Brynn Rail
Counsel
Brynn Rail represents U.S. and international broker-dealers on various regulatory and securities law issues, including firm and individual registration, FINRA compliance, trading, net capital, supervision and reporting, advertising and sales literature, product distribution, and regulatory inspection and examinations. She works with clients in the mutual fund, private fund, investment banking, investment management, and real estate industries. In addition, Brynn counsels investment advisers on the structuring and distribution of their private investment products, compliance with Advisers Act requirements, and issues relating to securities ownership filings required under the Exchange Act. She also has significant experience negotiating prime brokerage and custody agreements on behalf of those investment advisers and their clients. Brynn also advises clients in connection with mergers and acquisitions involving broker-dealers and investment advisers, including conducting detailed reviews of the target’s business and operations and preparing regulatory filings made in connection with those transactions.
Publications
- Co-author, “SEC Proposals – Form CRS Client Relationship Summary for Advisers and Broker-Dealers; Best Interest Standard of Conduct for Broker-Dealers,” Wolters Kluwer’s Securities Regulation Daily (July 12, 2018)
- Co-author, “Best Execution and Customer Order Handling,” Broker-Dealer Regulation (2d ed.), Practising Law Institute (May 2011, supp. September 2018)
- Quoted, “How Fund Managers Can Mitigate Prime Broker Risk: Legal Considerations When Negotiating Prime Brokerage Agreements (Part Three of Three),” The Hedge Fund Law Report (December 15, 2016)
- Quoted, “How Fund Managers Can Mitigate Prime Broker Risk: Structural Considerations of Multi-Prime or Split Custodian-Broker Arrangements (Part Two of Three),” The Hedge Fund Law Report (December 8, 2016)
- Quoted, “Dually Registered Advisers/Broker-Dealers Face Dual Examinations,” ACA Insights (September 12, 2016)
- Quoted, “Finra Asks 8 Questions to Assess a Firm's 'Culture',” InvestmentNews (February 18, 2016)
Presentations
- Presenter, “FINRA Hot Topics of 2019,” ACA Compliance Group (March 19, 2019)
- Presenter, “Unwinding the Fiduciary Rule: New State Enforcement Activity, Next Steps for ERISA Counsel and Advisers,” Strafford Publications Webinar (February 19, 2019)
- Panelist, “Private Fund Securities Law Exemptions: Accredited Investors, Qualified Purchasers, Subscription Limits and More,” Strafford Publications Webinar (March 14, 2018)
- Panelist, “Heightened SEC Scrutiny, New AML Requirements, Insider Trading Concerns, FATCA, FCPA Compliance, and More: Managing the Evolving Regulatory Paradigm and Turning Compliance into a Value Proposition,” Operations for Alternatives 2017 (February 27, 2017)