Broker-Dealer

Practice Leadership

Ethan L. Silver
Partner
Chair, Broker-Dealer Practice

Practice Leadership

Ethan L. Silver
Partner
Chair, Broker-Dealer Practice

Broker-Dealer

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We guide broker-dealers through every aspect of their businesses. From formation, federal and state registration, and Financial Industry Regulatory Authority (FINRA) membership to transaction advice and day-to-day compliance matters, our broker-dealer lawyers provide comprehensive solutions for both U.S. and non-U.S. broker-dealers.

We are proactive in our advice, providing real-time regulatory updates whenever changes are on the horizon as well as concrete suggestions for compliance and implementation.

In Securities and Exchange Commission (SEC) and FINRA examinations, federal and state regulatory actions, and a wide variety of other enforcement matters, our broker-dealer lawyers, in conjunction with our leading enforcement defense litigators, prepare and defend clients to achieve effective solutions with minimal disruption to their businesses.

Services include:

Broker-dealer formations/FINRA membership applications
SEC net capital and customer protection rules
Trading and reporting rules
Foreign broker-dealer/cross-border requirements
Compliance policies and procedures
SEC and FINRA investigations and enforcement
ATS formation and operation
Finders, commission-splitting, and fee arrangements
Underwriting issues

Regulation Best Interest Resources

Regulation Best Interest (“Reg. BI”) and Form CRS Implementation Timeline
Form CRS Drafting Guide and Template (April 21, 2020)
SEC and FINRA Provide Reg. BI and Form CRS Guidance as the Implementation Date Approaches (April 21, 2020)
Key Takeaways From SEC’s Reg. BI Frequently Asked Questions (January 27, 2020)
FINRA to Broker-Dealers Gearing Up for Regulation BI, “Don’t Panic–Prepare!” (January 9, 2020)
FINRA Provides Guidance on Regulation Best Interest and Form CRS (October 17, 2019)

OUR TEAM

Robert G. Minion
Partner

Marie T. DeFalco
Partner

Peter D. Greene
Partner

Richard Bernstein
Partner

David L. Goret
Partner

Elaine M. Hughes
Partner

Scott H. Moss
Partner

VIEW ALL RELATED PROFESSIONALS

NEWS & INSIGHTS

FIRM NEWS

January 09, 2018 "Election of Six to Lowenstein Sandler Partnership Highlights 2018 Promotions"
April 11, 2016 "Broker-Dealer Lawyer Ethan Silver Joins Lowenstein Sandler"
Ethan L. Silver

PUBLICATIONS

June 17, 2020 "Reg BI Has Broader Scope Than Many Think," WealthManagement.com
Ethan L. Silver
April 21, 2020 "SEC and FINRA Provide Reg. BI and Form CRS Guidance as the Implementation Date Approaches," Investment Management Client Alert
Ethan L. Silver, Lauren A. Schwartz, Alexander D. Zozos
April 21, 2020 "Form CRS Drafting Guide and Template," Investment Management Client Alert
Ethan L. Silver, Lauren A. Schwartz, Alexander D. Zozos
January 27, 2020 "Key Takeaways From SEC’s Reg. BI Frequently Asked Questions," Investment Management Client Alert
Ethan L. Silver, Lauren A. Schwartz, Alexander D. Zozos
January 9, 2020 "FINRA to Broker-Dealers Gearing Up for Regulation BI, “Don’t Panic–Prepare!”," Investment Management Client Alert
Ethan L. Silver, Lauren A. Schwartz, Alexander D. Zozos
September 29, 2019 "Is XRP a Security? We May Never Know," Cointelegraph
Ethan L. Silver, and William Brannan
May 9, 2017 "Market Trends: FINRA," Lexis Practice Advisor
Ethan L. Silver, and William Brannan
April 5, 2017 "FINRA's Foray into Insider Trading," Investment Management Client Alert
Benjamin Kozinn, Ethan L. Silver,
March 1, 2017 "SEC Staff Issues Guidance Update On Robo-Advisers," Investment Management Client Alert
Ethan L. Silver, Scott H. Moss
January 26, 2017 "Year-End Developments and Compliance Checklists," Investment Management Client Alert
Scott H. Moss, Ethan L. Silver, Andrew E. Graw, Brian A. Silikovitz, George Danenhauer, Lesley P. Adamo
January 24, 2017 "FINRA Announces 2017 Examination Priorities," Investment Management Client Alert
Ethan L. Silver, Scott H. Moss
September 19, 2016 "FINRA's New Limited Registration for CABs Has Limited Use and Appeal," Investment Management Client Alert
Ethan L. Silver, Scott H. Moss, William Brannan
February 1, 2016 "Endowed by the Crowd? Insights into the New Wave of Crowdfunding and Its Viability," Journal of Taxation & Regulation of Financial Institutions
Ethan L. Silver
August 1, 2014 "What Is and Is Not Covered by the M&A Broker No-Action Letter," Financial Fraud Law Report
Ethan L. Silver

IN THE MEDIA

May 25, 2020 May 25, 2020
Ethan L. Silver comments in Regulatory Compliance Watch on the SEC’s Form CRS, including the importance of documenting date of delivery, as well as the focus of the responses. The article recommends Lowenstein’s “Form CRS Drafting Guide and Template” as a source of further information. (subscription required to access article)
February 19, 2020 February 19, 2020
William Brannan is quoted in Law360 and cryptonews, where he provides an analysis of Telegram’s $1.7 billion digital token sale of Grams and the need for regulatory clarity for early stage companies in the digital asset and blockchain space. (subscription required to access article)
June 19, 2019 June 19, 2019
Ethan L. Silver is quoted in The Wall Street Journal discussing concerns by the Securities and Exchange Commission surrounding digital-securities firms and their ability to safeguard investors’ funds and assets. (subscription required to access article)
February 14-15, 2019 February 14-15, 2019
Ethan L. Silver was featured in both American Banker and Interactive Investor, commenting on the US Securities and Exchange Commission’s (SEC) reticence to approve new cryptocurrency, despite encouraging more discussion. Silver states that: “the practical realities are that there has been a lot of meetings and discussions that have yielded little progress." He agrees with SEC Commissioner Hester Peirce that the Howey Test – used by US regulators to determine what should be considered a security – is “overly broad.” Silver asserts that until the SEC provides clarity on how digital assets should be custodied under its existing rules, a bitcoin exchange-traded fund (ETF) will never be approved.
January 14-28, 2019 January 14-28, 2019
Ethan L. Silver is quoted in CoinDesk, CoinWire, Invest in Blockchain, and XBT.net regarding the U.S. government shutdown’s effect on cryptocurrency progress on Wall Street. Silver anticipates that, should the shutdown continue, any remaining staffers would most likely reject the rule change proposal for the highly anticipated exchange-traded fund, in lieu of allowing it to be approved on a technicality.
January 14, 2019 January 14, 2019
Ethan L. Silver is quoted in InvestmentNews addressing cryptocurrency market manipulation and custody as it relates to the possibility of a crypto-ETF entering the market in 2019. Silver states that the challenge for the SEC is how to integrate this new technology into the existing SEC rules.

SPEAKING ENGAGEMENTS

Legal SEC/Regulatory Topics Update, IAB Tech Lab's AdTech in Blockchain: It’s Working!, New York, NY, May 7, 2019

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Alternative Data = Better Investment Strategies, But Not Without Concerns

Alternative Data = Better Investment Strategies,
But Not Without Concerns