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David G. Adams

Member

[email protected]

+1.202.434.7350

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David partners with innovators around the world to help them capitalize on emerging US legal and regulatory trends at the intersection of financial technology and US financial regulation. He is a seasoned regulatory and enforcement attorney with 20 years of experience in the financial services industry.

David has significant experience providing legal and strategic advice on the establishment and maintenance of US and cross-border brokerage, investment advisory, and crypto asset operations. This work includes devising optimal US and cross-border operational structures, implementing required procedures, and creating and negotiating placement, finders, 15a-6, and other distribution agreements; investment advisory, soft dollar, and related arrangements; and crypto asset platform agreements, trading agreements, and custody agreements. David also represents broker-dealers and investment advisers in acquisitions, restructurings, and expansions, frequently providing guidance on investment adviser changes in control and broker-dealer Materiality Consultations, Continuing Membership Applications, and New Member Applications.

As a go-to advisor on regulatory matters impacting the industry, David counsels broker-dealers, investment advisers, and other financial institutions on questions involving SEC and Financial Industry Regulatory Authority (FINRA) regulations and related state laws. This includes helping clients comply with rules involving individual registration and licensing, marketing and advertising, and supervision. He also has extensive knowledge of regulatory issues affecting trading — such as best execution, short sales, and trade reporting — and sales practices, including suitability, conflicts of interest, and Regulation BI. Clients also seek David’s counsel on internal audits and investigations, mock examinations, and SEC and FINRA inquiries, investigations, and enforcement actions.

David is a recognized authority on the application of US broker-dealer and exchange/ATS frameworks to crypto asset companies. He speaks frequently on the topic and has been quoted in numerous publications, including the Wall Street Journal. He has also advised broker-dealers and advisers on the development of SEC-compliant ESG programs, policies, and procedures.

Prior to joining Mintz, David worked at two global law firms, where he advised clients on financial regulatory and enforcement issues involving traditional and crypto assets, as well as ESG considerations. Earlier, he worked at the SEC’s Division of Investment Management and in the Market Regulation & Transparency Services Department at FINRA.

viewpoints

Read about your requirements under the CTA, which may include filing a Beneficial Ownership Information Report (BOIR) with the Financial Crimes Enforcement Network (FinCEN).

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The two letters “AI” seem to be everywhere today. But what do people actually mean when they use them, particularly in the compliance context? More importantly, aside from adding the letters “AI” into marketing decks, how do current AI-powered technologies differ from similar technologies just a few years ago, how easy is it to implement AI, and what are the real-world benefits, and risks, of using AI tech?

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Read about environmental, social, and governance (ESG) ratings, including a discussion of their utility, methodologies used to calculate them, and key takeaways for executives, financial professionals, and other market participants concerning the use of ESG scores.

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Read about the US Treasury Department’s report on how financial institutions and other industry stakeholders can prepare for and combat AI-age fraud in the latest edition of AI: The Washington Report, a joint undertaking of Mintz and ML Strategies covering potential federal legislative, executive, and regulatory activities related to AI.

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Reporting requirements under the Corporate Transparency Act (CTA) are in effect beginning January 1, 2024.  Under the CTA, many US entities will be required to provide the personal information of their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury Department.

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Read about the SEC’s warnings about “AI-washing” and stiff industry opposition to its proposed rules for conflicts of interest in the use of predictive data analytics technologies by broker-dealers and investment advisers in the latest edition of AI: The Washington Report, a joint undertaking of Mintz and ML Strategies covering potential federal legislative, executive, and regulatory activities related to AI.

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In this alert, we summarize the rules and provide a chart detailing key aspects of each rule and steps clients can take to prepare for implementation of the rules’ requirements.

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News & Press

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Member David Adams was quoted by FinOps Report in an article focused on how Europe’s pending Digital Operational Resilience Act (DORA) could impact US-based fund managers. It also addresses why US fund managers should review their third-party service relationships despite ambiguity around the rule. 

