Tim has extensive knowledge of the US capital markets and the rules governing market participants, with a focus on customer order handling rules, anti-manipulation rules, fair pricing and mark-up/mark-down rules, best execution requirements, SEC and self-regulatory organizations (SRO) rules affecting proprietary trading operations, market structure issues (Regulation NMS), and SEC Rule 15c3-5 (Market Access Rule).
Tim’s experience includes:
- Representing broker-dealers in connection with investigations of mark-ups/mark-downs in fixed income securities transactions,
- Representing broker-dealers in connection with SEC and FINRA reviews of order routing practices, including payment for order flow arrangements,
- Advising clients on issues regarding Regulation SHO, trade reporting (TRF and ORF) requirements, and implementation of the Consolidated Audit Trail (CAT),
- Counseling clients in connection with SEC and FINRA examinations, including Trading & Financial Compliance Examinations (TFCE),
- Advising multiple clients on rules applicable to fractional share programs,
- Representing multiple broker-dealers in FINRA and/or SEC investigations of electronic blue sheets (EBS),
- Representing individuals and broker-dealers in FINRA, NYSE, and SEC investigations, including investigations relating to potentially manipulative trading practices, and
- Conducting internal reviews of at least three different national securities exchanges.
In addition, Tim assists clients in large-scale enforcement actions. Recent matters include:
- An investigation of a lead underwriter in a high-profile IPO,
- An SEC investigation of a government-sponsored enterprise related to subprime mortgages,
- SEC and PCAOB investigations of a foreign accounting firm related to audit work papers, and
- An SEC enforcement referral based on the annual examination of a Nationally Recognized Statistical Rating Organization (NRSRO).
Tim spent nine years in FINRA’s Department of Market Regulation where he routinely negotiated Letters of Acceptance, Waiver and Consent (AWCs) and represented the department in disciplinary hearings and appellate proceedings. Tim also counseled and advised FINRA staff on all facets of the FINRA regulatory scheme, including regulatory sweeps, investigations and examinations.
