+ Prohibitions on insider trading
+ Information barriers
+ Code of ethics and personal trading
+ Trading rules in the U.S.
+ Advertising rules
U.S. Financial Regulation Group
Linklaters’ U.S. Financial Regulation Group advises on the full spectrum of regulatory and compliance matters in the U.S. impacting global financial institutions, private equity, hedge and real estate fund managers, broker-dealers and banks.
In the U.S., Linklaters’ experienced attorneys provide strong and practical advice on all aspects of the Investment Advisers Act, Investment Company Act, Securities Act and Exchange Act, CFTC regulations, FINRA rules and regulations, ERISA, AML and ABAC compliance, banking regulation, ERISA and CFIUS.
We advise global financial institutions and U.S. investment managers on registration/exemption issues in the U.S. We represent clients in developing, implementing and executing practical compliance programs, including all policies and procedures, and we regularly provide compliance training for our clients and their employees.
The Linklaters’ U.S. Financial Regulation team has extensive experience serving as General Counsel & Chief Compliance Officers of investment managers, counsel to global financial institutions and as senior staff with the U.S. government, including the SEC and DOJ. We have represented numerous clients in SEC examinations and enforcement proceedings.
Our team is committed to helping clients achieve their business objectives while also protecting our clients and helping clients navigate the ever-changing regulatory waters in the U.S.
The U.S. Financial Regulation team works closely with Linklaters' global Financial Regulatory Group (FRG) to serve our clients globally.
U.S. Financial Regulation Group: Update on Recent Developments
Explore our U.S. Financial Regulation Group's latest update covering the most critical regulatory developments impacting global financial institutions, private equity, hedge and real estate fund managers, broker-dealers, banks, and more.
Key Contacts
Other Regulatory Team Members
Read our regulatory insights
Final Rule — Private Fund Advisers and Documentation of Annual Compliance Review
On August 23, 2023, the U.S. Securities and Exchange Commission adopted the Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews final rule.
U.S. Regulatory Update October 2023
Explore our October 2023 update on the regulatory and compliance issues impacting our clients using the link below.
U.S. Regulatory Update March 2023
Read the PDF of our March 2023 update on the regulatory and compliance issues impacting our clients using the link below.
U.S. Regulatory Update September 2022
Read the PDF of our September 2022 update on the regulatory and compliance issues impacting our clients using the link below.
U.S. Regulatory Update: March 2022
Read the PDF of our March 2022 update on the regulatory and compliance issues impacting our clients using the link below.
U.S. Regulatory Update: December 2021
Read the PDF of our December 2021 update on the regulatory and compliance issues impacting our clients using the link below.
SEC issues additional LIBOR guidance for market participants
While recent headlines on corporate disclosure have focused on environmental, social and governance issues, new guidance issued by the U.S. Securities and Exchange Commission (“SEC”) is an important reminder to public companies that the SEC staff is still paying close attention to disclosure regarding the transition from the London Interbank Offered Rate (“LIBOR”).
US - The SEC makes its mark on cyber
The SEC is done playing around. This summer it has demonstrated its resolve bringing actions against public companies for alleged poor disclosures, and against SEC registrants for alleged poor cybersecurity controls.
U.S. Regulatory Update: August 2021
Read our August 2021 update on the regulatory and compliance issues impacting our clients.
SEC Marketing Rule
On December 22, 2020, the U.S. Securities and Exchange Commission adopted a single, unified rule that replaces (i) rule 206(4)-1 (the “Advertising Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”), which governs investment adviser advertising, and (ii) existing rule 206(4)-3 (the “Cash Solicitation Rule”) under the Advisers Act, which governs advisory client solicitation arrangements.
SEC requires Chinese companies seeking U.S. listing to make additional disclosures
Following actions by the Chinese government to put restrictions on China-based companies raising capital offshore, the U.S. Securities and Exchange Commission is requiring China-based companies and associated offshore shell companies seeking a U.S. listing to make certain disclosures.
Shareholder Rights Directive II
The updated EU Shareholder Rights Directive applies in the UK from 10 June 2019. Companies, asset managers and institutional investors need to be prepared to comply with the changes it introduces.
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Annual Compliance Review
Annual Compliance Review
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U.S. Regulatory Update October 2023
U.S. Regulatory Update October 2023
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U.S. Regulatory Update March 2023
U.S. Regulatory Update March 2023
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U.S. Regulatory Update September 2022
U.S. Regulatory Update September 2022
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U.S. Regulatory Update: March 2022
U.S. Regulatory Update: March 2022
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U.S. Regulatory Update: December 2021
U.S. Regulatory Update: December 2021
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SEC issues additional LIBOR guidance for market participants
SEC issues additional LIBOR guidance for market participants
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US - The SEC makes its mark on cyber
US - The SEC makes its mark on cyber
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U.S. Regulatory Update: August 2021
U.S. Regulatory Update: August 2021
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SEC Marketing Rule
SEC Marketing Rule
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SEC requires Chinese companies seeking U.S. listing to make additional disclosures
SEC requires Chinese companies seeking U.S. listing to make additional disclosures
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Shareholder Rights
Shareholder Rights