Broker-Dealer

Our lawyers bring deep, practical experience to the full spectrum of broker-dealer issues, including day-to-day operations, examinations, investigations, and high-stakes disputes.

Our team includes former senior officials from the Financial Industry Regulatory Authority (FINRA), the U.S. Securities and Exchange Commission, and the U.S. Department of Justice, as well as lawyers with extensive experience working with other self-regulatory organizations and exchanges. This background informs our approach to regulatory counseling, examinations, and enforcement matters, enabling us to anticipate regulator priorities and manage risk proactively.

We represent a broad range of clients, including large full-service broker-dealers, mid-sized and limited-purpose firms; introducing, prime and clearing brokers; dual registrants; and broker-dealer affiliates of banks, hedge funds, investment advisers, and other financial services companies. Our business-oriented advice is tailored to how broker-dealers operate in practice and how regulatory requirements affect business strategy and execution.

A core strength of the practice is advising investment management clients on their interactions with broker-dealers, including the negotiation of counterparty agreements such as prime brokerage, ISDA, custody, futures, and electronic trading agreements, as well as third-party marketing arrangements. Our integrated approach allows us to address regulatory, transactional, and enforcement considerations in a coordinated and practical manner. We also advise broker-dealers and banks on deposit brokerage programs, including certificate of deposit programs, sweep arrangements, reciprocal deposits, deposit referrals, and other third-party facilitated deposit structures.

Seward & Kissel maintains strong working relationships with regulators, self-regulatory organizations, custodians, administrators, and other industry professionals. Our lawyers are recognized for their contributions to regulatory guidance and enforcement precedent and are active participants in organizations such as the Securities Industry and Financial Markets Association and the American Bar Association’s Business Law Section.