William Mack

William B. Mack is a co-chair of the Financial Regulatory and Compliance Practice. He is experienced in advising companies on regulatory and compliance matters relating to the Securities and Exchange Commission regulations, the Exchange Act, Anti-Money Laundering laws and Financial Industry Regulatory Authority (FINRA) rules.

William’s practice involves all aspects of broker-dealer regulation, including Self-Regulatory Organization (SRO) membership, supervision, employment, research, soft dollar arrangements, chaperoning of foreign broker-dealers, social media, use of foreign finders, anti-money laundering rules, alternative trading systems (ATS), exchanges, and market making issues. He also provides regulatory guidance to investment banking clients in connection with securities offerings and related trading issues.

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Florida Amends Securities and Investor Protection Act: Key Changes to Private Placement, Institutional Investor Exemptions

By Drew M. Altman, Richard M. Cutshall, Raffael Fiumara, Michele A. Kulerman & William Mack on November 5, 2024

Posted in Capital Markets, Featured, Florida, Investment Regulation, Securities, State and Local

Regulations amending Chapter 517 of the Florida Securities and Investor Protection Act (FSIPA) took effect Oct. 1, 2024 (the Regulations). While the Regulations revise certain existing securities and transactional exemptions…

SEC Cracks Down on Marketing Rule Violations: Takeaways for Investment Advisers

By Tracy S. Combs, Richard M. Cutshall, Patrick Kassen, Nathan M. Iacovino, William Mack, Amelia Hope Adams & Ryan F. Helmrich on August 14, 2024

Posted in Featured, Financial Regulation, Investment Regulation, Regulatory Compliance, SEC

On Aug. 9, 2024, the Securities and Exchange Commission initiated administrative and cease-and-desist proceedings against a U.S. registered investment adviser (the Adviser). This action resulted from the Adviser’s failure to…

Reg BI Enforcement Intensifies: SEC Fines Western International Securities for Violating Care and Compliance Obligations

By Tracy S. Combs, Steven M. Malina, William Mack & Benjamin Cohen on August 8, 2024

Posted in Featured, Litigation, Regulatory, Regulatory Compliance, SEC, Securities

On July 30, 2024, the SEC announced it had reached a settlement agreement with Western, a dually registered investment adviser and broker-dealer providing investment advice and brokerage services to retail…

SEC Elects Not to Request a Rehearing on Private Funds Rule

By William Mack, Richard M. Cutshall & Benjamin Cohen on July 25, 2024

Posted in Featured, Financial Regulation, Regulatory Compliance, SEC

The SEC finalized the Private Funds Rule in August 2023, imposing compliance and regulatory requirements on private fund advisers, as summarized in this GT Alert. The Private Funds Rule…

SEC Expands Dealer Registration Requirements

By Richard M. Cutshall, Arthur Don, William Mack & Melissa Peach on February 28, 2024

Posted in Featured, Financial Regulation, FINRA, SEC, Securities and Exchange Commission

On Feb. 6, 2024, the U.S. Securities and Exchange Commission (SEC) adopted new Rules 3a5-44 and 3a44-2 (the final rules) under the Securities Exchange Act of 1934 (the Exchange…

Lawmakers Introduce Resolution to Nullify SEC’s Crypto Accounting Bulletin

By William Mack, Kyle Jaep, Robert Mangas & Barbara A. Jones on February 8, 2024

Posted in cryptocurrency, Featured, SEC, Securities and Exchange Commission

U.S. Sen. Cynthia Lummis (R-WY) and Reps. Wiley Nickel (D-NC) and Mike Flood (R-NE) are working to overturn a controversial Securities and Exchange Commission (SEC) staff accounting bulletin, SAB 121…

NYDFS Updates Guidance on Virtual Coin-Listing/Delisting Frameworks and the Greenlist

By William Mack, Marina Olman-Pal & Steven T. Cummings on October 4, 2023

Posted in Compliance, cryptocurrency, Digital Assests, Featured, Financial Regulation, Virtual Currency

On Sept. 18, 2023, the New York State Department of Financial Services (NYDFS) issued a press release announcing updates to its ongoing oversight of the digital asset space, including (1)…

Proposed Legislation Would Create a Tiered Exemption from Broker Registration

By William Mack, Robert Long & Daniel J. Wadley on August 9, 2023

Posted in Brokers, Compliance, Featured, Financial Regulation, Government, Investment Regulation, Regulatory Compliance, Securities

If enacted, the Unlocking Capital Act would establish two investment professional categories—private placement brokers and finders. The legislation would allow these professionals to engage in many activities that, due to…

FINRA Approves Prometheum Ember Capital LLC to Operate as Special Purpose Broker-Dealer for Digital Assets

By William Mack, Mark D. Shaffer & Aaron J. Hsieh on June 28, 2023

Posted in Digital Assets, Featured, Financial Regulation, FINRA, Regulatory, Securities, Securities and Exchange Commission

On May 17, 2023, Prometheum Ember Capital LLC (Prometheum Ember Capital), a subsidiary of Prometheum Inc., received approval from the Financial Industry Regulatory Authority (FINRA) to…

Are Syndicated Term Loans Securities Under Reves v. Ernst & Young? 2nd Circuit Solicits SEC Views

By Daria Boxer, Richard M. Cutshall, Barbara A. Jones, William Mack & Arleen A. Nand on May 18, 2023

Posted in 2d Circuit, banking, Banking Regulators, Bankruptcy, Banks, Client Alert, Compliance, Featured, Financial Regulation, Financial Services Litigation, GT Alert, Lending, Litigation, Regulatory Compliance, SEC, Securities

A holding subjecting Term Loan Bs to securities regulation would have a profound effect on the $1.4 trillion market for syndicated term loans and on financial institutions at a time of limited liquidity. …
Continue Reading Are Syndicated Term Loans Securities Under Reves v. Ernst & Young? 2nd Circuit Solicits SEC Views

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