Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

common-default.jpeg

Terms / Notices

Cookies

Privacy Policy

Reporting Hotline

Attorney Advertising

Alumni

  Linkedin

MoFo LinkedIN

  Facebook

MoFo Facebook

YouTube

MoFo Youtube

Morrison Foerster - Footer

Broker-Dealer Compliance + Regulation

You have not solved the recaptcha challenge yet or session expired, try again.

Email Disclaimer

Disclaimer

Unsolicited e-mails and information sent to Morrison Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html">Privacy Policy</a>, may not receive a response, and do not create an attorney-client relationship with Morrison Foerster. If you are not already a client of Morrison Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Community

Offices

Careers

Stay Connected

We counsel broker-dealers, banks, investment firms, derivatives dealers, fund managers, and other financial services intermedi
aries on a full range of issues related to compliance, regulation, and enforcement by the U.S. Securities and Exchange Commission (SEC)

<h3>Sorry, we weren’t able to find the terms you entered.</h3>Please try a different term or keyword.

People

Capabilities

Resources

Not Found Cards

Case Studies

Lexology Masterclass - Prediction Markets Compliance: What RIAs and Broker-Dealers Should Consider

Women in Fintech & Financial Services (WIFFS) - A Fireside Chat

Digital Assets and Tokenization: What's Next

Crypto and Emerging Technologies: Strategic Insights for Financial Market Participants in 2026

CCWC’s 21st Annual Career Strategies Conference

MoFo's Securities and Derivatives Regulatory Solutions Seminar and Networking Event

Events

SEC Proposes Landmark Rollback of Core Regulation NMS Requirements and Delays Implementation of 2024 Market Structure Reforms

SEC Grants Temporary Exemptive Order for Clearing Agency Registration to Paxos Securities Settlement Company: Implications for Tokenized Securities Infrastructure

SEC Staff Issues Clearing Agency No-Action Relief for Distributed Ledger Settlement Platform Permitting Limited U.S. Participation

SEC Staff Grants No-Action Relief Under Rule 15c3-3 to Permit Use of Customer Equity Collateral in Securities Lending

SEC Issues Updated Guidance on Crypto Asset Classification

CFTC Staff Issues No-Action Relief from CPO/CTA Registration for Certain Private Fund Managers and Credit Risk Transfer Transactions

Insights

ALM Law.com

How I Made Practice Group Chair: 'Building a Culture of Excellence, Curiosity and Trust,' Says Val Dahiya of Morrison Foerster

MoFo Advises Monark Markets on $8.1M Strategic Funding Round

SEC’s Power to Regulate Hedge Funds Dealt Blow by Appeals Court

Law360

SEC Expands Dealer Rule To Proprietary Traders, Private Funds

Compliance Week

SEC-Approved Spot Bitcoin ETFS Come With Unique Compliance Risks

InvestmentNews

Despite SEC's Novel Alignment on Bitcoin ETF, It’s Business as Usual in Regulatory Politics

News

Sign Up

Val Dahiya is a partner in the firm’s Broker-Dealer Compliance + Regulation and Capital Markets practice groups, Co-Head of its Securities + Derivatives Regulatory Solutions team, and Co-Lead of the firm’s Digital Assets practice within the Fintech Group.Val advises financial services clients on complex compliance, regulatory, and transactional matters arising under U.S. Securities and Exchange Commission (SEC) and Financial Institution Regulatory (FINRA) jurisdiction. She has nearly two decades of experience in advising on securities market infrastructure, including over 10 years of work history at the SEC and three years at FINRA.<h4 dir="ltr">Professional Experience: SEC and FINRA </h4>Prior to joining Morrison Foerster, Val chaired the securities trading and markets practice and served as office managing partner at another international law firm. Before that, she served as the Washington, D.C. Branch Chief in the Office of Trading Practices in the Division of Trading and Markets at the SEC, where she provided analysis and recommendations on complex legal and policy issues related to the securities industry, including the application of Exchange Act rules and regulations to emerging areas such as cryptocurrencies and digital assets. Val’s counsel was essential in shaping SEC policies and ensuring their consistent application across the evolving financial landscape. Prior to this, Val’s responsibilities as Special Counsel in the Division of Trading and Markets included providing essential guidance on securities regulation compliance, including the Commission’s financial integrity and regulatory programs for broker-dealers and securities exchanges. Val also worked closely with the Divisions Office of Market Supervision reviewing self-regulatory organization (SRO) rule filings. In her capacity as Attorney/Senior Counsel in the Division of Examinations, Broker-Dealer Group, Val led comprehensive examinations and inspections of broker-dealers and dually registered entities, ensuring compliance with federal securities laws and SRO rules. Her responsibilities also extended to preparing enforcement referral memoranda and assisting the Enforcement Division in complex trading cases. While at the SEC, Val also worked extensively on issues related to trading practices, including market making, ETFs, direct market or sponsored access, when-issued securities, and trading in the grey markets.Prior to her tenure at the SEC, Val worked at FINRA (formerly NASD), where she conducted reviews and investigations of broker-dealer activities, identified violations of relevant regulations, and made disciplinary recommendations. Her work at FINRA involved analyzing trading activity for irregularities and patterns indicating violative conduct.Collectively, this experience informs Val’s counsel on the highly complex regulatory issues associated with broker-dealer, transfer agent, clearing agency, exchange and Alternative Trading System (ATS) operations, registration requirements, and compliance.<h4 dir="ltr">Capabilities</h4>Val also advises clients in the distributed ledger technology space that are seeking to understand the potential securities regulatory implications. Her practice ranges from product counseling all the way through to counseling on complex compliance and regulatory issues.Other areas Val is particularly well qualified to advise on include:<ul dir="ltr"><li dir="ltr">broker-dealer compliance issues relating to Regulations ATS, NMS, M, SCI, and SHO, as well Rules 15c2-11, 15c3-5, and 15c3-3;</li><li dir="ltr">Regulation BI and standard of care issues;</li><li dir="ltr">books-and-records requirements;</li><li dir="ltr">large trader and position reporting;</li><li dir="ltr">forex trading;</li><li dir="ltr">market access and other electronic trading issues;</li><li dir="ltr">information barriers and insider trading;</li><li dir="ltr">soft dollars and commission sharing arrangements;</li><li dir="ltr">the net capital and customer protection rules; and</li><li dir="ltr">cybersecurity and data protection issues.</li></ul><h4 dir="ltr">Leadership</h4>Val is a member of the Nasdaq Exchange Review Council for each of Nasdaq’s six exchanges. Prior to joining Morrison Foerster, Val served as office managing partner at another international law firm.