Winston & Strawn’s attorneys routinely advise clients with respect to all major banking, broker-dealer, investment adviser, and securities laws and have been involved in the current developments affecting the financial services industry. This keeps us well-positioned to represent clients in this environment of unprecedented change and evolution.

Leading financial services firms worldwide seek out our attorneys for practical counsel that addresses their long-term business goals and daily operating challenges. Our work typically involves advising on and structuring new products and new business lines, obtaining agency approvals for expansion proposals including entry into the United States, and counseling on compliance issues that arise on a day-to-day basis.

Members of our team, prior to coming to Winston & Strawn, served as in–house counsel with leading financial services providers offering both banking and securities brokerage services. Additionally, these attorneys have actively participated in implementing the major U.S. legislation affecting diversified financial institutions over the last three decades.

BANK REGULATORY

Our bank regulatory group represents banking organizations, potential investors in banking organizations, customers of financial institutions, and financial services firms that are affected by banking regulations in connection with product development matters, corporate transactions, litigation matters, and enforcement action defense. The financial services industry has been subject to unprecedented market disruption, which will lead to significant changes in the structure of the industry and the way in which financial services are delivered and regulated.

As a result of our vast experience and extensive involvement in current developments, our banking group is uniquely positioned to provide counsel at the highest possible level on current requirements and unfolding developments.

INVESTMENT ADVISER COMPLIANCE

Winston & Strawn attorneys have significant experience in counseling federal and state-registered investment advisers who provide services to all types of clients: from investment funds to separately managed accounts, institutional, and high net worth clients to retail. We also regularly advise unregistered investment advisers and others on “status” and exemption questions under the Investment Advisers Act of 1940 (Advisers Act).

We have developed an investment adviser compliance team that is uniquely adept at positioning hedge fund managers for compliance with new SEC rules that will require, as a practical matter, most hedge fund managers to register as investment advisers. This compliance team is also available to assist registered broker-dealers in complying with the new SEC rules that will require most broker-dealers that are exercising discretion over client brokerage accounts to register as investment advisers.

BROKER-DEALER REGULATORY

Our broker-dealer practice represents U.S. and non-U.S. broker-dealers in a wide range of regulatory, transactional, organizational, and other matters involving the Securities Exchange Commission (SEC), Self-Regulatory Organizations (SRO) (e.g., FINRA, NFA), and state regulatory agencies. Our clients include major national and regional firms, full-service firms, online brokerage firms, alternative trading systems, clearing firms, inter-dealer brokers, introducing firms, discount firms, limited purpose brokers, and specialty boutiques. We take an interdisciplinary approach to counseling securities firms by combining the skills of attorneys who focus their practice in the federal securities laws, SRO rules, ERISA, the Internal Revenue Code, the Bankruptcy Code, federal and state banking and insurance laws, and state securities laws and rules.

FINTECH & PAYMENTS

We support clients throughout the entire FinTech life cycle, from proof of concept through maturity, and understand the regulatory issues associated with each phase of the life cycle. We counsel financial institutions and FinTechs on the development, implementation, and execution of risk management frameworks—including tailored consumer and financial crime compliance management systems (CMS)—that identify, manage, and control the risks associated with the development, offering, and delivery of cutting-edge FinTech products and services.

We understand the nuances between different types of FinTechs and, in particular, the varied regulatory requirements for payment firms. We regularly counsel payment firms on strategy and legal risk and requirements. We understand the pros and cons of bank-partnerships between FinTechs and financial institutions, the benefits and challenges of charters, and we assist with the licensing process and licensing issues for domestic payment firms, as well as international companies entering the U.S. marketplace.