About this Resource Center

What this site is

This Resource Center provides organized, citation-backed explanations of how United States financial markets are regulated. Coverage is organized around six foundations: market regulation (the regulators and their statutory mandates), trading conduct and supervision (the rules governing market participants), disputes and enforcement (how violations are addressed), expert witness practice (the role of subject-matter experts in litigation and arbitration), whistleblower programs (the federal programs that incentivize and protect those who report financial-markets violations), and futures, FX and trading conduct (the conduct and dispute framework specific to derivatives and foreign-exchange markets).

The intended audience is mixed. Practicing attorneys handling matters outside their usual subject area may use the Foundations as a starting point for research. Market participants — broker-dealers, futures commission merchants, investment advisers, registered representatives, and associated persons — may use the site to understand the regulatory framework that governs their conduct. Compliance professionals may use it as a quick reference. Members of the public considering whether to pursue a regulatory complaint, arbitration claim, or whistleblower disclosure may use it to understand the basic framework before consulting counsel.

The site is not a substitute for legal advice. It is a reference, not a representation engagement. The Contact page describes how to reach the firm if you have a specific matter.

Editorial approach

Every substantive claim on this site is anchored to a primary source. Where the law is statutory, the citation is to the U.S. Code or the relevant public act. Where the law is regulatory, the citation is to the Code of Federal Regulations or the relevant self-regulatory organization’s rulebook — FINRA Rules, NFA Compliance Rules, SEC Rules under the Exchange Act and Investment Advisers Act, CFTC Regulations under the Commodity Exchange Act. Where the law is judicial, the citation is to the case as reported. Where an interpretation comes from a regulator’s release, no-action letter, or enforcement decision, the source is cited and dated.

The site avoids secondary characterizations dressed as authority. It does not summarize a case from a treatise or a news article and present the summary as the law. Where a doctrine is contested, the disagreement is stated. Where a court or regulator has recently changed the law, the change is noted with its date.

Content is reviewed and updated periodically as significant legal developments warrant. Material changes are reflected on the affected page; time-sensitive content — particularly enforcement priorities, current rulemakings, and recent court decisions — is dated where appropriate. Because law and regulation evolve and individual matters turn on their facts, readers should verify the current state of the law or consult counsel before relying on any specific statement here.

G. Dowd Law LLC

G. Dowd Law LLC is a Chicago-based law firm focused on financial-markets matters: securities and commodities regulation, broker-dealer and futures disputes, SRO arbitration before FINRA Dispute Resolution Services and the National Futures Association, whistleblower representation across the SEC, CFTC, FinCEN, and DOJ Criminal Division programs, and expert-witness engagements in domestic and international tribunals. The firm represents both registered industry participants — broker-dealers, futures commission merchants, registered representatives, associated persons — and customers in disputes with such firms. The firm also accepts expert-witness engagements in matters involving financial-markets industry custom, suitability, supervision, damages, and market structure.

This Resource Center is maintained as a service to the financial-markets community. It is not a marketing vehicle: there are no calls to action embedded in substantive content, no claims of past results outside the contexts disclosure rules require, and no promises about future outcomes. The firm’s general information page is at gdowd.law.

About George Dowd

George Dowd is the principal of G. Dowd Law LLC and the editor of this Resource Center. He has more than twenty-five years of experience in financial-markets law. His industry-side background includes senior roles at major banks, commodity trading advisors, and futures commission merchants. His current practice areas include broker-dealer and futures commission merchant regulation, SRO arbitration before FINRA and the NFA, expert-witness engagements in domestic and international tribunals, whistleblower representation across the SEC, CFTC, FinCEN, and DOJ Criminal Division programs, and customer-side claims involving suitability, churning, unauthorized trading, and breach of fiduciary duty.

• Admitted to practice law in the State of Illinois
• Served as expert witness in arbitrations before FINRA Dispute Resolution Services and the National Futures Association
• Served as expert witness in proceedings before the London Court of International Arbitration (LCIA) and the Federal Court of Australia
• Represents whistleblowers in submissions to the SEC, CFTC, FinCEN, and the DOJ Criminal Division Corporate Whistleblower Awards Pilot Program
• Regularly publishes on financial-markets regulatory developments

The firm’s full biographical and credentials page is at gdowd.law/about.

Important limitations

This Resource Center is informational. Nothing on this site constitutes legal advice. Reading the site does not create an attorney-client relationship with G. Dowd Law LLC or with George Dowd. The site is not directed to, and may not be relied upon by, any person in any jurisdiction where the publication or distribution of the site would be contrary to applicable law.

George Dowd is licensed to practice law in the State of Illinois only. Matters that involve the laws of other jurisdictions are handled through association with co-counsel licensed in those jurisdictions, or through other arrangements appropriate to the matter. Engagement of the firm is subject to conflict and intake review, and is established only by a written engagement letter signed by both the client and the firm.

How to get in touch

To reach G. Dowd Law LLC regarding a specific matter, see the Contact page for direct email, phone, and consultation scheduling. For general comments on the Resource Center — corrections, missing topics, errors of citation — the same channels apply.