Practice/Industry Group Overview
Visit S&C’s Financial Services Reform Resource Center, which provides up-to-date information on Dodd-Frank and other financial institution regulatory reform related issues and developments. For information on financial services reform in France, visit S&C’s French Financial Services Reform Resource Center.
Sullivan & Cromwell’s clients include a broad range of the largest U.S. broker-dealers, as well as major non-U.S. broker-dealers and their U.S. subsidiaries. We also serve small and mid-sized firms, and affiliates of insurance, commercial banking and other financial services companies. The Broker-Dealer Regulation Group that serves these clients includes over 10 lawyers, most of them partners, all based in our New York office. These lawyers work closely with colleagues in the Firm’s other related practice groups.
S&C gives its broker-dealer clients advice on all regulatory, compliance and securities law matters relating to broker-dealers, including trading, derivatives, research, margin, net capital, clearance and settlement, customer protection, supervisory and reporting requirements under U.S. federal and state securities laws and the regulations of the SEC, FINRA (formerly NASD and NYSE member regulation) and major securities exchanges.
The Group advises clients regularly on the applicability of broker-dealer registration requirements, particularly with regard to foreign entities that wish to participate in the U.S. markets, and to unregistered affiliates of registered broker-dealers that wish to engage in securities-related activities. In addition, S&C advises a large number of broker-dealers that are affiliated with bank holding companies on the U.S. banking law requirements that apply to their securities activities.
The Group also monitors developments in regulatory and compliance matters including SEC and FINRA rule proposals.
The Firm regularly represents broker-dealer clients in litigation, arbitration and regulatory enforcement proceedings. For example, the Firm’s litigators have represented Goldman Sachs and acted as liaison counsel to 55 underwriter investment banks in the IPO Securities Litigation, one of the largest and most complex securities class actions ever. The Firm also advises broker-dealer clients in connection with regulatory inquiries and internal compliance reviews.
S&C is also able to provide its broker-dealer clients with a full range of corporate, securities, M&A, tax and other advice in connection with their investment banking activities, such as securities underwriting, syndicate trading, restricted stock transactions, block trades and M&A advisory work.