New York’s status as the global finance capital means that members of the metro-area criminal bar sometimes find themselves defending stockbrokers, investment bankers, traders, research analysts, compliance officers, and other financial professionals. While these cases often generate robust retainers, they also present unique challenges resulting from the regulatory reporting regime that governs the securities industry. A basic understanding of this regime is critical to effectively representing financial professionals so as to avoid collateral economic and reputational harm to clients.
Broker-dealer regulation includes oversight by government actors like Securities & Exchange Commission (SEC) and state Blue Sky authorities as well as by self-regulatory organizations (SROs) like the Financial Industry Regulatory Authority and the enforcement arms of individual exchanges, the most notable of which is the New York Stock Exchange (NYSE). Banks and insurance companies are not included within this regulatory scheme.
