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Broker-Dealer Regulation (Second Edition)

 
Author(s): Clifford E. Kirsch
Practice Area: Corporate & Securities
Published: Nov 2011
Supplement Date: Sep 2017
ISBN: 9781402416897
PLI Item #: 32789

Updated to ensure coverage of the latest laws and regulations governing broker-dealers, the second edition of Broker-Dealer Regulation provides comprehensive and practical overview of the many requirements of this highly regulated area. This two-volume work instructs on how brokerage firms can satisfy SEC/SRO standards, with detailed coverage of:

  • Registration reporting and record-keeping rules
  • Suitability and best execution standards
  • Ways of minimizing liability in the event of legal lapses, by documenting good-faith compliance efforts
  • The implementation of a tailor-made compliance program that can help detect and prevent illegal conduct within the firm.

Broker-Dealer Regulation is filled with practical suggestions on how to best comply with requirements in such areas as electronic trading, safeguarding customer information, trading desk activities and business continuity planning. Coverage includes FINRA Rule 2111, which governs what are and what are not suitable customer transactions • the SEC’s renewed emphasis on pursuing insider trading claims under 10b5-2 • the SEC’s Rule 15c3-5 on allocation between clearing firm and introducing broker in connection with risk management controls for clearing firms providing market access • and outsourcing issues for financial services firms.

Updated at least once a year, Broker-Dealer Regulation is an invaluable resource for broker-dealers, securities attorneys, compliance officers, and regulators.
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Cliff Kirsch began his career at the U.S. Securities and Exchange Commission (SEC), became chief legal officer for one of the country’s largest dually- registered broker-dealer/advisers and then joined Sutherland (now Eversheds Sutherland) in 2006. He relies on his regulatory and in- house background and an up-to-date knowledge of regulatory developments to provide practical and innovative counsel to broker-dealers and investment advisers in the areas of securities regulation and compliance.

With more than 25 years of experience, Cliff regularly counsels clients on the design and distribution of investment products including wrap-fee programs and other advisory products, mutual funds, bank collective investment funds and insurance products. He also focuses on issues related to the design and implementation of compliance programs at financial services firms.

While at the SEC, Cliff received the Manuel F. Cohen Award, which recognizes younger lawyers who have displayed outstanding legal ability, integrity and judgment and he served as assistant director of the SEC's Division of Investment Management.

Cliff is a frequent speaker at industry conferences, and is the author and editor of two of the leading treatises in the broker-dealer and adviser arena: Broker-Dealer Regulation and Investment Adviser Regulation (published by the Practising Law Institute).

Cliff is also co-founder of the Julia Anne Kirsch Foundation, which seeks to serve the needs of disabled individuals and their families.

Experience

Eversheds Sutherland counsels a coalition of major life insurance companies on evolving state and federal regulations and other legal developments.

Eversheds Sutherland represents a coalition of major life insurance companies, which collectively account for more than 80% of the annuity business in the United States, in their efforts to affect the direction and details of various SEC, FINRA, CFTC, NAIC and state rule proposals and initiatives.

Eversheds Sutherland serves as outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country. Eversheds Sutherland serves as regular primary outside counsel on broker-dealer and adviser regulatory issues for one of the largest independent broker-dealer networks in the country.

Eversheds Sutherland represents coalition of collective trust fund sponsors, advisers and other service providers.

Eversheds Sutherland serves as counsel to the Coalition of Collective Trust Funds. Among other things, Sutherland monitors and reports on legal and regulatory matters affecting collective trust funds.

Professional Activities

Member, New York City Bar Association

Faculty, FINRA Compliance Institute at The Wharton School of the University of Pennsylvania

Former Chair, FINRA Variable Products Committee

Former Board Member, National Society of Compliance Professionals