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Securities Broker-Dealer

Shearman & Sterling has a long-standing broker-dealer compliance practice, serving clients’ retail and institutional businesses in the US, UK and globally. Our integrated international team focusing on regulations, including the impact of regulatory reforms, throughout the key financial jurisdictions sets us apart.

We are very practical in setting up and advising brokers. We are experienced in obtaining licenses and authorization to establish securities operations in the US and Europe and have advised on the formation and expansion of more than 30 broker-dealers and related businesses.

Our team also advises on the full range of securities regulatory issues, such as market abuse, financial promotions, regulatory capital and rules of conduct. We deal regularly with the Federal Reserve, the SEC, the CFTC, the FDIC, the OCC, FINRA, the FCA, PRA and other US and European regulatory agencies. We have extensive experience with EU and EEA directives and the rules of exchanges. We assist our clients with obtaining approvals for mergers and acquisitions and for new products, and we also advise on regulatory investigations, examinations and enforcement matters.

Our US attorneys have been retained by the Securities Industry and Financial Markets Association (SIFMA) in 2011 and 2012 as counsel to the industry with respect to important new broker-dealer rules.

Featured Matters

  • Banco Bradesco S.A. on establishing its US-registered broker-dealer subsidiary and its UK broker subsidiary
  • Banco Itaú S.A. and its US-registered broker-dealer subsidiary
  • ICE Trust and ICE Clear Europe in their 2009, 2010 and 2011 SEC Exemptive Orders relating to the establishment and operation of a credit default swap clearing house
  • Morgan Stanley on the establishment of its UK bank and the establishment of MSCI in the UK
  • SIFMA, in its 2012 and 2013 responses to proposed FINRA block trading and front-running rules and in its response to proposed FINRA IPO Allocation Rules
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