Ethan Silver is a Partner in Lowenstein Sandler’s Investment Management Group and Chair of its Broker-Dealer Practice. He is a recognized leader in representing broker-dealers in regulatory, enforcement and other compliance matters related to federal and state securities laws and the rules of various self-regulatory organizations, including FINRA. He has also developed an emerging practice of representing regulated FinTech companies, including mobile-first brokerage and crowdfunding platforms, as well as robo-advisers.

Ethan’s regulatory practice focuses on advising broker-dealers in their formation, including guiding them through all aspects of obtaining FINRA membership and state registration. He also advises clients in obtaining FINRA approval in connection with continuing membership applications for changes of ownership and material changes to their business. In addition, Ethan counsels broker-dealers in, among other things, complying with SEC net capital and customer protection rules, trading and reporting rules, foreign broker-dealer/cross-border requirements, including SEC Rule 15a-6 and related guidance, books and records requirements, ATS formation and operation, rules relating to advertising and sales materials, margin rules, and finder issues and related fee payment/splitting issues. Ethan guides clients through SEC and FINRA examinations, assists them in developing and updating their written supervisory procedures and compliance manuals and counsels financial institutions in compliance with anti-money laundering regulations and related issues. He also regularly advises clients in analyzing whether they require, or are exempt from, broker­-dealer registration, and assists them in obtaining interpretive guidance and no-action relief from the SEC, FINRA and the states. Ethan was a co-author of the M&A Broker No-Action Letter granted by the SEC which permits M&A brokers to receive transaction-based compensation without registering as broker-dealers.

Ethan’s enforcement practice focuses on advising clients in a range of enforcement proceedings with the SEC, FINRA and state regulatory authorities. He regularly prepares and defends witnesses in FINRA on-the-record interviews and SEC testimony in connection with investigations relating to allegations of fraud, failures to supervise, sales practice violations, Form U4 disclosure issues, and trading and reporting issues.