Broker-Dealer Compliance + Regulation

Our global multidisciplinary team of lawyers applies an industry-focused approach to advise our clients on regulatory, compliance, and enforcement issues unique to broker-dealers and other financial services intermediaries

We counsel broker-dealers, banks, investment firms, derivatives dealers, fund managers, and other financial services intermediaries on a full range of issues related to compliance, regulation, and enforcement by the U.S. Securities and Exchange Commission (SEC), state securities regulators, the Financial Industry Regulatory Authority (FINRA) and financial services regulatory authorities outside the United States such as the UK’s Financial Conduct Authority and Hong Kong’s Securities and Futures Commission.  We have an international team of experts who advise multinational financial institutions on cross-border regulatory issues and transactions.

We leverage the experience and knowledge of a multidisciplinary team of lawyers that includes several former senior officials of the SEC and other market regulators, and apply an industry-focused approach to advise our clients on regulatory compliance and enforcement issues applicable to the financial services industry, such as:

  • Formation and registration of financial services intermediary firms such as broker-dealers, and investment firms;
  • Development and implementation of internal compliance and supervisory procedures;
  • Advising non-U.S. banks and securities dealers on SEC Rule 15a-6;
  • Helping financial institutions to structure their securities activities;
  • Advising banks, investment firms, derivatives dealers, and fund managers in relation to EU financial services legislation including MiFID/MiFIR, EMIR, AIFMD, Prospectus Regulation, PRIIPs Regulation, and Market Abuse Regulation, as well as UK legislation such as the FSMA 2000 and the Regulated Activities Order and Financial Promotions restrictions;
  • Advising banks, investment fund managers and advisers, and other financial firms on permissible activity not requiring licensing or registration;
  • Advising the providers of financial benchmarks and derivatives dealers and securities issuers in relation to the EU’s Financial Benchmarks Regulation;
  • Mergers, acquisitions, restructuring, and other business transactions;
  • Record retention, reporting, and privacy policies;
  • Research reports and analysis;
  • Sales practices, including advertising, marketing, and other customer communications;
  • Trading practices, including issues related to insider trading;
  • Sweep programs; and
  • Compliance with customer protection rules.

Enforcement and Litigation. While we take every measure to ensure our clients’ compliance with all applicable securities laws, we also understand the unavoidable risks of alleged non-compliance and the resulting actions and investigations. When necessary, we call on the firm's Securities Litigation, Enforcement, and Investigations + White Collar Defense lawyers, many of whom are experienced financial services practitioners, to defend our clients and their directors and officers in enforcement actions, investigations, class actions, derivative actions, and other litigation arising from financial services activities.

Corporate Finance | Capital Markets. Our international footprint and experience representing the financial services arms of some of the world's largest financial institutions position us at the intersection of banking and securities regulation. Working closely with our Corporate Finance | Capital Markets lawyers and our Financial Regulatory lawyers, we help our financial institution clients to develop new financial products and securities offering methodologies, and prepare offering documentation that complies with all applicable securities laws and regulations.

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