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
Implementing AI: Practical Steps for Advisers and Broker-Dealers Deploying AI Compliance Tools Amidst Regulatory Uncertainty
June 27, 2024 | Webinar
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?
Understanding ESG Ratings: Legal Insights & Perspectives
May 20, 2024 | Advisory | By Jacob Hupart, David Adams, Will G. McKitterick, Tucker Kelsch
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.
SEC’s Enforcement Authority Over Crypto Asset Transactions Upheld (Again) in Case Against Coinbase
April 18, 2024 | Blog | By Cory S. Flashner, Steve Ganis, David Adams, Patrick E. McDonough, Edmund P. Daley, Elizabeth M. Platonova
Treasury Department Warns Financial Institutions to Prepare for AI-Age Fraud — AI: The Washington Report
April 4, 2024 | Article | By David Adams, Bruce Sokler, Raj Gambhir
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.
New for 2024: Compliance with the Corporate Transparency Act Necessary for Many Mintz Clients
February 1, 2024 | Alert | By Will Perkins, Steve Ganis, Daniel Gaquin, Daniel Guggenheim, David Adams
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.
Competing Precedent in the SDNY Suggests Continued Uncertainty for Crypto Assets in 2024
January 23, 2024 | Blog | By David Adams, Cory S. Flashner, Patrick E. McDonough, Elizabeth M. Platonova
SEC Approves Spot Bitcoin ETFs But Gensler Still Disapproves of Crypto
January 12, 2024 | Blog | By David Adams, Edmund P. Daley, Christopher D'Aliso, Frank Gerratana
SEC Chair Doubles Down on AI Conflict of Interest Rules, Warns Firms Not to “AI-Wash” — AI: The Washington Report
December 15, 2023 | Article | By David Adams, Bruce Sokler, Alexander Hecht, Christian Tamotsu Fjeld, Raj Gambhir
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.
Compliance Dates Are Set: A Roadmap for Private Fund Advisers to Start Preparing for the SEC’s New Rules for Private Fund Advisers
October 4, 2023 | Alert | By David Adams, Kari Harris, Steve Ganis, Talia S. Primor
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.
The US Securities & Exchange Commission Targets AI on Multiple Fronts — AI: The Washington Report
September 28, 2023 | Article | By David Adams
Read about the SEC’s focus on regulating the use of artificial intelligence by financial services providers 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.
News & Press
A Deep Dive Into The Evolving World Of ESG Ratings
June 11, 2024
LPs Warm Back Up To Crypto As Bitcoin Rallies
May 1, 2024
Private Fund Managers: Hello AML Compliance Officers
April 1, 2024
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.
Treasury Warns of AI's Threat to Financial Sector, Says Cyberattackers 'Outpacing' Defenses
March 28, 2024
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.
Bitcoin ETF Approval Doesn't Mean SEC Approves Of Crypto
February 13, 2024
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.
The FINRA Reports That May Foreshadow New AI Rules
February 6, 2024
SEC Approves Bitcoin Listing, Trading After Appeals Court Defeat
January 11, 2024
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.
Mintz Announces Record Member Growth in 2023
December 22, 2023
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.
SEC's Electronic-Trader Suit Warns Firms to Protect Investors' Privacy, Securities Lawyers Say
October 17, 2023
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.
SEC’s Take on Predictive Data Analytics: A Failed Prediction?
September 25, 2023
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.
SEC's Supply Chain Climate Disclosure Proposal May Be Tweaked, Securities Attorneys Say
September 18, 2023
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.
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.
SEC Increases Scrutiny Of Fund Administrators, Financial Attorneys Say Amid Settlements
August 15, 2023
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.
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.
Mintz Adds Ex-Goodwin Counsel As Member In DC
July 24, 2023
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.
2022 Brings ESG Disclosure Challenges for Asset Managers
February 3, 2022
Events & Speaking
Fad or Fundamental: The Role of Digital Assets in the Institutional Portfolio
Investment USA Conference, Reuters
New York
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)
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
