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Distribution and broker-dealer
Broker-dealers and financial institutions that carry out broker-dealer activities, including investment managers, advisers and insurers, have sophisticated legal and business concerns that require experienced, efficient and insightful advice. At Eversheds Sutherland, many of our team members have served in-house within broker-dealers or held senior positions at regulatory agencies and other governmental authorities.
We have an intimate knowledge of the issues that you face and often meet with regulators and other authorities. A number of our lawyers also hold leadership positions in relevant trade associations. This allows us to stay abreast of industry developments and to provide you with up-to-the-minute guidance. Whatever your needs, we are here to help you navigate this complex and evolving legal area.
Experienced distribution and broker-dealer lawyers
Our work for broker-dealer clients includes:
- advising clients who wish to establish broker-dealers, including assistance with registration and authorization, guidance on governance, compliance systems and controls, the establishment of business operations and interfacing with regulatory bodies
- working with introducers and finders, including the international marketing and distribution of financial services and public and private offerings. Via our International Funds Net online service, we also offer assistance with international registration and authorization requirements
- advising on employment matters, compensation and incentive arrangements and the protection of intellectual property rights
- advising on broker-dealer regulatory capital and the protection of client assets and money issues and insolvency-related issues
- the development of compliance programs and written supervisory procedures
- advising on conduct risk and customer protection, including conflicts of interest, sales practices, information requirements, marketing arrangements, communications and social media
- advising on anti-money laundering and anti-terrorist financing restrictions and compliance systems and controls
- advising on systems and controls, complaints handling and record-keeping arrangements
- advising on insider trading, market manipulation and related compliance systems and controls
- advising on trading, clearing and reporting and trading, including regulation under the Dodd-Frank Act and the European Market Infrastructure Regulation
- trading and clearing platforms including systematic internalizers
- advising on retirement plan platforms and pensions and life assurance wrappers
- advising on the interaction between broker-dealer regulation and the rules governing investment advisers and investment managers, consumer protection and consumer finance, insurance and banking
- relationships with outsourced providers and delegates, such as custodians and technology providers
- the application of financial technology, including blockchain and automated reporting and trading processes
- acquisitions, reorganizations and restructuring initiatives including assistance with local and international regulatory notifications and approvals
- comprehensive legal services to diversified financial services companies that carry out broker-dealer activities as part of their business. These include wealth management and advisory firms, underwriters, wholesalers, clearing firms, transfer agents and trading platforms
- advising on self-regulatory organizations, including the Financial Industry Regulatory Authority, membership, continuing membership proceedings, rules and standards
- new product development and new lines of business including expansion into foreign jurisdictions
- development and delivery of continuing education
- arbitrations, civil litigation and class actions and representation before ombudsman bodies
- assistance with internal investigations.
- advice on the preparation for and response to reviews and examinations carried out by regulators including for cause and targeted examinations
- acting for institutions and individuals in enforcement actions, including assistance in responding to document requests, preparation for interviews, advice on settlement and representation before committees and tribunals
- assistance with remedial programs and monitoring, including the review of client files and preparation of reports for submission to regulators
- acting for regulators in investigations or inquiries including as “skilled persons” and those acting under a consent order
- advising on all aspects of U.S. broker-dealer and securities regulation, the laws implementing the EU Markets in Financial Instruments Directive and MiFID II, the EU Market Abuse Regulation and analogous overseas laws
To succeed in an increasingly international, heavily regulated and technology-enabled industry, those financial institutions carrying out broker-dealer activities must reinvent themselves continuously. Eversheds Sutherland draws on its deep understanding of your business to develop practical, tailored solutions for the full range of specialized legal, business and compliance issues that you face.
Contact our distribution and broker-dealer team
If you would like any further information or need advice on distribution and broker-dealer matters, please contact our legal team.