Brian Rubin is co-head of the firm’s Securities Enforcement and Regulatory Investigations practice, bringing clients more than two decades of high-level experience in federal securities law, combining deep regulatory insight with a results-driven defense practice.
As former Deputy Chief Counsel of Enforcement at NASD (now FINRA) and Senior Enforcement Counsel at the SEC, Brian offers clients a rare insider’s perspective on navigating regulatory examinations, enforcement proceedings, and internal investigations. With more than 20 years of experience in federal securities law — first prosecuting and now defending — Brian represents broker-dealers, investment advisers, asset managers, public companies, and individuals in high-stakes enforcement actions and examinations, including SEC, FINRA, and state regulatory exams and investigations.
Brian has led internal investigations that have preempted regulatory action, including a multi-agency insider trading probe that resulted in criminal convictions of non-client parties. Brian has successfully resolved more than 60 FINRA matters and secured dozens of no-action outcomes. He has also been successful in litigating against the regulators. In a landmark case involving mutual fund share classes, after a multi-week trial and appeal, both the SEC Administrative Law Judge and the full Commission found Brian’s clients — a company and its president — not liable for failing to supervise. In another appeal, he convinced the SEC to overturn a FINRA finding against two registered representatives accused of illegal private securities transactions. In a FINRA proceeding, after eight years of litigation, Brian achieved a full reversal of FINRA liability after twice appealing the case to the SEC.
A recognized thought leader, Brian is nationally known for his annual study on FINRA’s sanctions. He also co-authored the NSCP’s Firm and CCO Liability Framework and served on the CFP Board’s Adjudication Advisory Group. And he has been retained as an expert witness in FINRA arbitrations and securities litigation.
Brian advises on regulatory risk areas including share class selection, 12b-1 fees, 529 plans, cash sweep programs, cybersecurity, electronic communications, and CCO liability. He is ranked by Chambers USA, Best Lawyers in America, and Super Lawyers for his work in securities enforcement and compliance.
Latest News
- media mentionsFINRA to Firms and Individuals: You Can’t Hide from Rule 8210
- firm newsBest of NSCP Currents 2024
- firm newsPaul Atkins Nominated as SEC Chair
- After a multi-week trial and appeal, the SEC Administrative Law Judge and the full Commission found Brian’s clients — a company and its president — not liable for failing to supervise.
- After eight years of litigation, including a FINRA trial, two FINRA appeals, and two SEC appeals, Brian achieved a significant victory when the SEC set aside FINRA’s finding of liability against a registered representative accused of unethical conduct and violating firm procedures.
- A broker-dealer and its affiliated insurance company were investigated for three years by federal and state regulators and the US House of Representatives Committee on Education and Labor for revenue sharing and marketing payments. All investigations were closed after extensive production, briefings, meetings, interviews, and negotiations.
Brian Rubin is a frequent presenter at industry conferences and webinars, sharing practical compliance insights, regulatory analysis, and enforcement trends. For example, he presents monthly at NSCP’s Broker-Dealer Forum, providing updates on regulatory issues, enforcement trends, and best practices, including analysis of recent SEC, FINRA and state enforcement actions.
Additionally, as a featured speaker in Smarsh Regulatory Quarterly Update webinars, Brian delivers timely updates on SEC, FINRA, and state priorities, enforcement actions, and emerging risks. He collaborates with Eversheds Sutherland colleagues and counsel from Smarsh to offer actionable guidance for financial services firms.
