Steven W. Stone is a securities lawyer who counsels clients on regulations governing broker-dealers, investment advisers and bank fiduciaries, and pooled investment vehicles. Head of the firm’s financial institutions practice, Steve counsels most of the largest and most prominent US broker-dealers, investment banks, investment advisers, and mutual fund organizations. He regularly represents clients before the US Securities and Exchange Commission (SEC), both in seeking regulatory relief and assisting clients in enforcement or examination matters.
Steve advises major US broker-dealers in the private wealth and private client businesses that offer investment advice and brokerage services to high-net-worth clients as well as broker-dealers serving self-directing clients. He also works as counsel on various matters to the Securities Industry and Financial Markets Association’s (SIFMA) private client committee and represents most of the best-known US broker-dealers in this area. He also advises broker-dealers and investment advisers in the managed account or wrap fee area, and serves as counsel to the Money Management Institute, the principal trade association focused on managed accounts. Steve also counsels various institutional investment advisers and banks on investment management issues, including conflicts, trading, disclosure, advertising, distribution, and other ongoing regulatory compliance matters.
Steve’s practice includes counseling clients on varied regulatory and transactional matters including the development of innovative products and services; regulation and operation of managed account (or wrap fee) programs and hedge funds; trading issues affecting broker-dealers and investment advisers; soft dollar arrangements; interpretive and no-action letter requests; insider trading issues; and related matters. He guides clients through SEC, Financial Industry Regulatory Authority (FINRA), and state investigations and enforcement actions. Additionally, he counsels clients on mergers, acquisitions, and joint ventures involving broker-dealers and investment advisers.
Steve serves as co-leader of the firm’s investment funds industry initiative, and previously served on the firm’s Advisory Board and was managing partner of the Washington, DC, office.
Since 2005, Chambers USA: America’s Leading Lawyers for Business has recognized Steve as one of the leading US lawyers for investment management and broker-dealer law, calling him as “one of the best in the field.” Since 2009, The US Legal 500 has listed him for his work with mutual fund formation and management.
The George Washington University Law School, 1988, J.D.
Bates College, 1983, B.A.
District of Columbia
Awards and Affiliations
Band 1, Financial Services Regulation: Broker Dealer (Compliance), Nationwide, Chambers USA (2018)
Member, Practice Group of the Year, Asset Management, Law360 (2017)
Ranked, Chambers USA: America's Leading Lawyers for Business (2005–2017)
Recommended, Investment Fund Formation and Management: Mutual Funds in The US Legal 500 (2009–2015)
Recognized in Who’s Who Legal (2016)
Recognized, "Guide to the World's Leading Investment Funds Lawyers," International Financial Law Review/Expert Guides (2008)
Recognized, Washington, DC Super Lawyers (2008)
Member, American Bar Association, Business Law Section