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Russ Ryan

Senior Litigation Counsel


Russ Ryan is a nationally recognized attorney and thought leader with particular interest in the regulatory and enforcement apparatus of the Securities and Exchange Commission (SEC) and other quasi-governmental regulators overseen by the SEC, including the Public Company Accounting Oversight Board (PCAOB), the Financial Industry Regulatory Authority (FINRA), and the various securities industry self-regulatory organizations (SROs). He has decades of experience defending private citizens and businesses caught in the crosshairs of these and other financial regulators.

Russ joined NCLA from the law firm King & Spalding, where he was a partner for 15 years. He left the firm from 2015 to 2018 to serve as Senior Vice President and Deputy Chief of Enforcement at FINRA. Earlier in his career he served for two years as law clerk to a federal judge in the Eastern District of New York and for 10 years as a staff attorney and Assistant Director in the SEC’s Division of Enforcement. He also taught for several semesters as an adjunct professor at the Antonin Scalia Law School at George Mason University.

Russ is a prolific speaker and writer on financial regulation and enforcement. He has spoken at dozens of professional conferences and published scores of commentaries and academic articles, including numerous op-eds in The Wall Street JournalThe Washington PostBloombergLaw360, and elsewhere. His regular column on LinkedIn is called “On SECond Thought: Unconventional Perspectives on Securities Enforcement.”

Russ earned his undergraduate degree from Boston College and his law degree from St. John’s University School of Law, where he was an executive editor of the law review.

Not licensed in Virginia; admitted to practice in New York, the District of Columbia, and select federal jurisdictions.

SEC Must Scrutinize Auditing Watchdog Before Offering More Funds

By: Russ Ryan December 12, 2023
It’s good to be a powerful regulator that sets its own budget without much congressional oversight or a need to beg elected representatives for annual appropriations. Most Americans are feeling the squeeze of runaway inflation and stagnant wage growth, but not the bureaucrats who regulate auditors of public companies and securities brokers. The Public Company…
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Clearly Established: SEC and CFTC on Notice of Their Persistent Free-Speech Violations

By: Russ Ryan October 19, 2023
Blogs
When a judge says something is illegal, most people stop doing it and change their ways. Not so with federal agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission. In recent years, three different federal judges have told the SEC in no uncertain terms that the agency habitually violates the free…
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The Demise of the SEC’s Adjudication System

By: Russ Ryan June 9, 2023
Earlier this month on a Friday afternoon, the Securities and Exchange Commission quietly issued an extraordinary administrative order. In one fell swoop, the SEC unconditionally abandoned more than 40 enforcement cases the agency had previously spent untold staff resources prosecuting over the past decade. In essence, the agency largely shut down what I’ve previously called its “Hotel California” adjudication system.…
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