Analysis of Trends and Forecasts
- The Election and a Second Trump Administration: Implications for the SEC and Regulated Entities | Eversheds Sutherland Webinar (November 19, 2024)
- NSCP Annual Conference, General Session - Keynote Panel: Regulatory Enforcement Priorities | NSCP Annual Conference (October 29, 2024)
- 2023 Regulatory Roundup | Smarsh 2023 Regulatory Roundup Webinar (December 12, 2023)
- 2022 Regulatory Roundup and the Year Ahead: Off-Channel Communications, Supervisory Failures, and Digital Communications | Smarsh Webinars (December 13, 2022)
- Enforcement 2020: Highlights from a Regulatory Year Like No Other | Smarsh Webinar (December 17, 2020)
- FINRA Enforcement Trends for 2020 | Global Relay (June 10, 2020)
- Broker-Dealer Enforcement Issues | National Society of Compliance Professionals (NSCP) (2018-2020)
- Getting Down to Business: Recent Enforcement Action in IBD Supervision & What They Mean for Business | FSI Supervision Workshop (May 13, 2019)
- FINRA, SEC and State Securities Enforcement Trends
CCO Liability
- NSCP Currents Live: How to Avoid CCO Liability | Webinar (January 24, 2024)
- Revisiting CCO Liability and the NSCP Framework | Compliance in Context Podcast (January 7, 2024)
- Managing CCO Liability in Uncertain Times | NSCP National Conference (October 17, 2022)
- Chief Compliance Officer Liability Framework | American Counsel of Life Insurers Compliance & Legal Annual Meeting 2022 (July 12, 2022)
- Understanding the NSCP Firm & CCO Liability Framework | RegEd Webinar (March 31, 2022)
- NSCP Firm and CCO Liability Framework | NSCP Webinar (January 31, 2022)
Compliance Strategy and Risk
- Compliance Risk Management Frameworks | SIFMA C&L Annual Seminar (March 18, 2024)
- Regulatory Enforcement and Regulatory Resources | 2023 First Clearing Compliance & Risk Management Forum (April 20, 2023)
- Individual accountability in financial services: The latest trends in the UK and US and what individuals need to do | Eversheds Sutherland Global Webinar (January 24, 2023)
- Branch Audit Compliance, Enforcement Trends, Regulatory Developments and Best Practices in a Pandemic World | RegEd (September 16, 2020)
- Reps Gone Wild: How firms woulda, coulda, shoulda tamed them | First Clearing 2019 Compliance and Risk Management Forum (April 24, 2019)
Examination and Enforcement Priorities
- SEC Exam/Enforcement Seminar | Eversheds Sutherland Webinar (May 31, 2024)
- FINRA’s 2021 Examination and Risk Monitoring Program Report | RegEd Webinar (February 25, 2021)
- SEC Exams and Investigations of Cash Sweep Programs | Eversheds Sutherland Webinar (December 19, 2019)
- SEC and FINRA Examination and Enforcement Priorities | Insured Retirement Institute ACTION18 (May 11, 2018)
- SEC/OCIE Enforcement Hot Topics for Advisors | Financial Markets Association’s 27th Annual Securities Compliance Seminar (April 19, 2018)
- Joint Compliance and Due Diligence Track: Regulatory Update and Exam Focus | Financial Services Institute OneVoice 2018 (January 30, 2018)
FINRA Disciplinary Actions
- Analysis of FINRA Disciplinary Actions 2020-21 | Securities Industry and Financial Markets Association (SIFMA) Compliance and Regulatory Policy Committee (May 24, 2021)
- Annual Analysis of FINRA Disciplinary Actions Shows Surge in Enforcement Activity | Smarsh Webinar (April 22, 2021)
- FINRA Enforcement Actions: 2019 and Beyond
- FINRA’s Sanctions in 2018 | First Clearing Symposium (May 23, 2019)
- 2018 FINRA Disciplinary Actions and Enforcement Trends for 2019 | SIFMA (April 29, 2019)
- Smarsh Compliance Webinar: Top FINRA Enforcement Issues and Trends of 2018 | Smarsh (April 25, 2019)
- FSI Webcast: FINRA disciplinary actions - 2018 and beyond | Financial Services Institute (FSI) (April 18, 2019)
- 2018 FINRA Disciplinary Actions and Enforcement Trends for 2019 | National Society of Compliance Professionals (April 5, 2019)
- FINRA’s Enforcement Trends in 2018 | SIFMA General Counsels’ Committee Meeting (December 5, 2018)
- Smarsh Webinar: Top FINRA Enforcement Issues and Trends of 2017 | Smarsh (April 26, 2018)
- “Howey” Doing in the World of Securities Regulation? Rulemaking, Examination, Enforcement, and Litigation Developments and Priorities | IRI ACTION19 (May 17, 2019)
