New York law

Securities & Finance Laws in New York.

Federal securities law ('33 Act, '34 Act, '40 Act) is administered by the SEC. New York has the Martin Act (GBL Article 23-A) — one of the oldest and most powerful state blue-sky statutes, enforced by the New York Attorney General. The Martin Act provides broad civil and criminal remedies for securities fraud but has NO private cause of action. The New York Department of Financial Services (DFS) regulates broker-dealers and investment advisers where applicable. New York's securities practice is dominated by federal matters at S.D.N.Y. and EDNY given NYC's role as the U.S. financial capital.