Jack has more than 20 years of experience dealing with SEC regulatory issues, first from within the agency, then as a negotiator on behalf of clients. Using knowledge gained from a decade in the SEC’s Division of Trading and Markets, he has an exceptional ability to help clients navigate the regulatory waters, enabling them to achieve their business goals in compliance with increasingly complicated federal securities laws and SRO rules.
Jack focuses on rules and requirements relating to traditional securities and derivative products, as well as broker-dealer issues. He routinely obtains no-action and other written relief, written approval to move forward with projects, informal relief, and resolution of difficult legal and regulatory issues before they become his client’s regulatory problems.
With well over a decade in private practice, he applies his knowledge of how regulators think to his understanding of what his client wants. More times than not, when he finishes negotiating, both regulators and client feel their interests are protected, and the client is confident the deal can move forward.
In addition to representing clients before the SEC, he regularly advises on broker-dealer status issues, as well as on clearing arrangements and related matters such as prime brokerage arrangements, credit and financing arrangements, and confirmation and account statement issues. He counsels broker-dealers on commission recapture and soft dollar arrangements as well as on the distribution of foreign research in the United States and the execution of securities transactions by foreign broker-dealers for U.S. persons.
Jack also advises banks on securities activities permitted by the Gramm-Leach-Bliley Act of 1999, as well as related credit and financing activities. He advises exchange-traded fund (ETF) sponsors on the listing and trading of ETFs and similar products in U.S. markets, and NRSROs on regulatory issues.
Jack left the SEC as Assistant Director in the Office of Market Supervision, Division of Market Regulation, where he oversaw the National Association of Securities Dealers (now the Financial Industry Regulatory Authority) and national securities exchanges. Earlier in his career at the agency, he was Branch Chief in the Office of Self-Regulatory Oversight, primarily responsible for the regulation of international clearance and settlement, registered clearing agencies, and commercial law relating to securities processing. Later, he served as Special Counsel in the Office of Chief Counsel, where he oversaw broker-dealers and developed policy governing broker-dealers and regulation of securities markets.