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
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.
Expansive SEC Predictive Data Proposal Surprises Broker-Dealers, Advisers & Technology Providers
August 10, 2023 | Alert | By David Adams, Steve Ganis, Kari Harris, Pete Michaels , Talia S. Primor
Read about recently proposed SEC rules for conflicts of interest in the use of predictive data analytics or similar technologies by broker-dealers and investment advisers.
Judge Rakoff puts the Ripple Party on Ice as the Crypto Community and SEC Ponder their Next Moves
August 7, 2023 | Blog | By Cory S. Flashner, David Adams, Edmund P. Daley, Patrick E. McDonough
Just barely two weeks ago, we wrote about the half-victory for Ripple Labs in its ongoing litigation with the Securities and Exchange Commission (“SEC”), in which Judge Analisa Torres granted partial summary judgment in favor of Ripple on the issue of whether certain sales of Ripple’s XRP cryptocurrency tokens were “securities” under the federal securities laws. Some in the crypto industry interpreted her ruling to mean that secondary transactions in crypto assets on centralized and decentralized crypto exchanges were not transactions in “securities,” even though Judge Torres expressly declined to address the secondary trading issue. Fast forward to today, and a new ruling out of the SDNY against Terraform Labs casts further doubt on this interpretation.
SEC Moves Quickly On Its 55-Part Rulemaking Agenda
July 27, 2023 | Alert | By David Adams, Steve Ganis, Kari Harris, Pete Michaels , Talia S. Primor
Read about two new SEC rule proposals that would impact investment advisers and funds and SEC rulemakings in the works that would affect investment advisers or broker-dealers.
News & Press
Time for US-Based Fund Managers to Join DORA Bandwagon
September 19, 2024
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.
A Deep Dive Into The Evolving World Of ESG Ratings
June 11, 2024
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.
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
Recent Insights
Energy & Sustainability Compliance with the Corporate Transparency Act — October 2024
October 1, 2024| Article|
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.
