Practice
Russell Sacks, a partner in the Financial Institutions Advisory & Financial Regulatory Group, provides advice to market participants on a worldwide basis with respect to regulatory, transactional, trading and markets issues, with particular emphasis on U.S. regulation of securities broker-dealers, alternative trading systems, clearing agencies, and exchanges.

Prior to joining Shearman & Sterling, he served as law clerk to The Honourable Justice Allen M. Linden of the Federal Court of Appeal in Ottawa, Canada.

• Banco do Brasil Securities LLC in the formation and registration of the U.S. investment banking arm of the largest bank in Latin America
• Bradesco Securities, Inc. in the expansion of the U.S. investment banking arm of the largest private bank in Latin America to permit a wide range of investment banking activities
• Landesbank Baden-Wurttemberg in the formation of a self-clearing investment bank in the United States

• Ice Clear Europe Limited in and ICE U.S. Trust LLC in their exemption from certain provisions of the Securities Exchange Act of 1934 in connection with the operation of central counterparties for clearing credit default swaps.
• LiquidityHub Limited in its November 28, 2007 SEC “no action” letter relating to the application of Rule 15a-6 to non-U.S. electronic communications systems.
  See http://www.sec.gov/divisions/marketreg/mr-noaction/2007/liquidityhub112807-15a6.pdf
• SunGard Institutional Brokerage in its July 2, 2007 SEC “no action” letter relating to the application of the confirmation requirement to SunGard’s automated systems.
  See http://www.sec.gov/divisions/marketreg/mr-noaction/2007/sungard070307-10b-10.pdf
• The joint SIA / BMA 2006 comment letter regarding amendment of NASD Conflict of Interest regulation.
  See http://www.bondmarkets.com/assets/files/2720%20comment%20letter9.pdf

• Itaú, its merger with Unibanco
• Merrill Lynch in its acquisition by Bank of America
• UBS in the acquisition of the private client and brokerage business of McDonald Investments
• Merrill Lynch in the acquisitions of The Advest Group, Inc. and of Petrie Parkman & Co.
• Merrill Lynch in its in-branch networking partnership with Carver Bank
• Technology Crossover Ventures in investments including thinkorswim, inc., Liquidnet, Inc., FX Alliance LLC, and Automated Trading Desk, LLC
• Underwriters, before the U.S. Financial Industry Regulatory Authority, in offerings including the initial public offerings of China Netcom Group, China Telecom Corp., JetBlue Airways, Kinetic Concepts Inc., McCormick & Schmick’s Seafood Restaurants, PortalPlayer, Inc., Qimonda AG, Sterlite Industries, and Texas Roadhouse Inc.

• Member, American Bar Association
  • Committee on Federal Regulation of Securities, Subcommittee on NASD Corporate Finance Rules
  • Committee on State Regulation of Securities
• Member, Securities Industry Association, Legal and Compliance Division

• Nathan Greene and Russell D. Sacks, “Conflicts of Interest” in Hedge Funds and Prime Brokers (2nd Ed.), Risk Books, 2009
• Russell D. Sacks, “Short sale update: SEC extends emergency actions through extraordinary rulemaking; US short selling ban expires,” Journal of Investment Compliance, Vol. 10, No. 1 (March 2009)
• Charles S. Gittleman and Russell D. Sacks, “The Development of US Regulation of Securities Research,” Journal of Investment Compliance, Vol. 9, No. 2 (May 2008)
• Charles S. Gittleman and Russell D. Sacks, “SEC adopts Amendments to Rule 105 of Regulation M, including important exceptions for bona fide purchases and for separate accounts,” Journal of Investment Compliance, Vol. 9, No. 1 (January 2008)
• Charles S. Gittleman and Russell D. Sacks, “NASD publishes initial proposal to change conflict of interest rules relating to underwriting of public offerings in the United States,” Journal of Investment Compliance, Vol. 7, No. 4 (November 2006)
• Contributor to James Bartos, United States Securities Law: A Practical Guide, 3rd Edition (Kluwer, 2006)
• Charles S. Gittleman and Russell D. Sacks, “Anti-money laundering regulations: Treasury Department enacts final rules implementing Section 312 of the PATRIOT Act relating to foreign correspondent accounts and private banking accounts,” Journal of Investment Compliance, Vol. 6, No. 4 (March 2006)
• Charles S. Gittleman and Russell D. Sacks, “SEC Approves NASD and NYSE Uniform Branch Office Definition for Broker-Dealers,” Journal of Investment Compliance, Vol. 6, No. 2 (December 2005)
• Charles S. Gittleman and Russell D. Sacks, “How Plans to Curb Spinning Could Wrong-Foot Banks,” International Financial Law Review, January 2004 (Cover Article)