Best Financial Services Regulation Lawyers in New York

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Davies & Associates, LLC
New York, United States

Founded in 2020
100 people in their team
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Davies & Associates ("D&A") has grown to become the largest global law firm specializing in US, UK and Italian business and investment immigration together with Citizenship and Residency by Investment (together, “CBI”).  Our lawyers are regarded as the leaders in the US E2...
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Phillips Lytle LLP
New York, United States

Founded in 1834
343 people in their team
English
At Phillips Lytle, we know only one approach to client service. It’s practiced by every one of our attorneys in each of our eight offices. It’s why we’ve been doing what we do for more than 185 years. It’s ingrained in who we are. It’s The Phillips Lytle Way.We’re fully dedicated to our...
Jones Day
New York, United States

Founded in 1893
2,500 people in their team
English
Jones Day has a history of more than 125 years and a culture of client service and professionalism based on explicit shared values. These values include providing pro bono legal services, building diversity in our profession, and supporting outreach efforts around the world.Jones Day has a long...
Ice Miller LLP
New York, United States

Founded in 1910
350 people in their team
English
Built on a foundation of legal service more than a century long, Ice Miller LLP is committed to helping our clients stay ahead in a changing world.Our diverse client base ranges from start-ups to Fortune 500 companies and from governmental entities to educational organizations and pension funds. We...

Founded in 1994
1,000 people in their team
English
WilmerHale is a leading, full-service international law firm with 1,000 lawyers located throughout 13 offices in the United States, Europe and Asia. Our lawyers work at the intersection of government, technology and business, and we remain committed to our guiding principles of:providing...
Dorsey & Whitney LLP
New York, United States

Founded in 1912
1,390 people in their team
English
worldwide advantageYOUR BUSINESS REQUIRES AN ADVANTAGE, AN EDGE, TO SUCCEED IN A HIGHLY COMPETITIVE WORLD.Dorsey’s lawyers and staff can help you gain that edge by applying superb legal knowledge and skills with practical wisdom and a deep understanding of your business and industry.We serve...
Cooper Levenson Attorneys at Law
New York, United States

Founded in 1957
75 people in their team
English
Hundreds of Years of Combined Legal ExperienceThe law firm of Cooper Levenson, P.A., established in 1957, is a full-service law firm with 75 attorneys and an extensive support staff.In New Jersey, we maintain offices in Atlantic City and Cherry Hill. We also have offices in New York, New York,...
Young Conaway Stargatt & Taylor, LLP.
New York, United States

Founded in 1959
229 people in their team
English
The Delaware legal community works fast and works smart. We have to. Cases come to us from all 50 states, all the time, from companies seeking the sophistication and business-savvy fairness of the Delaware legal system. They need local lawyers who can add value from long experience inside that...
Lippes Mathias LLP
New York, United States

Founded in 1965
177 people in their team
English
Lippes Mathias LLP is a full-service law firm with more than 135 attorneys serving clients regionally, nationally, and internationally. With offices in Buffalo, N.Y.; Albany, N.Y.; Burlington, Ontario; Chicago, Ill.; New York City; Jacksonville, Fla; and Washington, D.C., the firm represents a wide...
Greenberg Traurig, LLP.
New York, United States

Founded in 1967
2,300 people in their team
English
Five decades ago, while at lunch in a South Florida deli, attorneys Larry J. Hoffman, Mel Greenberg, and Robert Traurig saw an opportunity to establish a new breed of law firm for South Florida; a firm that mirrored a New York style firm. In 1967, they founded the law firm Greenberg Traurig...
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About Financial Services Regulation Law in New York, United States

Financial Services Regulation Law encompasses the rules and laws governing financial institutions and their operations within the financial market. In New York, this legal field is particularly pivotal given the state's status as a global financial hub. The regulations are designed to ensure the integrity, transparency, and stability of financial markets while protecting consumers from fraud and unethical practices. New York State's Department of Financial Services (NYDFS) plays a significant role in enforcing these regulations, along with federal bodies such as the Securities and Exchange Commission (SEC) and the Federal Reserve System.

