STEFFEN HEMMERICH is counsel in the New York office and a member of Sidley’s global Securities Enforcement and Regulatory practice, which received the 2019 Chambers USA Award for Financial Services Regulation, and was named the “Law Firm of the Year” for Securities Regulation in 2020 and 2017 by U.S. News – Best Lawyers. He provides regulatory and transactional advice to domestic and foreign top-tier/mid-size/boutique investment banking firms, financial institutions, electronic trading systems and electronic communication networks, market-making firms, prime brokerage firms, investment advisers, hedge funds and private equity funds.
Steffen regularly counsels clients on Federal and State broker-dealer regulatory matters and applicable self-regulatory organization (SRO) matters; U.S. Securities and Exchange Commission (SEC) financial responsibility rules (net capital and customer protection rules); custody arrangements with domestic and foreign custodians, including the negotiation of custody agreements; margin rules, including SRO requirements and arranged financing; broker-dealer registration/formation, including structural advice, and SRO membership (FINRA, exchanges and clearing agencies); successor registration; material changes in business operations/business expansions; merger/acquisition/restructuring transactions; business transfers/consolidations/restructurings; registration and qualification of personnel (State/SRO); characterization of brokers and/or dealers under Federal and State securities laws; foreign broker-dealer/cross-border issues under SEC Rule 15a-6 and “chaperoning” arrangements thereunder; prime brokerage and clearance/settlement; books and records requirements; regulatory reporting requirements; vendor/outsourcing relationships; compliance and operational systems/technologies; product development; FINRA corporate financing rules; research requirements; advertising/marketing issues; SEC risk assessment requirements (Form 17-H filings); and Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance.
Steffen also advises financial services firms and fintech startups on securities and broker-dealer regulatory matters relating to digital assets and blockchain technology, including business expansions and broker-dealer registration and custody issues.
Steffen is fluent in German.