Financial Services Regulatory and Enforcement

Anti-Bribery/Anti-Corruption

We represent financial services companies in designing required programs for compliance with the Foreign Corrupt Practices Act (FCPA) and UK Bribery Act, and in civil and criminal enforcement investigations by the Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ). Our team blends career defense lawyers with former prosecutors from the agencies responsible for enforcing the FCPA—the DOJ’s Criminal Fraud Section and the SEC’s Enforcement Division—to custom-tailor the ideal team for each anti-corruption matter. Among our partners are former supervisors and prosecutors at both the SEC and DOJ, including an Assistant Chief of DOJ’s Criminal Fraud Section, a Senior Counsel and Branch Chief in the SEC’s Enforcement Division, and a number of former U.S. Attorneys and Assistant U.S. Attorneys at top offices around the country.

Anti-Money Laundering

Our team advises banks, broker-dealers, and other financial institutions on their compliance with the U.S. Bank Secrecy Act (BSA), related laws of federal banking agencies and securities regulators, state AML and money transmitter laws, and European Union AML directives and their implementing authorities in EU member states. This work encompasses both regulatory counseling and representation in civil and criminal enforcement proceedings by a variety of regulators, including FinCEN, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the New York Department of Financial Services (NYDFS), the SEC, the Financial Industry Regulatory Authority (FINRA), the Commodities Futures Trading Commission (CFTC), and equivalent foreign regulators. Our team includes the former Chief Counsel of FinCEN, a senior former regulator at the SEC, and former senior prosecutors from the United States Attorney’s Offices for the Southern District of New York and the Eastern District of New York.

Commodity Futures

For participants in commodity futures markets—including futures commission merchants, introducing brokers in commodities, commodity pool operators, and commodity trading advisors—we advise on compliance with rules administered by the CFTC and in investing in (or engaging with) entities subject to CFTC jurisdiction. We also represent these entities in civil and criminal enforcement by the CFTC and DOJ.

Economic Sanctions

We counsel banks, broker-dealers, and other financial institutions and financial services companies on compliance with economic sanctions laws administered by the U.S. Office of Foreign Assets Control (OFAC), the Office of Financial Sanctions Implementation (OFSI) in the United Kingdom, and comparable authorities elsewhere in the EU and Asia. This includes regulatory counseling and the design and implementation of sanctions compliance programs, plus representation in civil and criminal sanctions enforcement proceedings. Our work in the United Kingdom includes advising international businesses, traders, ship owners, charterers, insurers, financial institutions, and energy companies on U.K.-specific and cross-border sanctions involving national and international trade and financial sanctions. Our team includes several OFAC veterans, including former counsel to OFAC and former OFAC licensing and enforcement officers; the former head of sanctions advisory for the Americas of one of the largest banks in the world; and a 20-year veteran of the intersection of EU and UK sanctions with the shipping and insurance industries. We understand not only what regulators expect but also the practical challenges that financial institutions face in designing and administering sanctions compliance programs.

Investment Companies/Investment Advisors

Our lawyers advise investment companies and investment advisors on their compliance with the

Investment Company Act of 1940, the Securities Act of 1933 and Securities Exchange Act of 1934, and related regulations and guidance administered by the SEC and (for investment advisers) state regulators. We represent these companies in civil and criminal enforcement proceedings before these regulators and the DOJ.

Payments

We advise companies on compliance with rules relating to credit cards, prepaid cards, debit cards, and rewards programs, as well as payment processing, including Bank Secrecy and Fair Credit Reporting Act rules, state money transmission rules, and in related enforcement. Our team is particularly adept with FinTech and emerging payments solutions.

Securities Regulatory Enforcement and Financial Crimes and White Collar Investigations

Our White Collar and Regulatory Enforcement practice has represented many public and private companies, their Boards of Directors and senior management, and their employees and executives at all varieties of financial institutions in regulatory investigations and enforcement proceedings. In addition, we have substantial experience representing entities and individuals in criminal investigations and proceedings in complex financial matters. We have represented current and former employees/officers/executives of global banks in investigations regarding:

• The foreign currency exchange (FX) spot market probes, the multifaceted regulations where seven regulators fined seven major banks a total of approximately $10.3 billion for manipulating the foreign exchange markets.
• Internal investigations and related criminal and regulatory inquiries by the DOJ, SEC, and CFTC into potential manipulation of the Volatility Index Exchange (VIX).
• Internal and SEC investigations in the digital asset space.
• Internal investigations and related criminal and regulatory inquiries by the DOJ, CFTC, Financial Conduct Authority, and the Serious Fraud Office into LIBOR interest rate benchmark setting practices and derivatives trading affected by the potential manipulation of rate setting.
• ISDAFIX regulatory inquiries by the DOJ, SEC, CFTC, and NYDFS into potential manipulation of the financial derivatives market.
• Internal investigations and related criminal and regulatory inquiries by the DOJ, SEC, CFTC, and NYDFS into potential manipulation of the $12.7 trillion U.S. Treasury market.
• High-profile insider trading matters being investigated by the FBI and prosecuted by U.S. Attorney’s offices.
• Internal investigations (and a related antitrust inquiry) by the DOJ regarding compensation practices.