Daniel Nathan

Mr. Nathan is a partner in the firm’s Securities Litigation, Enforcement and White-Collar Defense Group. Mr. Nathan’s practice includes representation of companies and individuals who are involved as witnesses or subjects in investigations conducted by the SEC, the CFTC, FINRA and other regulatory entities involving financial institutions or transactions. Mr. Nathan also consults with financial institutions on examinations, supervisory procedures, product disclosure and supervision, and other regulatory matters.

Latest Articles

For the first time, the SEC brought a settled administrative proceeding against sellers of investments through the federal EB-5 Immigrant Investor Program for failure to register as broker-dealers.  Previous SEC actions related to the EB-5 program alleged fraudulent conduct in the sales of investments. The EB-5 program is administered by the U.S. Citizenship and Immigration Services (USCIS).  Among other things, it provides an opportunity for legal residency for foreigners who invest in “regional centers” that…
Since the financial crisis, financial institutions have been required to address significant regulatory changes. The new regulatory framework in the United States and Europe has introduced a series of new terms. This brief glossary is intended to serve as a helpful summary of frequently used terms. To see the full glossary, click here.…
FINRA’s newly revised Sanction Guidelines, effective immediately, signal that the upward trend in sanctions against broker-dealers is likely to continue. The Sanction Guidelines, which establish the range of sanctions that FINRA may impose in formal disciplinary proceedings, affect several specific types of violations, as well as the principles behind levying sanctions and the overall levels of monetary sanctions.  The Guidelines are also meant to catch up to the sanctions that FINRA actually is levying;…
Broker-dealers appear to have succeeded, at least for now, in beating back FINRA’s proposal to capture extensive amounts of data through electronic means. For over a year, FINRA has been pushing its Comprehensive Automated Risk Data System (CARDS), which would require clearing firms (on behalf of introducing firms) and self-clearing firms to regularly submit to FINRA, in an automated, standardized format, specific information about their customers’ accounts and the customer accounts of each member firm…
According to a report released last week by the New York Department of Financial Services (NYDFS), the financial industry has a long way to go in overseeing the cybersecurity capabilities of outside vendors who carry out critical banking functions. Last week’s report follows a year of activity on that front. In a May 2014 report, the NYDFS concluded—based on a survey of over 150 banks—that the financial industry’s increasing reliance on third-party vendors could create…
Both the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have recently issued guidance to broker-dealers on cybersecurity, providing valuable resources for them and for registered investment advisors to combat the growing threat of cyber-attacks. The two reports should provide the tools and information needed by those broker-dealers who have put off focusing on cybersecurity to strengthen their data protection capabilities. Broker-dealers would do well to read these reports in full and…
With Chair Mary Jo White in her second year at the helm, the Securities and Exchange Commission showcased its efforts, improvements, and enforcement successes at this year’s SEC Speaks Conference. The Commission highlighted that it brought a record number of cases—755 enforcement actions—in fiscal year 2014, and obtained $4.1 billion in monetary relief. The Commission continues to emphasize its increased use of data analytics in both its regulatory efforts and enforcement investigations. As usual, the…
FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year.  To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for information and the tools to combat cyber intrusions.  The Report is comprehensive, and it doesn’t shy away from delving into technical detail.  Our review of it leads us to conclude that it is a useful resource for broker-dealers looking to…