About Michael T. Foley
With more than 20 years of experience in private practice and in-house, Michael Foley represents broker-dealers, investment advisers and other financial services industry participants on a broad spectrum of legal and regulatory matters arising under the federal securities laws. Having worked in the trenches of the legal departments at both a large full-service broker-dealer and at a small online broker-dealer, Michael appreciates the business pressures and constraints upon in-house counsel, which helps him offer practical and actionable advice.
Practical, actionable advice on securities issues
Michael has a broad range of substantive knowledge and experience regarding the legal and regulatory obligations of broker-dealers and other financial service industry participants, including with respect to data privacy, anti-money laundering, registration, supervision, sales practices, information barriers and conflicts of interest, and books and records. But Michael knows that providing effective counsel requires more than substantive knowledge — it requires an understanding of a client's commercial objectives and operational requirements, awareness of how regulators interpret and enforce applicable rules, and an ability to fashion tailored, business-sensitive, actionable advice. This is the approach Michael takes not only with respect to his regulatory practice, but also in his significant practice of drafting and negotiating a wide spectrum of commercial agreements on behalf of financial services industry participants, including software license and technology services, private placement agent, master services, vendor, prime brokerage, master purchase, market access, customer, consulting, confidentiality and solicitation agreements.
Michael previously spent seven years at UBS Financial Services Inc., where he worked in several capacities, including as the legal counsel for the Midwest region which included more than 50 retail branch offices and in excess of 1,000 employees. More recently, Michael served as the sole legal counsel to that firm's equity compensation administration, Rule 10b5-1 trading, middle markets fixed income and discretionary cash management businesses. Earlier in his career, Michael was a full-time litigator, representing entities and individuals, including public companies, financial services market participants and their officers and employees, in connection with a variety of business and employment-related disputes, including litigation in state and federal court and in securities industry arbitration.
- Proactive counsel on broker-dealer legal and regulatory obligations
- Representation in connection with regulatory investigations and examinations
- Drafting and negotiating complex financial service industry-related agreements
- Broker-dealer registration requirements and process
- Exemption from registration for foreign firms under Exchange Act Rule 15a-6
January 9, 2020
July 25, 2019
April 25, 2019
February 27, 2018
SEC Approves a Streamlined FINRA Rule Set for Certain Broker-Dealers Engaged Only in Limited Capital Raising ActivitiesSeptember 1, 2016
SEC Approves IEX as a National Securities Exchange and Issues Interpretation To Allow IEX "Speed Bump"June 23, 2016
The SEC Approves a FINRA Rule Amendment Requiring Registration of Associated Persons Who Design or Develop Algorithmic Trading StrategiesApril 14, 2016
FINRA Files Proposed Rule Requiring Registration of Associated Persons Who Design or Develop Algorithmic Trading StrategiesFebruary 18, 2016
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Presentations and Events
February 19, 2019
PresenterJanuary 24, 2018
Recent Legal Developments on Securities and Derivatives Issues for Sell-Side and Buy-Side Market ParticipantsPanelistJuly 27, 2016