Practice Areas

Asset Management Securities Enforcement & Compliance

Paul Hastings routinely represents investment advisers, broker-dealers, hedge funds and other financial institutions in critical investigations, litigation and regulatory matters before key government agencies. The exceptional experience of our team’s highly skilled litigation, regulatory and compliance attorneys equips them to handle the most complex and high-stakes conflicts. By working closely with each client, we deliver tailored solutions that achieve their goals efficiently and cost-effectively.

We provide comprehensive compliance and enforcement defense services, sophisticated regulatory advice and a strong defense against enforcement actions across global markets. We have broad experience in U.S. regulatory compliance, advising clients on the Investment Advisers Act, the Investment Company Act, the Securities Act of 1933 and the Securities Exchange Act of 1934, as well as examinations and enforcement by the U.S. Securities and Exchange Commission (SEC). We advise clients on their global compliance programs and help them navigate complex regulatory frameworks.

Globally, our team provides in-depth guidance on U.K. Financial Conduct Authority (FCA) authorization, EU and U.K. Alternative Investment Fund Managers Directive (AIFMD) marketing and distribution, and the U.K. Markets in Financial Instruments Directive II (MiFDII), ensuring that clients meet all distribution and regulatory obligations around the world. We advise financial services firms — including commercial banks, securities firms, investment banks and alternative capital providers — across Asia, Europe, Latin America and the U.S. to help them manage risk, capitalize on opportunities and stay ahead of regulatory changes.

Our broad experience and global reach enable us to deliver proactive compliance strategies that minimize risk, optimize regulatory practices and position clients for long-term success in an ever-evolving regulatory landscape. Our multidisciplinary approach allows us to anticipate challenges and offer tailored solutions, enabling our clients to navigate the complexities of current and future regulatory environments.

Unmatched Regulatory Experience Across Global Markets

With 23 offices across key financial hubs worldwide, our team — comprising five SEC alumni and dozens of former regulators and prosecutors — delivers unparalleled insight into the operations of regulatory agencies. We leverage our extensive experience to guide clients through complex investigations, regulatory examinations and enforcement matters, offering a unique, in-depth understanding of regulatory processes across global markets.

Strategic Representation in High-Stakes Government Investigations and Trials

We are a market leader in securities enforcement defense and clients turn to us when everything is on the line. Clients benefit from our firsthand knowledge of how the government builds securities-related cases, which guides us in handling high-profile government investigations and criminal trials brought by regulators, and ensures that we represent clients effectively through investigations and trials.

Navigating Complex Regulatory Compliance Risks

We provide clients with proactive solutions to issues involving anti-corruption, sanctions, cybersecurity and ESG. We have deep experience in designing, enhancing and testing global compliance programs and internal controls. Named Law360’s “Compliance Practice of the Year” three times in the last four years, we deliver proven results.

We Know Your Business

Our attorneys bring a wealth of experience from in-house roles at leading financial services firms and investment management companies. This diverse background, including experience at prominent financial institutions and capital partners, provides us with a deep understanding of your firm’s unique challenges and priorities at every level.

Industry Recognition

Most Impressive Investigations Practice - Global Investigations Review, 2021 and 2017
Compliance Practice Group of the Year - Law360, 2023, 2022 and 2020
Enforcement Elite – Brad Bondi and Kenneth Herzinger - Securities Docket 2024
White Collar Practice Group of the Year - Law360, 2022 and 2021
Ranked Band 1 for Nationwide FCPA - Chambers USA, 2024
Ranked for Nationwide Corporate Crime & Investigations - Chambers USA, 2024
Ranked for New York and Washington DC: White-Collar Crime & Government Investigations - Chambers USA, 2024
Ranked Band 1 for Nationwide Financial Services Regulation: Consumer Finance (Enforcement & Investigations) - Chambers USA, 2024
Ranked for Securities Regulation: Enforcement – Brad Bondi - Chambers USA, 2024

