U.S. Regulatory and Compliance Group

Linklaters’ U.S. Regulatory & Compliance 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.

 

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. Regulatory & Compliance 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. Regulatory & Compliance 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

SEC Announces 2021 Regulatory Agenda

The SEC released its Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions on June 11, 2021. Certain SEC Commissioners decried the Regulatory Agenda for the current SEC’s plans to revisit recent regulatory actions of the prior administration.
Read more SEC Announces 2021 Regulatory Agenda

ESG Update – Continued SEC Focus and European Regulation

The SEC continues to focus on environmental, social and governance issues. The SEC appointed a new chair in July and continues to receive public feedback regarding the regulatory approach to ESG matters. In Europe, there have been recent updates to regulations and guidance governing climate and the environment.
Read more ESG Update – Continued SEC Focus and European Regulation

NYDFS Issues Ransomware Guidance: What’s a Lawyer to Do?

On June 30, 2021, the New York Department of Financial Services (“NYDFS”) joined in the fight against ransomware by delivering guidance to assist companies in preparing and responding to ransomware (the “DFS Guidance”). The guidance provided by the Department is consistent with the guidance provided earlier in June by the White House. The recommendations represent critical table-stakes of technical and operational controls.
Read more NYDFS Issues Ransomware Guidance: What’s a Lawyer to Do?

SEC Announces Enforcement Actions Against 27 Financial Firms for Form CRS Failings

On July 26, 2021, the SEC announced settlements relating to enforcement actions against 21 investment advisers and six broker-dealers for alleged failings to timely file and deliver Form CRS.
Read more SEC Announces Enforcement Actions Against 27 Financial Firms for Form CRS Failings

FinCEN Reports to Congress That it Will Establish a Limited No-Action Letter Process, When Resource Limitations and Competing Priorities Allow

The Financial Crimes Enforcement Network (“FinCEN”) has notified Congress, in a report required by Section 6305 of the Anti-Money Laundering Act of 2020 (the “AML Act”), that it has determined that it should proceed with notice and comment rulemaking to establish a no-action letter process, to enhance its current processes for administrative rulings and exceptive relief.
Read more FinCEN Reports to Congress That it Will Establish a Limited No-Action Letter Process, When Resource Limitations and Competing Priorities Allow

SEC Increases “Qualified Client” Thresholds

The SEC raised the “Qualified Client” thresholds for the “assets under management” test and “net worth” test to US$1.1m and US$2.2m, respectively, effective August 16, 2021.
Read more SEC Increases “Qualified Client” Thresholds
Key Contacts

x COP26 and beyond