- U.S. and World-Wide Securities Regulatory Update | SIFMA Compliance and Regulatory Policy Committee (June 25, 2018)
Industry Leadership
- SEC Commissioners
- FINRA CEO
- Securities General Counsel Panel, moderator with SEC and FINRA General Counsels, MSRB Chief Regulatory Officer, and CFTC Enforcement Director| Financial Markets Association’s 31st Annual Legal & Legislative Conference (November 3, 2022)
Investment Adviser Regulation
- Advisers Act Regulatory Series: 2019 Fourth Quarter Update | Eversheds Sutherland (December 12, 2019)
- The SEC’s Share Class Selection Disclosure (SCSD) Initiative and Regulation by Enforcement | Federalist Society Teleforum (September 13, 2019)
- SEC Enforcement, Investigations and Actions Related to Share Class and Revenue Share Disclosures | RegEd (January 4, 2019)
- SEC Enforcement Begins Inquiries on 12b-1 Fees and Revenue Sharing Arrangements | Investment Adviser Association (IAA) (December 17, 2018)
- Recent Developments in the SEC’s Share Class Self Disclosure Initiative & Enforcement Efforts | Financial Services Institute (December 13, 2018)
- Advisers Act Regulatory Series: 2018 Third Quarter Update | Eversheds Sutherland Webinar (September 13, 2018)
- Webcast: SEC Share Class Selection Disclosure Initiative
Regulation Best Interest (Reg BI)
- Reg BI Case Studies | InverstorCOM Webinar (December 15, 2022)
- Regulation Best Interest Case Studies | In-house program (October 25, 2022)
- Regulation Best Interest - Enforcement and Litigation Risks | Envestnet (November 20, 2019)
- Regulation Best Interest, Form CRS and Interpretive Guidance under the Advisers Act | Envestnet (September 25, 2019)
- RegEd Webcast: SEC Regulation Best Interest: What You Need to Know | RegEd (August 22, 2019)
- NSCP Webcast: Reg BI: What Does it Mean for Compliance? | National Society of Compliance Professionals (NSCP) (June 28, 2019)
Standards of Conduct
- The CFP Board’s new standards of conduct - important considerations for broker-dealers and investment advisers | Eversheds Sutherland (July 24, 2019)
- FSI Webcast: The SEC’s New Standard of Conduct Rules - Important Considerations for Independent Financial Services Firms | Financial Services Institute (July 18, 2019)
- Dual registrants roundtable: Working through the SEC’s new standard of conduct rules | Eversheds Sutherland Event (June 27, 2019)
- The SEC’s Proposed Standard of Conduct Rules and Forms for Broker-Dealers and Investment Advisers |
Other Topics
- SEC Marketing Rule: Opportunities and Obligations | FSI’s OneVoice Conference (January 24, 2023)
- Update on Technology and Electronic Communications | Smarsh Governance Roundtable (October 14, 2021)
- WORM Compliance | In-house Risk Management Committee (October 13, 2021)
- Recruiting Issues | NSCP (July 27, 2020)
- Compliance Track: OBAs, DBAs and Legal Entities: What are the Differences? | Financial Services Institute OneVoice 2020 (January 28, 2020)
- Navigating the Complexities of Insider Trading | In-House Training Program (June 9, 2025)
- Insider Trading: The Basics and Current State of the Law | In-House Training Program (June 20, 2019)
- The Changing Role of RegTech and its Impact on Compliance Professionals | SmarshCONNECT Annual Conference 2019 (June 6, 2019)
- Evolution of Privacy, Cybersecurity and Data Protection Regulation | RegEd Compliance Alliance 2019 (April 9, 2019)
- 529 Self-Reporting Initiative Symposium Webinar | First Clearing (February 21, 2019)
- Fact or fiction: blockchain technology in the financial services industry | Eversheds Sutherland (June 27, 2018)
- Spotlight on Cybersecurity: Medium Firms | IAA Investment Adviser Compliance Conference 2018 (March 15, 2018)
- Recognized by Chambers USA: Guide to Leading Business Lawyers in the area of financial services regulation: broker-dealer (enforcement) (2017-2025) and in the area of securities regulation enforcement (2021-2025); comments included “Brian Rubin is what happens when legal awesomeness and securities law expertise meets cultural zeitgeist” and “Brian has a very good bedside manner. He has a really deep understanding of case law and helps clients to frame and understand their issues.”