Representative Experience

Financial Institutions

Advised a Los Angeles-based asset management firm in connection with an SEC inquiry regarding registration-related issues.
Counseled a New York-based leading investment firm with more than $57 billion under management in connection with insider trading-related issues.
Represented an asset manager of a registered closed-end fund in an enforcement matter related to the holding of a shareholder meeting involving an activist group. We successfully resolved the matter by demonstrating to the SEC that the adviser’s actions were appropriate under applicable state and federal law.
Regularly work with all our registered fund adviser clients in connection with various issues raised during examinations (sweep and annual). We seek to resolve and eliminate these issues to avoid any progression to an enforcement matter.
Represented a digital asset company in an SEC investigation in connection with the marketing of crypto assets that the SEC contended were investment contracts.
Represented an international investment bank in “dark pool” trading, marketing and disclosure investigation by the SEC and the New York Attorney General’s Office (NYAG). The SEC and NYAG brought charges against similarly situated firms, but not against our client.
Represented a private equity fund adviser in connection with an SEC investigation of breach of fiduciary duty and disclosure issues relating to allocation of fees. The SEC terminated the investigation.
Represented a public company and its executives in SEC and DOJ investigations relating to the securitization and servicing of mortgage-backed assets.
Represented a futures, options and equity trading firm and its principal in a Regulation SHO investigation by the SEC. The investigation concluded without charges being brought against our clients.
Represented an investment company in connection with an SEC investigation that resulted in the SEC closing the matter without charges.
Represented a hedge fund in connection with an SEC investigation that resulted in the SEC closing the matter without charges.

Investment Advisers, Hedge Funds, Private Equity and Broker-Dealers

Represented an investment adviser in an SEC investigation of related party transactions, Form ADV disclosures and allegations of common control. No charges were filed after a lengthy investigation.
Represented the investment adviser affiliate of a large, multinational professional services company in responding to SEC and U.S. Department of Labor (DOL) inquiries regarding potential breach of fiduciary duty. We successfully convinced the SEC and DOL to close the inquiries without enforcement action.
Represented a registered investment adviser affiliate of a Fortune 200 company in connection with a 2+ year investigation regarding the investment adviser’s alleged receipt of undisclosed compensation, including 12b-1 fees and mutual fund share class selection practices. We persuaded the SEC to close the investigation.
Represented a large independent registered investment adviser in a civil suit filed by the SEC regarding the adviser’s mutual fund share class selection practices. Orchestrated the strategy that led to a full defense verdict in SEC v. CapWealth Advisors, LLC, Timothy J. Pagliara, and Timothy R. Murphy, Civil Action No. 3:20-cv-01064 (M.D. Tenn. filed December 11, 2020).
Represented investment advisers to mutual fund families in market timing investigations conducted by the SEC and NYAG’s office.
Represented the broker-dealer affiliate of a Fortune 200 company in connection with successive inquiries by the SEC and the Financial Industry Regulatory Authority (FINRA) regarding allegedly improper sales practices by several top registered representatives. We persuaded the SEC and FINRA to close the inquiries without enforcement action.
Represented the broker-dealer affiliate of a Fortune 200 company in connection with a FINRA enforcement action related to a cybersecurity breach. As part of the representation, we advised the broker-dealer regarding enhancements to its compliance program, as well as its cybersecurity policies and procedures.
Represented a broker-dealer in an SEC investigation of micro-cap securities trading.
Represented a broker-dealer in FINRA and N.Y. Department of Financial Services investigations of its crypto trading.
Represented broker-dealer in a FINRA investigation of its international trading and compliance with sanctions laws.

Directors, Officers and High-Profile Individuals

Represented multiple executives in various criminal investigations, including those related to insider trading and securities fraud.
Represented former executive of major cryptocurrency exchange in connection with a DOJ investigation.
Represented the former CEO of a digital media company in connection with insider trading investigation conducted by the U.S. Attorney’s Office for the Southern District of New York.
Represented founder of block chain development company in connection with an SEC investigation.
Represented the directors of publicly traded insurance company in connection with an SEC investigation.
Represented director of supply chain finance company in connection with an SEC investigation.
Represented the CFO of a hedge fund in connection with an SEC investigation.
Represented the former CFO of Wilmington Trust Company in a high-profile, $360 million complex federal criminal trial and related SEC litigation, involving financial crisis-era accounting and disclosure issues concerning past due commercial real estate and construction loans.
Represented the former senior executive of a large international insurance company in an investigation by the SEC and NYAG involving accounting and disclosure issues. Criminal and civil charges were brought against a group of individuals, but our client was not charged.
Represented an investment banker in an insider trading investigation by the SEC and the U.S. Attorney’s Office for the Northern District of Illinois, resulting in a noncustodial sentence of probation.