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Kate Stoddard
Director of Practice Development
cstoddard@kelleydrye.com
Phone: (212) 808-5030

SNL Financial Quotes Partner Brian J. Calvey on Broker/Dealer Consolidations

April 11, 2012

The SNL Financial article, "Financial Services M&A Set to Accelerate as Environment Brightens" reviewed how a rising equity market and the improving economy could affect transactions in the financial services industry. It covered securities and investments, specialty finance and financial technology, also considering new regulations.

The article stated: "Consolidation within the broker/dealer space should continue and may even accelerate throughout the rest of the year, according to Kelley Drye & Warren LLP partner Brian Calvey. Independent brokerages are dealing with increased compliance costs as a result of new Dodd-Frank and FINRA rules and IRS cost-basis reporting requirements, he explained."

"'Although FINRA has postponed the effective date of Rule 2111 until July in response to industry requests and the SEC seems to be proceeding fairly deliberately with the fiduciary standard requirements, all of these factors are adding to the pressure on independent broker/dealers to consolidate to help meet the increased compliance costs they will entail,'" said Mr. Calvey.

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