Securities Enforcement

When the hammer strikes and an institution or individual is the subject of an enforcement proceeding, you need experienced counsel to direct and manage that process.

The Hughes Hubbard & Reed Securities Enforcement practice is led by Terence Healy, a former senior assistant chief litigation counsel in the SEC Division of Enforcement. He has successfully represented clients in all stages of enforcement proceedings, from administrative investigations through the Wells process and, when necessary, litigation and trial. Terence is well-known among senior SEC staff and other regulators, having gained the respect of key decision makers at the highest levels of federal agencies and bringing credibility in negotiations to resolve a matter.

Our team also includes:

• Numerous former federal prosecutors, including the chief of the Major Crimes Unit in the US Attorney’s Office for the Southern District of New York

• A Department of Justice (DOJ) prosecutor whose work in the LIBOR investigation led to the convictions of more than 100 individual and corporate defendants

• The first external anti-corruption compliance monitor jointly appointed by the DOJ, SEC and UK Serious Fraud Office

• Lawyers who have worked on some of the largest financial crisis-related cases over the past several years, including Lehman Brothers, MF Global and Bernard L. Madoff Investment Securities

• Lawyers who have represented public accounting firms in regulatory investigations, litigation and before the Public Company Accounting Oversight Board (PCAOB), including a current member of the PCAOB Standing Advisory Group

With our depth of experience and contacts at the highest levels of government agencies, we are often able to resolve regulatory inquiries quickly, limiting cost and institutional harm to companies and saving the careers of individuals.

Our established extraterritorial practices in Europe, Asia and Latin America enable us to provide a comprehensive and coordinated approach to enforcement matters that touch multiple jurisdictions.

Investment Management

We have a detailed understanding of the regulatory framework affecting broker-dealers and investment advisers. We guide clients through the SEC examination process and provide assistance on issues related to trading and sales practices, Regulation ATS (Alternative Trading System), net capital, customer protection and Regulation SHO. We have provided expert testimony in these areas and are routinely engaged to assist clients with the implementation or revision of compliance policies. We understand the business of both broker-dealers and investment advisers, and we help our clients navigate challenging regulatory issues.

Board and Special Committee Work

We regularly conduct internal investigations on behalf of public companies, special committees, hedge funds, multilateral development banks and financial services companies. Our deep understanding of the federal securities laws and the regulatory framework affecting registered parties allows us to focus quickly on the heart of the matter at issue. We have conducted non-public investigations and counseled clients on issues such as insider trading, financial statement fraud, violation of director or trustee fiduciary duties and other regulatory requirements. We understand the demands upon public company directors and management teams and seek to find resolutions that protect appropriate business interests. We also counsel clients on disclosure obligations.

Private Equity and Asset Management

With our deep knowledge of the securities laws and the issues affecting the industry, we are able to guide hedge funds, private equity funds and asset managers in complying with regulatory requirements and protecting against regulatory investigations. We also help clients in structuring and registering new funds, or in obtaining exemptions from registration. We provide regulatory counsel to asset managers in all parts of the industry, review compliance programs and training and ensure the adequacy of internal systems and controls.