Dave Rosedahl has more than 30 years of experience in the financial markets industry, specifically in the securities regulatory area. His unique background as a former chief regulatory officer of the Pacific Exchange; managing director and general counsel for Piper Jaffray Companies; and associate general counsel and corporate secretary for the Securities Industry Association allows him to provide a balanced perspective when advising clients concerning investment and financial services issues, regulatory investigations, enforcement actions, remedial work and general inquiries.
Dave practices primarily in the areas of:
Regulatory Compliance and Enforcement
In addition to his experience as a chief regulatory officer of a national securities exchange, Dave maintains ongoing participation in securities industry activities today. He is active in the National Society of Compliance Professionals (NSCP) and has served on policy advisory committees for the New York Stock Exchange (NYSE), the National Association of Securities Dealers (NASD) [now the Financial Industry Regulatory Authority (FINRA)] and the Minnesota Commerce Department. His experience also includes leadership positions with self-regulatory organizations (SROs), such as serving as chair of the International Intermarket Surveillance Group.
Dave regularly monitors Securities Exchange Commission (SEC) and SRO changes and advises clients on developments affecting them. He has extensive experience reviewing policies and procedures from a risk management and regulatory compliance approach and assists clients in implementing recommended changes to comply with regulatory guidelines.
He assists clients involved in inquiries, formal and unannounced audits, and formal investigations brought by federal, state and SRO regulators. He also conducts internal investigations on matters ranging from "selling away" to theft.
In addition to helping clients respond to enforcement issues, Dave has extensive experience in providing firms and individuals with advice on developing and modifying compliance policies and procedures. He provides day-to-day counseling on a broad range of issues including conduct and supervision of trading in equity/debt securities, listed options and futures. He also guides firms to ensure compliance with negotiated settlements and programs mandated by regulatory changes.
Financial Markets Counseling
Hand-in-glove with his enforcement and regulatory experience, Dave has extensive knowledge in counseling investment advisers, broker-dealers, mutual funds, insurance companies and service providers.
Dave advises clients in the design, development and distribution of investment products and services; assists clients in achieving required regulatory approvals; and supports the design of appropriate compliance procedures. His knowledge of securities, futures, commodities, fixed and variable annuities, cross-border financing, market behavior and other areas surrounding the financial markets industry is invaluable to clients.
Dave also advises international agencies working with securities exchanges and financial service regulators, including the U.S. SEC Office of International Affairs, the U.S. Agency for International Development (USAID), and the Financial Services Volunteer Corps. In February 2007, Dave participated in an ongoing project sponsored by USAID, which addressed ways in which the Indian government can facilitate the modernization and growth of regulatory and operational elements of its capital raising process. Specifically, Dave was actively involved in providing the Indian government with recommendations aimed at protecting retail investors and improving the regulatory process for investment advisers. He has also worked with regulatory agencies in Colombia, Egypt and the Philippines.
Leadership accountability is as intense as ever in the financial markets industry. Dave is familiar with the legal and regulatory oversight of corporate management and governance. He understands the relationships and roles played by shareholders, management, the board of directors and regulators. Dave serves as independent counsel to boards and board committees and conducts special investigations for general counsel, audit committees, and similar clients. He served on the advisory board of a broker-dealer and investment adviser headquartered in San Francisco.
Dave has held leadership positions in self-regulatory organizations including the chair of the International Intermarket Surveillance Group. He has also been involved with the NASD, serving as chair of the District 8 Committee, and served on the nomination, state regulation and national arbitration policy committees, and as an arbitrator for the NASD. He has been active in the National Society of Compliance Professionals (NSCP), and currently serves as an NSCP board member. He has been an active participant in SIFMA’s Compliance and Legal Society, the Securities Industry and Financial Markets Association (SIFMA), the New York Stock Exchange (NYSE), the American Arbitration Association, the American Bar Association and securities advisory committees to the Minnesota Commerce Department.
In the financial markets industry, individuals and companies often find themselves in disputes. Dave’s success representing parties in broker-dealer, corporate finance, employment, customer, and trading disputes, as well as in SEC, state and SRO matters comprises a significant portion of his practice. To help parties resolve disputes, he serves as a mediator and FINRA arbitrator.
Prior to joining the Pacific Exchange in 1998, Dave was a qualified NYSE Allied Member, an NASD Registered Principal and a Registered Options Principal. He is a frequent speaker on securities matters and taught securities regulation as an adjunct professor at William Mitchell College of Law. Dave also serves as a member of the NASDAQ OMX PHLX Options Trade Review Committee.
Dave is admitted to practice in Minnesota and New York, and is a member of the Minnesota and American bar associations. Dave received his B.A. and J.D. from Columbia University. Prior to joining Briggs, Dave also practiced law with a New York law firm. He joined Briggs in 2004.