Erica S. Robertson

ERICA ROBERTSON focuses her practice on a range of regulatory compliance and enforcement matters. She represents broker-dealers, associated persons, investment advisers, and corporate directors in connection with investigations and enforcement actions by the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), exchanges, and state securities regulators. Erica is a managing associate in Sidley’s Securities Enforcement and Regulatory group, which received the 2019 Chambers USA award for Financial Services Regulation and was named the “Law Firm of the Year” for Litigation – Regulatory Enforcement in 2023 and 2021 and Securities Regulation in 2020 by U.S. News – Best Lawyers.

Erica joined Sidley in 2019 from the Massachusetts Securities Division (MSD), one of the most active state securities regulators in the United States. At MSD, she developed sweeps on industry practices, led examinations and complex investigations, and represented Massachusetts in administrative hearings.

Representative examples of Erica’s client engagements include:

• Dually registered firm in SEC sweep related to off-channel communications.
• Broker-dealer in SEC investigation concerning books and records requirements.
• Dually registered firm during an SEC examination on a range of issues, including its bank sweep program, crypto asset-related activities, and regulatory technology.
• Broker-dealers in FINRA investigations concerning best execution.
• Firms in SEC and FINRA investigations concerning alleged manipulative trading.
• Broker-dealers in FINRA investigations concerning short interest reporting.
• Broker-dealer in NYSE investigation concerning compliance with order routing rules.
• Broker-dealers in investigations by state regulators concerning sales practices and disclosures.
• Associated persons of firms concerning state registration and licensing requirements.
• Financial institution in an internal review regarding its Regulation D policies and procedures.
• Trade associations in connection with comment letters regarding short interest reporting and alternative investment products.