Financial Institutions and Banking

Regulatory Enforcement and Compliance

Regulatory Enforcement and Compliance

NERA economists assist clients in responding to formal investigations and requests for data and analyses from regulatory entities, such as the Division of Enforcement at the SEC, the DOJ, offices of State Attorneys General, and self-regulatory organizations such as FINRA. NERA's capabilities include the construction and analysis of large and complex transaction databases, analysis and implementation of computerized surveillance procedures, and preparation of summary materials responsive to regulators' requests. NERA's expertise in financial regulation enables us to support firms in all economic aspects of regulatory policy, including responding to market abuse investigations, defending enforcement actions, providing expert testimony, and quantifying regulatory impacts and risks. NERA's extensive experience with the analysis of damages and disgorgement measures aids clients in negotiating settlement agreements.

Recent examples of NERA's work in this area include:

  • Analyses of transactions on the behalf of financial firms in order to determine whether customer trades received best execution
  • Evaluation of loss and market-to-market procedures for securities containing subprime mortgages for a financial firm
  • Consulting work and expert testimony related to automated surveillance of specialists in national and regional stock exchanges
  • Consulting to financial institutions regarding compliance practices and response to regulatory orders
  • Construction and analysis of a complex database in response to market timing allegations in a mutual fund family
  • Comparative analysis of customers' experience in brokerage versus fee-based accounts in a regulatory matter

NERA also has extensive experience working with mutual fund families in their discussions with regulators. Our experts provide economic analysis to aid with the detection of market timing and late trading and the measurement of corresponding losses to mutual fund shareholders. In addition, our experts consult with mutual fund families on cases in which traders have sought damages from fund families as the result of the abrogation of contracts that allowed market timing.

In addition, NERA works with specialist firms involved in civil and criminal proceedings. Our experts have extensive experience analyzing data, reports, and algorithms used in automated surveillance of specialists' trading and exchange rules for equities and options.

Name Title Location Phone Email
Dr. Sharon Brown-Hruska Managing Director Washington, DC +1 202 466 9222
Dr. Patrick Conroy Managing Director
Chair of NERA's Securities and Finance Practice
New York City +1 212 345 1466
Dr. Anne Gron Managing Director Chicago +1 312 573 2850
Tomas Haug Managing Director Berlin +49 30 700 1506 10
Dr. Vinita Juneja Managing Director
Chair of NERA's White Collar, Investigations and Enforcement Practice
New York City
+1 212 345 3148
+44 20 7659 8618
+1 416 868 7314
Dr. Faten Sabry Managing Director
Bankruptcy Practice Chair
New York City
+1 212 345 3285
+44 20 7659 8618
Oksana Kitaychik Associate Director New York City +1 212 345 1094
Robert Patton Associate Director Toronto
New York City
+1 416 868 7318
+44 20 7659 8620
+1 212 345 3269
Dr. James Overdahl Affiliated Industry Expert Washington, DC +1 202 547 3035
Mark L. Berenblut Affiliated Consultant Toronto
New York City
+1 416 868 7311
+1 917 475 0020
+44 20 7659 8644
Dr. Andrew Carron Affiliated Consultant New York City
+1 212 345 5407
+44 20 7659 8500
Dr. Marcia Kramer Mayer Affiliated Consultant New York City +1 212 345 2196
Title Type Author
Trends in Canadian Securities Class Actions: 2017 Update Report By Bradley A. Heys and Robert Patton
What Does the CFPB Complaint Database Tell Us About the Quality of Servicing of Stude... White Paper By Dr. Faten Sabry, Dr. Ignacio Franceschelli, and David Cen
Recent Trends in Securities Class Action Litigation: 2017 Full-Year Review White Paper By. Stefan Boettrich and Svetlana Starykh
A Look at Initial Coin Offerings White Paper Timothy McKenna and Sammy Chu
Expert Analysis: Financial Crisis Anniversary - Trends In Credit Crisis Settlements Published Article By Faten Sabry, Sungi Lee, and Linh Nguyen
PDVSA’s Peculiar Oct. ’22 Bond May Carry Elevated Risks Report By Timothy McKenna and Raphael Starr
Securities Class Actions: 2016 Full-Year Review and Mid-2017 Flash Update Published Article By Stefan Boettrich and Svetlana Starykh
BSA/AML Compliance and Enforcement: An Update for the Securities and Derivatives Indu... Published Article By. Sharon Brown-Hruska
Not All MBS Settlements Are Equal White Paper By Faten Sabry, Sungi Lee, and Linh Nguyen
Trends in Canadian Securities Class Actions: 2016 Update Report By Bradley A. Heys & Robert Patton