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

New SEC Chair Signals Enforcement Focus

Gary Gensler has been confirmed as SEC Chair by the U.S. Senate. His confirmation hearing offered interesting moments, some of which signalled clear support for certain issues considered increasingly material by investors, such as political contributions and climate change.
Read more New SEC Chair Signals Enforcement Focus

SEC Signals Increasing Focus on Environmental, Social and Governance Issues

The recent flurry of SEC activity around ESG indicates more assertive enforcement in this area. The agency has announced an ESG enforcement task force, identified ESG as an examination priority for 2021, named a senior policy adviser for climate and ESG, and otherwise publicized its intentions through various communications to the public.
Read more SEC Signals Increasing Focus on Environmental, Social and Governance Issues

Federal Regulatory Adaptations to Digital Assets

In only four months, 2021 is already a landmark year for regulation of digital assets (including cryptocurrencies) with the approval of federal charters for two digital asset banks and the SEC issuing important digital asset guidance to broker dealers and investment advisers.
Read more Federal Regulatory Adaptations to Digital Assets

Digital Asset Enforcement Activities

2021 has already been marked by robust federal law enforcement in the digital assets space, for everything from unregistered cryptocurrency offerings to various fraudulent schemes. Some companies ended up in the crosshairs of state regulators as well.
Read more Digital Asset Enforcement Activities

Meme Stocks: The SEC response to recent public markets volatility (so far)

Despite an initially muted response to the extreme volatility introduced into the public markets by groups of retail investors, the SEC has offered disclosure guidance for issuers and later suspended trading of 15 companies based on questionable social media activity. Expect more to come.
Read more Meme Stocks: The SEC response to recent public markets volatility (so far)

New SEC Marketing Rule

The SEC recently adopted substantial amendments to the regulations governing the advertising practices of investment advisers. The new SEC Marketing has been published in the Federal Register, setting its effective date as May 4, 2021 and a final compliance date of November 4, 2022. Stay tuned for more information.
Read more New SEC Marketing Rule

Potential Thawing of the Freeze on New SEC Registrations of UK Investment Advisers

A recently published analysis from the UK Information Commissioner’s Office regarding the ability of UK-based, SEC-registered firms to transfer personal data to the SEC should provide a path for the SEC to resume approving applications for SEC registration of UK-based investment advisers.
Read more Potential Thawing of the Freeze on New SEC Registrations of UK Investment Advisers

SEC and FINRA Broadcast 2021 Exam Priorities

The SEC and FINRA recently made public their 2021 examination priorities, indicating a focus on retail investor protection by stepping up enforcement of registered investment advisers and broker dealers. Regulation Best Interest and the 2019 Fiduciary Interpretation will be particularly important. Hot on the heels of its exam priorities guidance, the SEC also expressed dissatisfaction with how broker-dealers are responding to and reporting suspicious activities.
Read more SEC and FINRA Broadcast 2021 Exam Priorities

Other Regulatory and Compliance Alerts and Newsletters

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SEC takes first steps to put in force the Holding Foreign Companies Accountable Act

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U.S. Congress Passes Sweeping Overhaul of Anti-Money Laundering Regime

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U.S. Regulatory Update: December 2020

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U.S. Regulatory Update: September 2020

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SEC further eases disclosure requirements in latest Regulation S-K and 20-F changes

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OCIE Risk Alert: Compliance Empowerment and Execution

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U.S. Executive Order on Investment in Companies Linked to the Chinese Military

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Changes to Volcker Rule offer limited relief for structured finance transactions

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U.S. Federal Regulators’ amendments to Volcker Rule offer greater flexibility for banks and asset managers

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SEC imposes new disclosure and liability rules on proxy advisory firms

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