Financial Regulatory Reform: Anticipating the Compliance Challenges for Broker-Dealers

July 15, 2009

On July 10, 2009, the Obama Administration delivered to Congress draft legislation to implement its regulatory reform agenda with respect to financial markets regulation.  The draft "Investor Protection Act of 2009" largely tracks the Administration’s June 17, 2009 framework for Financial Regulatory Reform.

Although we are only now seeing the Administration’s rough framework for regulatory reform, we can, and should, begin to anticipate the implications of the proposed changes to financial markets regulation with respect to compliance challenges, customer exposure, risk management, and operational burdens.

In her article, Financial regulatory reform: anticipating the compliance challenges for broker-dealers, for Complinet (July 15, 2009), Susan Grafton of Gibson Dunn discusses the potential compliance challenges that broker-dealers should be mindful of as they review the Administration’s financial services  regulatory reform proposals.

Reprinted with permission from Complinet, Inc., © 2009,

Gibson, Dunn & Crutcher LLP 

K. Susan Grafton is of counsel in Gibson, Dunn & Crutcher’s Washington, D.C. Office  and a member of the firm’s Securities Enforcement and Securities Regulation and Corporate Governance  practice groups.   Her practice focuses on Broker-Dealer and Investment Adviser Counseling.  To learn more about the issues discussed in this article, please contact the Gibson Dunn attorney with whom you work or Susan Grafton (202-887-3554, [email protected]).

Gibson Dunn attorneys advise clients on the full spectrum of regulatory, business, and compliance issues confronting the securities industry. Our clients include global investment banks; executing, clearing, and prime brokers; alternative trading systems and exchanges; institutional and retail brokers, proprietary trading firms, market makers, and exchange specialists, and M&A advisory firms. We also represent registered and unregistered investment advisers on a variety of regulatory and compliance issues.

Please also feel free to contact:

Washington, D.C.
Barry R. Goldsmith (202-955-8580, [email protected])
Amy L. Goodman (202-955-8653, [email protected])
Brian J. Lane (202-887-3646, [email protected]
John F. Olson (202-955-8522, [email protected]
John H. Sturc (202-955-8243, [email protected])

New York
George A. Schieren (212-351-4050, [email protected])
Mark K. Schonfeld (212-351-2433, [email protected])
Lawrence J. Zweifach (212-351-2625, [email protected])

Dhiya El-Saden (213-229-7196, [email protected])
Gareth T. Evans (213-229-7734, [email protected])
Gerard J. Kenny (949-451-3856, [email protected]
James J. Moloney (949-451-4343, [email protected])

© 2009 Gibson, Dunn & Crutcher LLP

Attorney Advertising: The enclosed materials have been prepared for general informational purposes only and are not intended as legal advice.