Russell David Sacks

Formation and expansion of broker-dealers

• Formation, registration and expansion of broker-dealers, ATS and clearing agencies, including entities focused on retail brokerage, private banking and wealth management, investment banking advisory, private placements and secondary placement of private securities, research distribution, and secondary trading

Representation of clients seeking regulatory relief

• SIFMA, in connection with: adoption of the Financial Industry Regulatory Authority’s (“FINRA”) front-running Rule 5270; with respect to FINRA’s Corporate Financing and IPO Allocation rules; and in connection with SEC regulation of Transfer Agents.

Broker-dealers involved in investigations and enforcement

• Representation of broker-dealers involved in SEC and FINRA investigations and enforcement actions, including with respect to: books and records retention; structured notes; ADR trading; trading in securities issued in accordance with Rule 144A; advertising (including fund advertising materials); dealing in products of affiliated issuers, FINRA IPO allocation rules, the SEC net capital rule, and trade reporting rules (including both TRACE and OATS reporting).

Advice to financial institutions involved in capital markets, or merger and acquisition transactions

• Merrill Lynch in its acquisition by Bank of America
• UBS in the acquisition of the private client and brokerage business of McDonald Investments
• The consortium of European banks led by Royal Bank of Scotland, in its unsolicited tender for ABN AMRO
• General Electric Co. (GE) on the sale of GE Asset Management Inc. (GEAM) to State Street Corp for $485 million
• Itaú in its merger with Unibanco
• Credit Suisse Securities in the sale of its U.S. and Latin American Private Wealth businesses to Wells Fargo Advisors, LLC and Morgan Stanley Smith Barney LLC, respectively
• Blackstone in connection with the spin-off of its financial and strategic advisory services, restructuring and reorganization advisory services to form PJT Partners, an independent financial advisory firm founded by Paul J. Taubman
• Evercore Partners, In its acquisition of ISI

Russell Sacks is one of the world's most experienced financial services regulatory attorneys.  

He provides advice to market participants on a worldwide basis with respect to regulatory, transactional, trading and markets issues, with particular emphasis on U.S. regulation of securities broker-dealers, asset managers, clearing agencies, and electronic trading systems.

Russell represents broker-dealers and asset managers on all aspects of those business’ life cycles, with particular emphasis on regulation of private banks and wealth managers; investment banks; equity and fixed-income trading operations; research businesses; regulation of syndicates; and electronic trading systems.  Russell advises globally leading asset managers on all aspects of their markets and distribution issues. Russell is reached-for by globally important financial institutions, including state-owned financial institutions, on their cross-border activities.  Russell also regularly represents industry groups with respect SEC and FINRA regulation.