Mr. King focuses his practice on U.S. securities regulation of U.S. and foreign financial institutions, including broker-dealers, investment advisers, banks, investment companies and hedge funds.  He has represented publicly-held companies, financial institutions and individuals in a broad range of regulatory and enforcement matters before the Securities and Exchange Commission (SEC), New York Stock Exchange (NYSE), NASD (now FINRA) and state financial regulators.

Securities Enforcement/Litigation

Representative matters include:  

• Conducting an internal investigation of the revenue-sharing practices of a mutual fund complex.  Recommended certain remedial measures to which the manager agreed and which were approved by the funds’ board.  Represented the manager and affiliates in an SEC examination in connection with these practices, which concluded with no sanctions against any entity.
• Conducting an internal investigation of market timing in a mutual fund complex.  Counseled the funds’ manager, senior management and affiliates in connection with NYAG and SEC market timing investigations.  Prepared numerous witnesses for depositions including the manager’s president and several managing directors.  Advised on key legal issues and strategic decisions during lengthy investigation/litigation that ultimately resulted in a very favorable settlement.
• As co-counsel, convincing the SEC not to file charges against a major bank affiliated broker-dealer for alleged undisclosed revenue-sharing violations even though the staff originally proposed an eight-figure fine.
• Representing the broker-dealer affiliate of a global investment management firm in an NASD gifts and entertainment investigation that concluded with a favorable, cost-efficient settlement.
• Representing a broker-dealer in SEC/NASD breakpoint cases that resulted in one of the smallest fines emanating from the breakpoint sweep. 
• Successfully defending the CFO of a large options market maker in an NASD enforcement trial. The hearing panel dismissed all charges resulting in a complete vindication for the client.
• Convincing a securities regulator not to file charges against a CCO for alleged supervisory deficiencies even though the broker-dealer consented to a seven-figure fine for violations relative to market timing.
• Representing a broker-dealer affiliate of a major life insurance company in a FINRA variable annuities suitability supervision case which resulted in a very favorable settlement.
• Representing the CCO of another major life insurance company broker-dealer affiliate in a FINRA disciplinary action involving multiple charges, including variable annuities suitability supervision, that resulted in dismissal of the most serious charges.
• Representing broker-dealer affiliates of a major life insurance company in several NASD investigations involving supervision of college savings plan sales, registration and other issues.

Securities Regulatory Counseling

Mr. King also advises financial institutions on a wide variety of securities regulatory matters on a daily basis. Representative matters include:

• Conducting a comprehensive review of best execution/fiduciary compliance on behalf of a global asset management firm and affiliated broker-dealers.
• Conducting due diligence in connection with mergers and acquisitions of financial institutions.
• Auditing supervisory systems and procedures and recommending revisions to comply with NASD Rules 3010, 3012, and 3013 on behalf of a major U.S. bank broker-dealer and broker-dealer affiliates of investment advisers to:
  • Hedge funds;
  • Registered investment companies; and
  • Ultra-high net worth individuals.
• Advising the broker-dealer affiliate of a major life insurance company on improvements to variable annuities supervisory procedures to comply with NASD Rule 2821.
• Advising a global bank on U.S. securities law issues in connection with an acquisition of the brokerage business of a European financial services company that does business in the U.S.
• Establishing a U.S. broker-dealer subsidiary for a European broker-dealer and drafting Rule 15a-6 service agreements for the subsidiary, its parent and other European affiliates.
• Restructuring the legal and compliance departments of a major broker-dealer.
• Advising on improvements to supervisory systems and procedures for numerous broker-dealers and investment advisers including supervisory procedures for the sale of new products.
• Advising global financial institutions on issues related to the distribution of research.
• Advising investment banks on IPO allocation procedures.
• Advising broker-dealers on numerous trading issues.
• Advising foreign and domestic financial services firms on U.S. broker-dealer and investment adviser registration issues.
• Advising financial portals and sponsors of electronic trading platforms on securities regulatory issues.

Prior to joining K&L Gates, Mr. King was a counsel in the Securities Regulatory and Enforcement Defense Group for the Washington, D.C. office of a global law firm.  From 1989 to 1999, he served in several capacities at the NASD, including Chief Counsel and Chief Litigation Counsel of the Market Regulation Department and Senior Attorney in the Office of General Counsel.  Mr. King also served as a trial lawyer in the Tax Division of the U.S. Department of Justice and as an attorney in the Division of Market Regulation at the SEC.

• American Bar Association
• Broker-Dealer Subcommittee of the District of Columbia Bar’s Corporations, Finance and Securities Law Committee (Former Chair and Vice-Chair)
• National Society of Compliance Professionals
• Securities Industry and Financial Markets Association