Financial Services Regulation - Nationwide
Basic facts about the department
Key offices include New York and Washington, DC.
What the team is known for Enduring excellence in the financial services arena, with outstanding consistency across a broad range of areas. Market-leading practice advising systemically important financial institutions on the full range of compliance requirements that continue to emanate from Dodd-Frank and the Volcker Rule. Powerful representation of financial services clients with respect to investigations and enforcement actions by regulators. Highly respected presence in the broker-dealer space with respect to cutting-edge engagement with SEC and FINRA rulemaking and enforcement. Impressive track record with respect to transactional matters, with a long history of handling the most complex domestic and cross-border M&A in the financial services space.
Strengths (Quotes mainly from clients)
"We think they are a leader in this area, and definitely one of the best, if not the best. They have really brilliant lawyers and the caliber of work is outstanding. They're highly regarded by the regulators, who value their analysis and opinion, which makes it important to us because we understand that if we have a question, we have the regulator's ear."
"I consider them to be at the top of the totem pole in terms of firms advising financial institutions. They're very well respected by the folks on the Hill and very well respected by regulatory agencies."
"They're one of our go-to, bet-the-firm type law firms. We get great service from them. They are smart guys and gals: practical thinkers who allow us to conduct our business in the sense that where there's not a ton of clarity from the regulators there's a level of practicality and a risk spectrum that they bring to their analyses of issues."
Work highlights Advised the Institute of International Bankers in connection with a host of issues arising from Dodd-Frank, the Volcker Rule and Basel III.
Represented Bank of America in connection with an SEC investigation into its merger with Merrill Lynch and the payment of employee bonuses by Merrill Lynch.
Represented Bank of America in the sale to Julius Baer Group of its non-US wealth management business. The complex transaction involved the sale of shares and assets across 20 jurisdictions.
Represented numerous broker-dealer clients in FINRA investigations concerning matters including wash sales activity, algorithmic trading strategies and the 2010 Flash Crash.
Robert Tortoriello is one of the most prestigious names in the US financial regulatory firmament, offering banking clients outstanding support in compliance and enforcement matters, in addition to his recognized strength in transactional matters. Sources note that he has "a very firm grip on the underlying law and how it impacts the rest of our businesses." He recently advised the Kingdom of Belgium in connection with the US regulatory aspects of its acquisition of Dexia Belgium.
The hugely well-regarded Derek Bush is a regulatory attorney who routinely advises banks and other financial institutions on ongoing operational compliance issues and M&A matters. Sources affirm that he is "very attuned to the regulatory sphere" and that "he takes the broader view on things so any advice he gives is always in context."
The "first-rate" Michael Krimminger continues to impress commentators with his acumen in the banking regulatory compliance space. He has recently been involved in advising clients on matters stemming from the proposal by the Federal Reserve regarding the restructuring of foreign bank regulation in the USA.
Former SEC general counsel Giovanni Prezioso is one of the firm's heavy hitters in the securities and broker dealer spheres, handling both compliance and enforcement matters for clients. Sources note that his assistance is "invaluable in terms of bringing the SEC perspective to a client," and attest that he "brings great credibility to the table."
David Aman advises broker dealer-clients on regulatory compliance issues, and is described by interviewees as "very careful and methodical when doing an analysis of the issues and interpreting the regulations."
Significant clients Credit Suisse, Bank of America, BNP Paribas, Securities Industry & Financial Markets Association (SIFMA), UBS.