- Named to The Best Lawyers in America in the areas of litigation – securities (2012-2025), securities regulation (2012-2025), and securities law (2008-2011)
- Selected by Securities Docket as a member of the “Enforcement Elite,” which honors the top practitioners in this highly specialized area of law (2024)
- Recognized by The Legal 500 United States in the areas of financial services regulation (2018-2020, 2023, 2025) and general commercial disputes (2020-2021)
Industry Engagement
- National Society of Compliance Professionals
- Member, Regulatory Advisory Committee
- Member, Publications Committee
- Former Member, Board of Directors
- Member, Board of Advisors, Securities and Exchange Commission Historical Society
- Fellow, American Bar Foundation
- Fellow, Litigation Counsel of America
- Member, Editorial Board, Journal of Securities Law, Regulation & Compliance
- Member, Editorial Board, Journal of Investment Compliance
- Member, Editorial Advisory Board, Practical Compliance and Risk Management for the Securities Industry
- Former Member, 2010 Editorial Advisory Board, Securities Law360
- Former Member, Board of Advisors, Bloomberg BNA’s Securities Regulation & Law Report
Community Involvement
- Member, Advisory Committee, Kids in Need of Defense (KIND)
- Former Member, Board of Directors, Kids Enjoy Exercise Now (K.E.E.N.) Foundation, Inc.
- Former Member, Board of Directors of SEEC Corporation
- District of Columbia
- Court of Appeals of District of Columbia
- J.D., Duke University School of Law,
Vice Chair, Moot Court Board
First Place Team, Craven Cup National Moot Court Competition - M.A., Duke University
- B.S., cum laude, The Wharton School of the University of Pennsylvania
- Recognized by LexisNexus for “FINRA Enforcement Trends: Atypical Chief Compliance Officer (CCO) Discipline” (lexis.com), April 2024
- Law360 Distinguished Legal Writing Award, presented at the 2023 Burton Awards for Legal Achievement for co-authoring “A Tale of Two Enforcement Actions Against Compliance Officers: An analysis applying the NSCP Firm and CCO Liability Framework,” published by NSCP Currents (2023)
- Best of NSCP Currents 2021 Award for “Inconceivable: The Princess Bride Fences with SEC and FINRA Enforcement Matters.”
- Author of the Year, NSCP Currents 2020 for “contributions [that] go above and beyond and whose content elevates the industry, our members, and the National Society of Compliance Professionals”
- Best of NSCP Currents 2020 Award for “The Show, er, um, Article About Nothing (other than SEC, CFTC, FINRA, and State Securities Enforcement Actions in August 2020)”
- Law360 Distinguished Legal Writing Award, presented at the 2019 Burton Awards for Legal Achievement for co-authoring “When Precedent Doesn’t Really Stand for That Proposition: FINRA’s Suitability Rule and the Meaning of ‘Best Interest,’” published in December 2018 by Bloomberg Law (2019)
- Burton Award for Legal Achievement for co-authoring “The House That the Regulators Built: An Analysis of Whether Respondents Should Litigate Against NASD,” published in the May 2005 issue of BNA’s Securities Regulation & Litigation Report (2006)