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United States: Preparing for regulatory examinations evaluating the digitization of trading and investment advice

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In brief

The growth of digital engagement practices (DEP) has raised regulatory issues for broker-dealers and investment advisers. In this preview of an article from an upcoming issue of The Review of Securities & Commodities Regulation, Amy Greer and Gavin Meyers discuss a variety of such issues, including account opening due diligence and best execution. They suggest that, as a starting place, to prepare for regulatory examinations firms should review current practices and address those concerns raised by the SEC and FINRA in their recent statements, guidance, and regulatory responses.

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Author

Amy serves as the Co-chair of Baker McKenzie's North American Financial Regulation and Enforcement Practice, which provides our clients with a full range of regulatory advice and enforcement counseling. Amy also serves on the steering committees of the Firm's Global Financial Services Regulatory and Global Financial Institutions Groups. Previously, Amy has served as chief litigation counsel at the US Securities and Exchange Commission's (SEC) Philadelphia regional office and managed a team of lawyers overseeing a wide variety of enforcement matters.

Author

Gavin Meyers is a senior associate in Baker McKenzie's Financial Regulation and Enforcement Practice Group in North America. Gavin is an experienced regulatory lawyer advising broker-dealers, investment advisers, FinTech and cryptocurrency firms on regulatory, enforcement and compliance matters involving federal and state securities laws, FINRA rules and money transmission regulations. Prior to joining the Firm, Gavin was Senior Legal Counsel at a start-up FinTech broker-dealer and crypto-trading platform where he managed the firm's US money transmitter licensing (MTL) applications and advised the firm’s various entities on broker-dealer and crypto-related regulatory obligations and strategic business decisions. Gavin also previously was Assistant General Counsel at a global financial services firm where he provided practical guidance to business, supervision, and compliance groups regarding securities regulations and FINRA rules, including implementation of the Securities and Exchange Commission (SEC)'s Regulation Best Interest. Gavin also served as Senior Counsel in the Office of General Counsel at the Financial Industry Regulatory Authority (FINRA) where he was responsible for providing guidance on complex regulatory initiatives and FINRA rules and developing and drafting regulatory guidance and rule filings for submission to SEC. He also served in FINRA's Office of Fraud Detection and Market Intelligence (OFDMI) where he conducted regulatory investigations involving insider trading.

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