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. Andrew Carron Chairman New York City
London
+1 212 345 5407
+44 20 7659 8500
andrew.carron@nera.com
Dr. Patrick Conroy Managing Director
Chair of NERA's Securities and Finance Practice
New York City +1 212 345 1466 patrick.conroy@nera.com
Dr. Anne Gron Managing Director Chicago +1 312 573 2850 anne.gron@nera.com
Dr. Vinita Juneja Managing Director
Chair of NERA's White Collar, Investigations and Enforcement Practice
New York City
London
Toronto
+1 212 345 3148
+44 20 7659 8618
+1 416 868 7314
vinita.juneja@nera.com
Dr. Faten Sabry Managing Director
Bankruptcy Practice Chair
New York City
London
+1 212 345 3285
+44 20 7659 8618
faten.sabry@nera.com
Dr. Sharon Brown-Hruska Director Washington, DC +1 202 466 9222 sharon.brown.hruska@nera.com
Tomas Haug Director Berlin +49 30 700 1506 10 tomas.haug@nera.com
Oksana Kitaychik Associate Director New York City +1 212 345 1094 oksana.kitaychik@nera.com
Robert Patton Associate Director Toronto
London
New York City
+1 416 868 7318
+44 20 7659 8620
+1 212 345 3269
robert.patton@nera.com
Dr. Jerry Arnold Affiliated Academic Los Angeles +1 310 570 3982 JArnold@marshall.usc.edu
Dr. James Overdahl Affiliated Industry Expert Washington, DC +1 202 547 3035 joverdahl@deltastrat.com
Mark L. Berenblut Affiliated Consultant Toronto
New York City
London
+1 416 868 7311
+1 917 475 0020
+44 20 7659 8644
mark.berenblut.affiliate@nera.com
Title Type Author
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
Trends in Regulatory Enforcement in UK Financial Markets 2015/16 Year-End Report Report By Robert Patton and Erin McHugh et al
Trends in Regulatory Enforcement in UK Financial Markets 2014/15 Mid-Year Report Working Paper By Robert Patton
Don't Regulate Asset Managers as If They Were Banks Published Article By Dr. Sharon Brown-Hruska et al.
Finding the GAAP in FCPA Enforcement: Challenges in Identifying the Impact of Alleged... Working Paper By Raymund Wong and Dr. Jerry Arnold