The financial services sector is governed by a myriad of federal, state and self-regulatory laws and regulations, often governing the same business conduct. In addition, an organization may find itself subject to regulation by more than one set of statutes and administering agency depending on the type of financial services provided or the type of entity through which the services are delivered.
Government agencies also have the authority to conduct investigations, issue subpoenas and initiate administrative proceedings against the businesses they regulate for perceived violations of the statutes they administer. In addition to the legal costs and diversion of management time which responses to these actions entail, agencies often are authorized to assess civil monetary fines and impose sanctions against the organization and certain individuals therein, including debarment and curtailment of permitted business activities.
When these matters arise, they need to be handled with great care as even a consent settlement with a government agency has the potential to significantly impair an organization’s ability to grow and operate in desired business sectors.
Firm attorneys regularly represent clients such as banks, trust companies, individuals, broker-dealers, investment advisers and other financial firms which have been the subject of regulatory subpoenas, inquiries and actions initiated by the Pennsylvania Department of Banking and Securities, other state banking and securities regulators, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the U.S. Securities & Exchange Commission, the Financial Industry Regulatory Authority, the Pennsylvania Department of Insurance and the Pennsylvania Department of Revenue.