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FinTech

Advising on business-critical matters for the FinTech sector

Dechert delivers exceptional and comprehensive services, skills and advice to the FinTech industry around the globe. We have been serving clients in this industry sector for decades, which has given us a broad understanding of the competitive, technological and regulatory challenges facing companies in this rapidly-evolving business arena.

Our multidisciplinary FinTech Team comprises lawyers throughout our offices, who integrate their knowledge and experience to help clients innovate technologically, pursue market opportunities, and navigate interwoven regulatory schemes across geographies, jurisdictions and time zones.

A diverse group of clients rely on our FinTech solutions, including banks, broker-dealers, exchanges, investment managers and funds, and private equity and venture capital investors. We work extensively with alternative trading systems, high frequency and algorithmic trading firms, robo advisers, data companies and other financial services innovators.

We assist clients with a range of business-critical matters, including:

  • IP advice, protections and litigation.
  • Private equity and venture capital transactions.
  • Mergers and acquisitions, including obtaining approval from the Financial Industry Regulatory Authority (FINRA) for changes in control of broker-dealers.
  • Joint ventures, strategic alliances and outsourcings.
  • Registration as alternative trading systems and broker-dealers.
  • Compliance with regulatory requirements, including Regulation ATS, Regulation NMS and Regulation SCI and Rule 15c3-5 under the Securities Exchange Act of 1934.
  • The development and ongoing compliance issues for robo advisers.
  • The regulatory and operational compliance challenges of 24-hour trading.
  • Crowdfunding alternatives, including under the Jumpstart Our Business Startups (JOBS) Act.
  • Cybersecurity and data privacy compliance advice, analytics and litigation.
  • Governance and risk assessment advice.

Integrated resources to navigate complex global issues

Drawing on our global resources, we help to untangle the complex and sometimes conflicting laws and regulations that apply to technology development, deployment and implementation – laws and rules that profoundly affect clients that rely on proprietary and third-party software systems.

From the largest financial institutions with operations spanning many countries, to entrepreneurial companies launching their businesses in a single jurisdiction, we advise clients on measures necessary to achieve business objectives, protect their technology assets, and successfully navigate applicable regulatory requirements and regulators globally.

Experience
  • A global financial services institution in connection with the establishment of a business to provide digital credentials and authentication services. We advised on strategies for the protection of core technologies and for the commercialization of products and services. We also prepared and negotiated agreements relating to the development of the digital technologies, partnering agreements with third parties to support the exploitation and commercialization of the technology, and customer and user services agreements.
  • A global financial institution in establishing proprietary electronic platforms that provide financial data, products, research and related services worldwide. Our work included drafting and negotiating electronic trading agreements, customer licenses and terms of use, vendor hosting and support agreements. We also advised on provisioning “private label” and “white label” products and systems.
  • A U.S. start-up in its registration with the SEC as a broker-dealer and alternative trading system for U.S. treasury securities and membership in FINRA.
  • Multiple alternative trading systems regarding compliance with Regulations ATS and NMS and responses to the SEC and FINRA in connection with SEC and FINRA examinations.
  • Global financial institutions in connection with creating and/or investing in consortiums and strategic alliances involving two or more financial industry companies.
  • A consortium of leading U.S. investment banks in connection with the creation, maintenance and licensing of credit default swap (CDS) indexes. A leading mutual fund adviser on the creation of a stock index without infringing the U.S. and European IP rights of third-party indexes.
  • A leading mutual fund adviser on IP issues inherent in establishing a European-based fund that invests in derivatives which track a third-party U.S. stock index.
  • Major financial institutions in connection with the establishment of outsourcing, offshoring, licensing and servicing arrangements, including the negotiation of related agreements. We also advised on local IP protection and enforcement in the principal jurisdictions where outsourcing and offshoring are conducted.
  • A hedge fund in its complex settlement agreement with a software developer with respect to the ownership of high-frequency trading software and the underlying algorithms used to make trades using the software.
  • Interactive Brokers Group, an automated global electronic market-maker and broker that operates in more than 60 electronic exchanges and trading venues around the world, in its US$1.2 billion initial public offering. This represented the second largest IPO (at the time of issuance) in 2007. Beyond its significant size, the transaction was noteworthy because: it was conducted through a non-traditional “best efforts”/Dutch auction approach.
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