Practice Leadership
- Ethan L. Silver
- Partner
Chair, Broker-Dealer Practice
Related Areas
Broker-Dealer
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
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
NEWS & INSIGHTS
PUBLICATIONS
- May 9, 2017 "Market Trends: FINRA," Lexis Practice Advisor
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April 5, 2017
"FINRA's Foray into Insider Trading," Investment Management Client Alert
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March 1, 2017
"SEC Staff Issues Guidance Update On Robo-Advisers," Investment Management Client Alert
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January 26, 2017
"Year-End Developments and Compliance Checklists," Investment Management Client Alert
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January 24, 2017
"FINRA Announces 2017 Examination Priorities," Investment Management Client Alert
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September 19, 2016
"FINRA's New Limited Registration for CABs Has Limited Use and Appeal," Investment Management Client Alert
- February 1, 2016 "Endowed by the Crowd? Insights into the New Wave of Crowdfunding and Its Viability," Journal of Taxation & Regulation of Financial Institutions
- August 1, 2014 "What Is and Is Not Covered by the M&A Broker No-Action Letter," Financial Fraud Law Report
PRESS MENTIONS
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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.
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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.
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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.