Financial Services Regulation: Banking (Compliance) - Nationwide
THE FIRM Sidley Austin's national financial services practice advises both US and foreign financial institutions on a range of issues, from discrete projects to ongoing compliance matters. The team has been acting for UBS and Morgan Stanley in relation to the impact of the Truth in Lending Act exemption changes brought about by the Dodd-Frank Act. On the consumer side, the firm enjoys a strong reputation in the credit card space with recent clients including MasterCard and Green Dot. The firm's greatest strength is arguably in the broker-dealer arena, where its dedicated team represents some of the leading brokerage firms before securities regulators and advises them on the full spectrum of compliance considerations. Notable clients in this area include BNP Paribas Securities Services and Goldman Sachs. Shortly before going to print, Sidley welcomed a sizeable broker-dealer team from Bingham McCutchen.
Sources say: "Sidley has a deep bench in broker-dealer regulatory advice and a top-notch transactional practice."
KEY INDIVIDUALS William Eckland has vast bank regulatory expertise and provides a range of advice to domestic and international clients on compliance matters. He provides "sophisticated analysis and is excellent at understanding how the banking regulators view the market," say sources.
James Brigagliano is considered to be a "real asset" to the firm's broker-dealer regulatory practice and brings with him a considerable amount of technical experience in securities and market trading. "In addition to his extensive and invaluable contacts in the regulatory world, he has unique insights into recent regulatory initiatives," say sources.
Kevin Campion is a respected broker-dealer regulatory attorney. He provides broad advice including SEC and FINRA research rules, record keeping and registration matters, and is considered to have extensive knowledge of short sale regulatory requirements.
Dennis Hensley has significant experience in advising clients on compliance and enforcement matters in the broker-dealer space. Recently he acted for a sovereign wealth fund on its purchase of a broker-dealer business.
Consumer finance compliance and litigation expert James Huizinga provides "an extraordinary synthesis of the law and the facts," note interviewees. He recently represented the Consumer Bankers Association in its response to proposed CFPB rules affecting prepaid credit cards.
David Teitelbaum's experience and expertise cover a wide range of regulatory matters, notably with respect to the consumer finance arena. He has particular knowledge of electronic payment systems and is considered to be an "extremely smart and capable lawyer" who is "technically excellent, practical, responsive and efficient."
Connie Friesen advises clients on bank regulatory compliance matters. She has an active practice advising foreign-based financial institutions particularly from Europe, China, Singapore and Australia on their US expansion plans and regulatory compliance.
Hardy Callcott has a strong reputation in broker-dealer advisory and compliance matters. He is recognized for his work on transactional matters and his solid regulatory practice. At his previous firm he represented Citigroup Global Markets in the settlement of a number of FINRA inquiries.
Former FINRA head of enforcement Susan Merrill is described as a "fantastic" attorney who is thought of highly for her knowledge and understanding of the regulatory enforcement process."Her ability to communicate with the regulators and know who to reach out to is a real strength," says one respondent.
Neal Sullivan maintains a strong reputation in the broker-dealer compliance and enforcement arena. Sources attest that he "communicates our message and helps us to understand what the regulatory concerns are." He is a global coordinator for the firm's securities and derivatives enforcement and regulatory practice.