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Broker-Dealer Compliance + Regulation

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We counsel broker-dealers, banks, investment firms, derivatives dealers, fund managers, and other financial services intermedi
aries on a full range of issues related to compliance, regulation, and enforcement by the U.S. Securities and Exchange Commission (SEC)

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FactRight’s 2024 Annual Due Diligence Conference

Events

Federal Judge Vacates SEC’s Dealer Rule Amendments and Gensler Announces Imminent Departure

SEC Division of Examinations 2025 Exam Priorities – a Focus on Artificial Intelligence, Private Funds, and Cybersecurity

U.S. SEC Adopts Amendments to Reg S-P

FINRA Proposes to Modify its Communications with the Public Rule to Allow More Parties to Receive Projections and Targeted Returns

CFTC Director of Enforcement Ian McGinley Announces Updates to Corporate and Individual Enforcement Policies

Risk Alert: Broker-Dealers Must Comply with Their AML and Sanctions Obligations

Insights

SEC’s Power to Regulate Hedge Funds Dealt Blow by Appeals Court

SEC Expands Dealer Rule To Proprietary Traders, Private Funds

SEC-Approved Spot Bitcoin ETFS Come With Unique Compliance Risks

Despite SEC's Novel Alignment on Bitcoin ETF, It’s Business as Usual in Regulatory Politics

Nine MoFo Lawyers Make Euromoney Women in Business Law 2021 Awards Shortlist

Reg BI: Keep the (Good) Faith

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<p>Val Dahiya is a partner in the firm’s Capital Markets and Broker-Dealer Compliance + Regulation practice groups.</p><p>Val advises financial services clients on complex compliance, regulatory, and transactional matters arising under U.S. Securities and Exchange Commission (SEC) and Financial Institution Regulatory (FINRA) jurisdiction. She has nearly two decades of experience in advising on securities market infrastructure, including over 10 years of work history at the SEC and three years at FINRA.</p><h4 dir="ltr">Professional Experience: SEC and FINRA </h4><p>Prior to joining Morrison Foerster, Val chaired the securities trading and markets practice and served as office managing partner at another international law firm. Before that, she served as the Washington, D.C. Branch Chief in the Office of Trading Practices in the Division of Trading and Markets at the SEC, where she provided analysis and recommendations on complex legal and policy issues related to the securities industry, including the application of Exchange Act rules and regulations to emerging areas such as cryptocurrencies and digital assets. Val’s counsel was essential in shaping SEC policies and ensuring their consistent application across the evolving financial landscape. </p><p>Prior to this, Val’s responsibilities as Special Counsel in the Division of Trading and Markets included providing essential guidance on securities regulation compliance, including the Commission’s financial integrity and regulatory programs for broker-dealers and securities exchanges. Val also worked closely with the Divisions Office of Market Supervision reviewing self-regulatory organization (SRO) rule filings.   </p><p>In her capacity as Attorney/Senior Counsel in the Division of Examinations, Broker-Dealer Group, Val led comprehensive examinations and inspections of broker-dealers and dually registered entities, ensuring compliance with federal securities laws and SRO rules. Her responsibilities also extended to preparing enforcement referral memoranda and assisting the Enforcement Division in complex trading cases. </p><p>While at the SEC, Val also worked extensively on issues related to trading practices, including market making, ETFs, direct market or sponsored access, when-issued securities, and trading in the grey markets.</p><p>Prior to her tenure at the SEC, Val worked at FINRA (formerly NASD), where she conducted reviews and investigations of broker-dealer activities, identified violations of relevant regulations, and made disciplinary recommendations. Her work at FINRA involved analyzing trading activity for irregularities and patterns indicating violative conduct.</p><p>Collectively, this experience informs Val’s counsel on the highly complex regulatory issues associated with broker-dealer, transfer agent, clearing agency, exchange and Alternative Trading System (ATS) operations, registration requirements, and compliance.</p><h4 dir="ltr">Capabilities</h4><p>Val also advises clients in the distributed ledger technology space that are seeking to understand the potential securities regulatory implications. Her practice ranges from product counseling all the way through to counseling on complex compliance and regulatory issues.</p><p>Other areas Val is particularly well qualified to advise on include:</p><ul dir="ltr"><li dir="ltr">broker-dealer compliance issues relating to Regulations ATS, NMS, M, SCI, and SHO, as well Rules 15c2-11, 15c3-5, and 15c3-3;</li><li dir="ltr">Regulation BI and standard of care issues;</li><li dir="ltr">books-and-records requirements;</li><li dir="ltr">large trader and position reporting;</li><li dir="ltr">forex trading;</li><li dir="ltr">market access and other electronic trading issues;</li><li dir="ltr">information barriers and insider trading;</li><li dir="ltr">soft dollars and commission sharing arrangements;</li><li dir="ltr">the net capital and customer protection rules; and</li><li dir="ltr">cybersecurity and data protection issues.</li></ul><h4 dir="ltr">Leadership</h4><p>Val is a member of the Nasdaq Exchange Review Council for each of Nasdaq’s six exchanges. Prior to joining Morrison Foerster, Val served as office managing partner at another international law firm.  </p>

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