BARBARA J. ENDRES, a partner in the Washington, D.C., office, focuses her practice on broker-dealer compliance and market regulation matters.
With over 21 years of experience, Ms. Endres counsels U.S. and non-U.S. broker-dealer, banking and issuer clients on a wide variety of regulatory and compliance issues, both in the transactional and non-transactional context. She has been significantly involved in the formation and registration of several U.S. broker-dealers, and has advised on material business expansions, strategic business combinations, and restructurings of SEC-registered broker-dealers. Ms. Endres has drafted written supervisory and compliance procedures for broker-dealer clients and regularly counsels broker-dealers with respect to their ongoing and evolving compliance obligations. She also advises domestic and foreign financial institutions on U.S. federal broker-dealer registration issues, including compliance with the GLBA exceptions, and Rule 15a-6-exemption, from registration. Recently, Ms. Endres has counseled clients with respect to the new municipal advisor registration requirements implemented under Section 975 of the Dodd-Frank Act. Her issuer-side work includes advising on various trading issues in connection with capital raising and business combination transactions (e.g., Regulation M), corporate buyback programs (including compliance with the safe harbor conditions of SEC Rules 10b-18 and 10b5-1), and the establishment and implementation of information barriers to protect against insider trading.
Ms. Endres has also been involved in the drafting of ABA and SIFMA comment letters on various SEC rulemaking initiatives and has authored or contributed to many of the firm’s client alerts on broker-dealer and market regulation developments.
From 1995-1997, Ms. Endres served in the SEC’s Division of Market Regulation (now known as the Division of Trading & Markets) in Washington, D.C. During her tenure at the SEC, she was responsible for interpreting the rules and regulations administered by the Division and also was substantially involved in several rulemaking initiatives, including the proposal and adoption of Regulation M. From 1991-1995, Ms. Endres practiced private litigation as an associate in the firm’s New York office.
- Barbara J. Endres and Kersti Hanson, “At the Market Offerings and Implications under Regulation M,” The Review of Securities & Commodities Regulations, January 2010.
- Dennis C. Hensley and Barbara J. Endres, “NASD Proposes to Overhaul Its Free Riding and Withholding Interpretation,” Insights: The Corporate and Securities Law Advisor, Volume 15, Number 1, January 2001.
- Panelist, ALI-ABA’s Annual Broker-Dealer Regulation Conference (New York, June 2009).
- Moderator, SIFMA’s 2008 Electronic Communications and Records Forum (New York, September 2008).