014 - Volcker Rule: Compliance Program, Reporting, and Recordkeeping Requirements

1/17/2014 - Regulators Issue Annual Priorities Letters for Broker-Dealers

1/9/2014 - Final Volcker Rule Regulations: Restrictions on Proprietary Trading

12/16/2013 - FINRA Files Proposed Rule Amendment to Require Policies And Procedures Concerning Unintentional Self-Trading Activity

12/11/2013 - Regulators Adopt Final Volcker Rule Regulations

11/25/2013 - 2013 Recommended Annual Review for Hedge Fund and Other Private Fund Advisers

10/25/2013 - FINRA Publishes Report on Conflicts of Interest and Provides Guidance to Broker-Dealers About Managing and Mitigating Conflicts

9/23/2013 - U.S. Securities and Exchange Commission Charges 23 Firms, Including Numerous Investment Advisers, With Shortselling Violations; Issues Risk Alert

9/18/2013 - FINRA Files With SEC to Amend Rule on "Spinning" New Issues

9/11/2013 - SEC Issues Guidance on Investment Advisers’ Business Continuity Plans

9/3/2013 - As the Summer Wound Down…FINRA Amended the “Publicity Rule” (Rule 8313) and Discussed Best Practices in Business Continuity Plans

7/11/2013 - Cross-Border Security-Based Swap Transactions: When Would Registration as a Security-Based Swap Dealer Be Required?

7/1/2013 - FINRA Submits to SEC Consolidated Supervision Rule

5/30/2013 - SEC Division of Trading and Markets Grants No-Action Relief to Non-U.S. Mergers and Acquisition Advisor in Conduct of Activity with U.S. Targets

5/20/2013 - FINRA Issues New Guidance for Broker-Dealer Communications Regarding Real Estate Investments

5/6/2013 - SEC Issues Proposed Rules on Cross-Border Security-Based Swap Activities

4/8/2013 - SEC Trading and Markets Chief Counsel Comments on Private Fund Sales and Marketing

3/25/2013 - SEC Staff Issues Long Awaited Rule 15a-6 FAQs

3/12/2013 - SEC Requests Input for a Potential Uniform Fiduciary Standard of Conduct

1/15/2013 - FINRA Requests Comment on a Proposed Rule Requiring Disclosure of Conflicts of Interest in Recruitment Compensation Practices

12/17/2012 - FINRA Issues Guidance Narrowing the Scope of its New Suitability Rule

10/16/2012 - FINRA Responds to Comments: Re-proposes Debt Research Rule

9/12/2012 - Recent Bankruptcy Reminds Companies of Need for Use of Registered Broker-Dealers in Capital Raising Efforts

9/4/2012 - JOBS Act Research Analyst Communications FAQs

5/2/2012 - Investment Adviser Oversight Act of 2012 Introduced by House Financial Services Committee Chairman

4/19/2012 - SEC Staff Study Presents Congress With Options for Expanding the Private Right of Action Under Section 10(b) Following Morrison v. National Australia Bank

4/2/2012 - JOBS Act: Congress Attempts to Reduce Regulatory Burdens on IPOs and Private Offerings

3/16/2012 - FINRA Proposes Automated Process for Continuing Membership Application (Rule 1017) Filings

2/24/2012 - FINRA Proposes Debt Research Rule: FINRA Regulatory Notice 12-09

2/7/2012 - FINRA Annual Priorities Letter

10/10/2011 - SEC Targets Master/Sub-Account Trading Model for Examination

9/26/2011 - MSRB Publishes Notice on Applicability of its Rules to Bank Loans

9/12/2011 - MSRB Withdraws Proposed Municipal Advisor Rules Previously Filed With the SEC

9/6/2011 - MSRB Forges Ahead With Municipal Advisor Rule Proposal Filings With the SEC

8/3/2011 - SEC Publishes FINRA Proposal for Complete Rewrite of Communications With the Public Rules

3/17/2011 - FINRA Issues Long-Awaited Concept Proposal for Regulation of Debt Research

12/10/2010 - FINRA Rule 5131 Regarding Allocations Practices for New Issues Approved by SEC

10/12/2010 - Summary of the Dodd-Frank Wall Street Reform and Consumer Protection Act

7/29/2010 - SEC Issues Request for Comments on the Dodd-Frank Act Mandated Fiduciary Duty Study: 30-Day Comment Period

6/28/2010 - U.S. Supreme Court Significantly Limits Jurisdictional Reach of Antifraud Provisions of U.S. Securities Laws

6/14/2010 - Next Round for the Financial Reform Bill: Significant Broker-Dealer and Investment Adviser Issues Go to the Senate and House Conference Committee

4/20/2010 - Financial Reform Legislation Heats Up: Bill to the Senate Floor as Early as This Week; Many Open Issues for Broker-Dealers and Investment Advisers

1/28/2010 - FINRA Issues Guidance on Social Media Web Sites

1/8/2010 - FINRA Proposes for Member Comment Consolidated Rules for Membership Application Proceedings and Securities Lending Transactions

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Events

6/11/2019 - 2019 Morgan Lewis Advanced Topics in Hedge Fund Practices Conference: Manager and Investor Perspectives

6/12/2018 - 2018 Morgan Lewis Advanced Topics in Hedge Fund Practices Conference: Manager and Investor Perspectives

3/6/2018 - 2018 SEC and FINRA Enforcement and Examination Trends Road Show – New York

6/13/2017 - 2017 Morgan Lewis Advanced Topics in Hedge Fund Practices Conference: Manager and Investor Perspectives

3/9/2017 - 2017 SEC Examination & Enforcement Trends Road Show – New York