Broker Dealer / Investment AdvisersOverviewFor broker dealers and their affiliates, fast-moving markets and stringent regulations are a fact of life. Robust, comprehensive compliance strategies are essential to regulatory compliance, risk mitigation, and revenue generation. Our services focus not only on helping you analyze, design, implement, and defend compliance programs, but also on the full scope of your mission—serving as an extension of your business.
As a full-service strategic partner, Michael Best’s Broker Dealer / Investment Advisers team is uniquely positioned, representing our clients on all aspects of their business. We work in interdisciplinary teams with lawyers across the firm, drawing on the strengths of our Transactional, Litigation, Privacy & Cybersecurity, Labor & Employment Relations, Regulatory, Securities & Capital Markets, and Venture Best groups. Together, we deliver the
actionable advice and assistance you need to meet today’s challenges, from the everyday to the exceptional.
Our clients include clearings firms, independent broker dealers (as well as those affiliated with financial institutions), investment advisers, hedge funds, family offices, venture capital funds, private equity funds, angel network funds, accelerators, and evergreen funds, among others.
Broker Dealers
We advise our broker-dealer clients on formation and transfer, registration, licensing, and membership applications; compliance with applicable federal, state, and self-regulatory organization laws and regulations; and capital-raising transactions. Our proactive guidance on compliance and risk mitigation strategies covers issues such as securities registration requirements; due diligence procedures; and anti-manipulation, anti-fraud, and anti–money laundering (AML) measures.
We also represent clients in internal and government investigations, examinations, litigation, and enforcement actions before the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Commodity Futures Trading Commission (CFTC), and state regulators.
Advisers
Michael Best represents a wide range of advisory firms and dually registered investment adviser/broker-dealers, providing counsel on their operations and on various investment advisory products and services. We advise on compliance with federal and state regulations, as well as banking rules and regulations that apply to advisers affiliated or doing business with banks. Our work includes assisting clients with:
- Licensing and registration;
- Preparing disclosure documents;
- Reviewing marketing materials;
- Conducting compliance audits and internal investigations;
- Developing compliance and remediation programs; and
- Responding to inquiries, examinations, and enforcement actions by regulatory agencies.
Regulatory Compliance for Funds
Our Broker-Dealer & Investment Advisers group provides strategic counsel to clients on a variety of regulatory and compliance needs, such as ongoing compliance for registered investment advisers and exempt reporting advisers, exemptions from registration under the Investment Company Act of 1940, registration of investment advisers and broker-dealers, and SEC and FINRA examinations.
We regularly counsel established and emerging funds and their sponsors on sponsor and investment vehicle formation or continuation, portfolio company acquisition and management, ongoing compliance with regulatory requirements, and sponsor-level exit or investment transactions. We have experience in a broad range of structures, from traditional venture capital and private equity funds to special-purpose vehicles negotiation and implementation, pledge funds, and implementation of bespoke investment strategies.
Additionally, our entrepreneurial affiliate Venture Best works as part of our team to deliver a cutting-edge service model. With deep ties to the entrepreneur and investor communities, we have consistent insight into market values, current trends, and exhilarating opportunities. We partner with our clients to help make meaningful matches between funding sources and high-growth companies.
Click here to learn more about Venture Best.
Trading, Finance, and Investment Products Agreements
Working alongside our Derivatives practice group, we help both dealers and investors manage legal, business, and regulatory risks on a wide array of financial and investment product agreements:
- Prime Brokerage Agreements
- Margin Financing Lockups
- ISDA Master Agreements
- Equity Swaps and Master Confirmations
- Structured Derivatives Transactions
- Futures and Options Agreements
- Master Repurchase Agreements
- Securities Lending Agreements
Related People Preview Attorney's BiographyDaniel advises clients on a variety of domestic and international tax matters. He represents public and private companies in many industries including technology, manufacturing, life sciences, energy, insurance, and more.  Preview Attorney's BiographyIqan advises clients on securities and financial services regulation. Clients appreciate Iqan’s commitment to keeping them compliant with the laws governing capital raising, brokerage and investment services, blockchain technology, crowdfunding, and anti-money laundering.  Preview Attorney's BiographyClients turn to Nic for his experienced counsel on a variety of corporate issues, with a focus on mergers and acquisitions, venture capital financings, securities, and other transactional matters involving start-up, emerging businesses, and investment funds.  Preview Attorney's BiographyJim provides clients with a wealth of experience and insight regarding securities regulation and corporate and transactional law, informed by more than 50 years of practice. He primarily focuses on broker-dealer and investment adviser compliance, public company periodic reporting, new equity financings, and acquisitions and reorganizations involving publicly traded companies. He organizes new business entities, structures complex transactions, coordinates international business ventures, and advises on corporate governance.  Preview Attorney's BiographyVicki is a paralegal in the firm’s Corporate & Transactional practice group. Attorneys rely on her eye for detailed editing, particularly her ability to review and revise large documents for quality, accuracy, and internal consistency. She has extensive experience in the preparation, final review, and filing of U.S. Securities and Exchange Commission (SEC) periodic reports, proxy/information statements, registration statements, correspondence, and other documents submitted to the SEC, particularly filings in the EDGAR system. She also has managed reporting through the public portal and firm gateway of FINRA. Vicki M. Stevens* *Names that appear with an asterisk indicate a Michael Best professional not admitted to practice law.  Preview Attorney's BiographyPatrick’s practice focuses on advising hedge funds and investment firms in trading and financing arrangements. With specific knowledge and experience in prime brokerage, margin financing, and derivatives trading documentation, he has helped clients ranging from startup funds to multi-billion-dollar advisors manage trading and portfolio finance risks and develop operational best practices. Patrick negotiates platform agreements such as prime brokerage agreements and financing lockups, ISDA Master Agreements and master confirmations, and repurchase and securities lending agreements, as well as trade-level agreements for specific investments.  Preview Attorney's BiographyClients from a variety of industries turn to Kevin for guidance and counsel on a broad range of matters pertaining to securities. He has extensive experience in public and private securities offerings, broker-dealer compliance (particularly regarding resales of restricted securities), and regulatory enforcement defense with the U.S. Securities Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and state securities regulators.  Preview Attorney's BiographyBetsy focuses her practice on financial services, securities law, and regulatory compliance. In her past role as general counsel for a brokerage and clearing firm, she developed an informed perspective on advising clients who conduct their business in a regulatory environment.
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