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ESG Co-chair Jacob Hupart, Member David Adams, and Associate Will McKitterick co-authored an article in Law360 discussing the evolving landscape of environmental, social, and governance (ESG) ratings. They highlight the importance of these ratings in evaluating company performance and guiding investment decisions, while also addressing methodologies and various issues.

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Member David Adams spoke to FinOps Report on the proposed AML rule from the Financial Crimes Enforcement Network (FinCEN) unit of the US Treasury, which marks the fourth attempt from FinCEN to level the playing field between fund management firms and banks and broker-dealers.

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Member David Adams spoke to The National Law Journal, sharing insights on the US Treasury Department’s warning to the financial services sector about the growing cyber threat from advanced artificial intelligence tools. David highlighted concerns over regulatory fragmentation and inconsistency across the industry on the definition of artificial intelligence.

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Member David Adams and Associates Edmund Daley and Christopher D’Aliso co-authored an article in Law360 discussing the implications of the SEC’s decision to approve bitcoin ETFs and what that means for crypto assets.

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Members Meredith Leary, David Adams, and Associate Sav Arguello co-authored an article in Law360 discussing the Financial Industry Regulatory Authority (FINRA)’s annual regulatory oversight report for 2024.
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Member David Adams spoke to the National Law Journal on the SEC’s approval of listing and trading Bitcoin exchange-traded funds in the US. He provides insights on the SEC’s decision and how it will permit retail investors to buy and sell bitcoin ETFs instead of trading on crypto exchanges.

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Mintz proudly announced the election of 13 attorneys to Members and the addition of a record-setting 22 new lateral Members in 2023, with 11 Partners in the newly opened Toronto office. This diverse group strengthens Mintz’s core areas, spanning Commercial and IP Litigation, Life Sciences, Tech, Private Equity, and Energy & Sustainability. The elevated Members and new lateral additions bring invaluable expertise to help clients navigate complex legal landscapes. 

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The National Law Journal spoke to Member David Adams about the recent US Securities and Exchange Commission (SEC) action filed against an electronic trader for allegedly failing to safeguard customer data.

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David Adams and Steve Ganis were quoted in a FinOps Report article on the SEC’s take on the use of predictive data analytics by broker-dealers when determining conflicts of interest.

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National Law Journal spoke to Members David Adams and Jacob Hupart on the SEC’s proposed Climate Rule and the rocky future facing Scope Three,  its planned requirements for public companies to disclose greenhouse emissions produced in their supply chains.

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Member David Adams was interviewed by The National Law Journal about the recent court challenge to the SEC's new rules for private funds brought by a number of different industry bodies in the US Court of Appeals for the Fifth Circuit.

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Member David Adams spoke to The National Law Journal about the recent SEC "gatekeeper" cases against fund administrators and other third parties providing services to SEC-registered advisers.

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Member David Adams spoke to The National Law Journal about the SEC's efforts to urge broker-dealers to boost their anti-money laundering programs.

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Law360 covered the arrival of Corporate Member David Adams to the firm's Washington, DC office.

WASHINGTON, D.C. – Mintz is pleased to announce that David Adams has joined the firm’s Corporate Practice as a Member in the Washington, D.C. office.

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David partners with innovators around the world to help them capitalize on emerging US legal and regulatory trends at the intersection of financial technology and US financial regulation. He is a seasoned regulatory and enforcement attorney with 20 years of experience in the financial services industry.

Recognition & Awards

  • The Legal 500 United States: Recognized for exceptional client service (2021)

  • Irving R. Kaufman Memorial Securities Law Moot Court Competition, National Championship Winner (2007)

  • Irving R. Kaufman Memorial Securities Law Moot Court Competition, Best Championship Round Oral Advocate (2007)

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David partners with innovators around the world to help them capitalize on emerging US legal and regulatory trends at the intersection of financial technology and US financial regulation. He is a seasoned regulatory and enforcement attorney with 20 years of experience in the financial services industry.

Involvement

  • Member, District of Columbia Bar Association
  • Member, New York Bar Association
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