Ariel Gursky

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:

• Consolidated Audit Trail (CAT)
• 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