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U.S. Financial Regulation Group

Linklaters’ U.S. Financial Regulation Group advises on the full spectrum of regulatory and compliance matters in the U.S. impacting global financial institutions, private equity, hedge and real estate fund managers, broker-dealers and banks.

U.S. FRG product offering diagram

In the U.S., Linklaters’ experienced attorneys provide strong and practical advice on all aspects of the Investment Advisers Act, Investment Company Act, Securities Act and Exchange Act, CFTC regulations, FINRA rules and regulations, ERISA, AML and ABAC compliance, banking regulation, ERISA and CFIUS.

We advise global financial institutions and U.S. investment managers on registration/exemption issues in the U.S. We represent clients in developing, implementing and executing practical compliance programs, including all policies and procedures, and we regularly provide compliance training for our clients and their employees.

The Linklaters’ U.S. Financial Regulation team has extensive experience serving as General Counsel & Chief Compliance Officers of investment managers, counsel to global financial institutions and as senior staff with the U.S. government, including the SEC and DOJ. We have represented numerous clients in SEC examinations and enforcement proceedings.

Our team is committed to helping clients achieve their business objectives while also protecting our clients and helping clients navigate the ever-changing regulatory waters in the U.S.

The U.S. Financial Regulation team works closely with Linklaters' global Financial Regulatory Group (FRG) to serve our clients globally.

Select regulatory and compliance topics

+ Prohibitions on insider trading

+ Information barriers

+ Code of ethics and personal trading

+ Trading rules in the U.S. 

+ Advertising rules

+ Allocation of expenses

+ Allocation of investments

+ Anti-money laundering and OFAC 

+ Business continuity plans

+ Conflicts of interest 

+ Confidentiality and privacy

+ Custody and valuation 

+ Environment, social and governance (ESG) 

+ Private placement rules

The three SEC proposals that will redefine the ESG regulatory landscape

In the first half of 2022, the U.S. Securities and Exchange Commission (“SEC”) released three environmental, social and governance (“ESG”) rule proposals that, if approved, would substantially increase disclosure requirements for public companies, investment advisers, and registered investment companies (“RICs”).
Read more The three SEC proposals that will redefine the ESG regulatory landscape

The SEC’s new Marketing Rule and the upcoming compliance date

On December 22, 2020, the SEC adopted the new “Marketing Rule,” which modernized and consolidated the Advertising Rule under Rule 206(4)-1 of the Investment Advisers Act of 1940 (the “Advisers Act”) and the Cash Solicitation Rule under Rule 206(4)-3 of the Advisers Act.
Read more The SEC’s new Marketing Rule and the upcoming compliance date

Recent Developments in US Regulation of Digital Assets for Banks, Bank Holding Companies, and Investment Advisers

As we turn to fourth quarter of 2022, a comprehensive federal approach to the regulation of digital assets and the supervision of digital asset activities within the U.S. financial sector remains elusive.
Read more Recent Developments in US Regulation of Digital Assets for Banks, Bank Holding Companies, and Investment Advisers

The SEC’s first Reg BI enforcement action

On June 15, 2022, the SEC filed its first civil enforcement action under Regulation Best Interest (“Reg BI”), an important regulation aimed at establishing a standard of care that broker-dealers owe to retail investors.
Read more The SEC’s first Reg BI enforcement action

Select U.S. regulatory issues for fund managers affiliated with bank holding companies and foreign banking organizations

U.S. bank holding companies (“BHCs”), foreign banking organizations (“FBOs”) and their affiliated investment managers and investment advisers (collectively, “fund managers”) have long contended with the potential impact of the U.S. Bank Holding Company Act of 1956, as amended (“BHCA”)—in particular, the nonbanking investment restrictions under section 4 of the BHCA—on their ability to organize and sponsor investment funds and execute particular investment strategies. 
Read more Select U.S. regulatory issues for fund managers affiliated with bank holding companies and foreign banking organizations

New SOFR OIS Clearing Requirement on the Horizon

On May 31, 2022, the Commodity Futures Trading Commission (the “CFTC”) published in the Federal Register a notice of proposed rulemaking setting out an interest rate swap clearing determination under Section 2(h) of the Commodity Exchange Act (the “CEA”) to account for the 
transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates (“IBORs”) to alternative reference rates, predominantly overnight, nearly risk-free reference rates (“RFRs”) (the “Proposal”).
Read more New SOFR OIS Clearing Requirement on the Horizon
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