Why You May Need a Lawyer

There are several situations where individuals or businesses might require legal assistance in financial services regulation:

  • Compliance Issues: Navigating complex regulations to ensure your business practices align with local and federal laws.
  • Litigation: Handling disputes that may arise, whether between financial institutions or with customers.
  • Licensing: Securing the necessary licenses to operate within New York's financial sector.
  • Consumer Protection: Addressing matters related to consumer rights and protections, which can involve negotiating or litigating claims.
  • Fraud Investigations: Representation in cases of alleged fraud, including both defense and prosecution.

Local Laws Overview

New York has its own set of regulations that supplement and sometimes preempt federal laws. Key aspects include:

  • New York Banking Law: Governs the state’s banking system and seeks to ensure safe, sound, and competitive banking services.
  • New York Insurance Law: Regulates the conduct of business within the insurance sector, ensuring policyholder interests are safeguarded.
  • Cybersecurity Requirements: Mandatory cybersecurity standards for financial firms to protect sensitive information and prevent data breaches.
  • Mortgage and Lending Regulations: Oversight of practices within the mortgage industry, ensuring fair lending practices.
  • Financial Fraud Prevention: A robust framework to detect and mitigate financial fraud activities.

Frequently Asked Questions

What is the NYDFS?

The New York State Department of Financial Services is a regulatory body that supervises financial services, including banks and insurance companies, ensuring their sound conduct and compliance with state laws.

Do federal regulations supersede New York regulations?

While federal law often provides the baseline, New York may enforce more stringent regulations, which financial entities must adhere to when operating within the state.

What are the cybersecurity requirements for financial services in New York?

Financial institutions are required to implement robust cybersecurity measures, including risk assessments, encryption, and an incident response plan, as specified by the NYDFS Cybersecurity Regulation (23 NYCRR 500).

Who regulates securities transactions in New York?

The Securities and Exchange Commission (SEC) oversees securities transactions at the federal level, but New York also enforces additional regulations through the Office of the Attorney General's Investor Protection Bureau.

How do I know if I need a license to operate in New York's financial market?

Engaging in regulated activities such as banking, lending, or insurance typically requires a license from the NYDFS. Consulting a lawyer can help determine specific licensing needs for your business.

What are the penalties for non-compliance with financial regulations in New York?

Penalties can include fines, sanctions, revocation of licenses, and in severe cases, criminal charges against the individuals or corporation involved.

Can consumers file complaints against financial institutions in New York?

Yes, consumers can file complaints with the NYDFS or seek legal action if they believe they are victims of unfair practices or fraud.

What role does the SEC play in New York’s financial regulation?

The SEC oversees national securities markets, ensuring fair, orderly, and efficient operations while protecting investors. Its regulations apply to entities operating in New York.

How are mortgage practices regulated in New York?

The NYDFS enforces regulations that promote fair borrowing practices, prevent predatory lending, and protect consumer rights within the mortgage market.

Can small businesses get exemptions from certain financial regulations in New York?

While some regulations may provide minimum thresholds or exceptions for small businesses, legal counsel is advisable to navigate these complexities accurately.

Additional Resources

For more information and guidance, consider reaching out to the following bodies:

  • New York State Department of Financial Services (NYDFS): For queries related to regulations and compliance in financial services.
  • Securities and Exchange Commission (SEC): For general securities regulation and compliance questions.
  • Financial Industry Regulatory Authority (FINRA): For resources related to securities regulation, enforcement, and education.
  • Consumer Financial Protection Bureau (CFPB): Offers resources and guidance for consumer rights in financial products and services.

Next Steps

If you believe you need legal assistance in financial services regulation, consider the following steps:

  • Identify Your Needs: Clearly outline your issues or questions, ensuring you understand the area of regulation involved.
  • Consult a Lawyer: Engage an attorney who specializes in financial services regulation in New York to provide personalized legal advice.
  • Gather Documentation: Collect all pertinent documents, including correspondence with financial institutions, contracts, and any regulatory notices.
  • Understand Your Rights: Familiarize yourself with your rights and obligations under New York's financial regulations.
  • Stay Informed: Keep updated on changes in financial regulations that may impact your situation or business.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.