BARRY RASHKOVER is one of two leaders of Sidley’s global Securities Enforcement and Regulatory practice, named Chambers USA “Firm of the Year” for Financial Services and Securities Regulation (2019 and 2016); US News – Best Lawyers “Law Firm of the Year” for Litigation – Regulatory Enforcement (2021); and US News – Best Lawyers “Law Firm of the Year” for Securities Regulation (2020 and 2017). He also co-heads the Firm’s New York Regulatory and Enforcement Group. A former SEC senior official and veteran regulatory defense lawyer, Barry represents companies and individuals in enforcement matters brought by the Securities and Exchange Commission, Department of Justice, FINRA, Commodity Futures Trading Commission, and state attorneys general, among others. Described as an “A-team player” in Chambers USA, and named a “National Practice Area Star” (2021) in Benchmark Litigation, Barry counsels investment banks and other broker-dealers, investment advisers, public companies, accounting firms and senior officials. Before Sidley, Barry held several high-level positions at the SEC including co-head of Enforcement and Associate Regional Director for the SEC’s Northeast Regional Office, and an SEC Senior Trial Counsel.
At Sidley, Barry focuses on high-profile, high stakes matters involving complex and emerging issues. For example:
- Investment Adviser Fiduciary Duty and Compliance. Barry has represented investment advisers and principals in approximately 60 SEC investigations or examinations concerning regulatory priority issues such as allocation of investments, fund expenses, adviser compensation, valuation of fund holdings, cross trades, disclosure of investment risk and fund objectives, MNPI policies and procedures, big data and adequacy of compliance procedures.
- Public Company. Barry frequently represents public companies and senior officials in SEC investigations concerning financial reporting, FCPA, disclosure, executive compensation and Regulation FD.
- Insider Trading. He routinely defends individuals, fund advisers and broker-dealers in SEC enforcement matters concerning alleged insider trading or MNPI policies and procedures. Barry also conducts internal investigations into MNPI issues and advises on MNPI policies and procedures.
- RMBS. Barry defended a major international bank in DOJ, SEC, State Attorney General and other multi-year investigations into the creation and underwriting of Residential Mortgage-Backed Securities up to the Financial Crisis.
- FinTech. He has advised clients on SEC registration relating to digital assets, and has represented prominent FinTech firms in regulatory investigations.
- Litigation. Drawing on his trial and emergency relief litigation experience at the SEC and before that, Barry has represented businesses and individuals in SEC litigation, successfully defended emergency relief litigation against the CFTC, and creates novel and effective strategies to coordinate the defense of regulatory investigations with parallel civil litigation and criminal cases.
- LIBOR. Barry headed the defense of a BBA panel bank in high- profile CFTC, DOJ and state investigations into setting U.S. Dollar.
- Cybersecurity. He represented a national retailer in an SEC investigation into IT internal controls and disclosures and counseled financial institutions concerning cyber issues.
- Regulation SHO. Barry has defended broker-dealers in approximately a dozen SEC and FINRA investigations regarding the SEC’s short sale rules, including matters that highlighted conflicting interpretations of Regulation SHO’s meaning and policy.
- High-Frequency Trading. Barry defended a senior broker-dealer official in SEC and other matters involving HFT and dark pools.
- SEC Regulation M. Barry has defended investment advisers and broker-dealers in numerous investigations about perceived stock manipulation and issues under Rule 105.
At the SEC, Barry led some of the agency’s most important enforcement matters, including enforcement actions against NYSE specialist firms for unlawful proprietary trading (resulting in a US$240 million global settlement); financial reporting cases involving Adelphia Communications Corp. and Computer Associates International, Inc.; the SEC’s first-ever enforcement action against the NYSE; cases arising out of improper proprietary trading by NYSE floor brokers; insider trading cases, such as SEC v. Samuel Waksal and SEC v. Martha Stewart and Peter Bacanovic; and federal court cases halting ongoing fraud, including SEC v. The Bennett Funding Group, Inc., which involved one of the largest securities “Ponzi” schemes in U.S. history. Barry co-chaired the SEC’s trial team to victory in the jury trial of the “Southampton Seven” insider trading case.
Several industry publications have recognized Barry including Chambers USA, U.S. News – Best Lawyers® “Best Law Firms,” Benchmark Litigation, WWL Global Investigations Review, and The Legal 500. According to Chambers, for example, “sources say that he is a ‘very strong and very insightful lawyer’ and a ‘formidable’ advocate’”; “interviewees describe [him] as ‘very learned and smart, and a joy to work with’”; he “receives praise from clients for his expert approach to major investigations by regulators and his ability to ‘handle really high-risk cases in a thoughtful way.’” In 1999, Barry received the SEC’s “Stanley Sporkin Award” for outstanding contributions to the agency’s enforcement program. Barry speaks and writes often on SEC enforcement and related issues. He has participated in programs concerning SEC enforcement and litigation sponsored by SIFMA, the New York City Bar Association, American Conference Institute, Directors Roundtable, Glasser LegalWorks, PLI, Legal IQ, SEC and the Department of Justice, among others. One of his more recent speaking engagements in February 2018, “Commencing and Conducting the Internal Investigation: What Must Be Considered,” was part of the Dean’s Distinguished Lecture Series at his alma mater, Cornell Law School.