Broker-Dealer Regulation: Understanding Compliance and the Current Enforcement Landscape

A former FINRA attorney with in-house experience at both a global financial services firm and a venture-backed FinTech broker-dealer and crypto trading platform, Mr. Meyers pairs a regulator’s perspective with practical business judgment. He advises on counseling, examinations, investigations, and enforcement for broker-dealers, investment advisers, and FinTech and digital asset firms under U.S. federal and state securities laws, FINRA rules, and money transmission and payments regulations, with an emphasis on clear, actionable solutions. Mr. Meyers’ broker-dealer practice spans status, formation, and day-to-day regulation. He counsels on SEC, FINRA, and state registration and licensing; exemptions and cross-border activities; and new and continuing membership applications. His work includes supervisory systems and written supervisory procedures, conflicts management and Regulation Best Interest, advertising and communications with the public, and books and records. Mr. Meyers also advises investment advisers on SEC and state registration, fiduciary duty and compliance program design, Form ADV and disclosures, the Marketing Rule’s advertising, solicitation, and referral requirements, and custody and safeguarding issues. He works closely with compliance and business teams to align policies, controls, and disclosures with evolving regulator guidance and industry practice. Additionally, Mr. Meyers counsels a range of FinTech and digital asset businesses on perimeter and product issues. His work includes broker-dealer and investment adviser regulatory analysis, “security” status assessments for crypto assets and tokens, NFTs and intermediary arrangements, wallets and transfers, staking and DeFi considerations, AML/KYC frameworks, and state and federal money transmission and payments licensing. 

Ms. Rohrer specializes in securities broker-dealer regulatory matters, including broker-dealer status analysis, registration, compliance, and enforcement defense. She represents a broad range of clients in connection with traditional broker-dealer activities and activities involving new technologies such as digital assets, cryptocurrencies, utility tokens, NFTs, distributed ledger technology, digital wallet providers, DeFi applications and protocols and Web3-related businesses. Ms. Rohrer’s broker-dealer practice includes the assessment of whether proposed activities require broker-dealer registration or qualify for an exemption. For decades, she has successfully shepherded firms through the FINRA new membership application process and the FINRA continuing membership application process to obtain approval for changes of ownership and control.

Mr. Ross has more than 20 years of experience advising clients across the US, Asia, and Africa. He regularly represents private equity and venture capital fund sponsors on all aspects of the fund lifecycle, from initial structuring to final distribution, with clients ranging from top-tier alternative asset managers to solo general partners of micro-funds and special purpose vehicles (SPVs). In addition to his fund practice, he counsels emerging growth companies on public and private capital formation and secondary transactions. Mr. Ross's private offerings experience spans Regulation D, Regulation A, and Regulation Crowdfunding offerings, as well as resales under Rule 144, Section 4(a)(1½), and Section 4(a)(7). Recognized for his extensive knowledge of exempt transactions, he has testified in court as an expert on securities law matters. Mr. Ross is the host of the American Bar Association podcast VC Law, and recently authored a book on venture capital law.