Brian Baltz is a partner in Willkie’s Asset Management Department, where he is a part of the Regulatory & Enforcement practice. Brian is based in the Firm's Washington, DC office.
Brian has significant experience with regulatory issues across broker-dealer, investment adviser and bank fiduciary businesses of financial institutions. A former Securities and Exchange Commission attorney, Brian’s practice focuses on regulatory and compliance advice to investment advisers, broker-dealers, bank fiduciaries, and municipal advisors. He regularly assists clients in developing practical approaches to address complex issues under the U.S. federal and state securities laws, OCC rules governing bank fiduciaries, and laws governing retirement account fiduciaries under ERISA and Section 4975 of the Internal Revenue Code of 1986. Brian also guides clients in seeking regulatory relief and navigating examination and enforcement matters involving federal and state regulators.
Brian regularly advises investment advisers on regulatory and compliance obligations under the Investment Advisers Act of 1940, including advisers offering wrap fee and other managed account programs and advisers to private equity funds, venture capital funds, hedge funds, and real estate funds. Brian counsels investment advisers on status issues, including exemptions for broker-dealers, private fund advisers, and family offices; fiduciary duties; conflicts of interest; disclosures; duty of care; compliance with the Marketing Rule; best execution; cross, agency cross, and principal trading issues; soft dollar arrangements; proxy voting; the use of solicitors; and custody issues.
Brian also has substantial experience advising broker-dealers on their regulatory and compliance obligations under the Securities Exchange Act of 1934 and SEC, FINRA, and MSRB rules impacting their private wealth, private client, and self-directed businesses. Brian’s experience includes broker-dealer status issues; Regulation Best Interest; Form CRS; conflicts of interest; disclosures; advertising; the distribution of investment products and investment research; trading issues; best execution obligations; SEC, FINRA, and MSRB registration and licensing; and digital engagement practices.
Brian previously served as special counsel in the SEC’s Division of Trading and Markets, both in the Office of Chief Counsel and Office of Market Supervision. While at the SEC, he played an active role in the agency’s deliberations over the standards of conduct for broker-dealers and investment advisers, which eventually led to the adoption of Regulation Best Interest and the interpretation of an investment adviser’s fiduciary duty, and the SEC’s adoption of regulations impacting municipal advisers.
Brian has significant experience with regulatory issues across broker-dealer, investment adviser and bank fiduciary businesses of financial institutions. A former Securities and Exchange Commission attorney, Brian’s practice focuses on regulatory and compliance advice to investment advisers, broker-dealers, bank fiduciaries, and municipal advisors. He regularly assists clients in developing practical approaches to address complex issues under the U.S. federal and state securities laws, OCC rules governing bank fiduciaries, and laws governing retirement account fiduciaries under ERISA and Section 4975 of the Internal Revenue Code of 1986. Brian also guides clients in seeking regulatory relief and navigating examination and enforcement matters involving federal and state regulators.
Brian regularly advises investment advisers on regulatory and compliance obligations under the Investment Advisers Act of 1940, including advisers offering wrap fee and other managed account programs and advisers to private equity funds, venture capital funds, hedge funds, and real estate funds. Brian counsels investment advisers on status issues, including exemptions for broker-dealers, private fund advisers, and family offices; fiduciary duties; conflicts of interest; disclosures; duty of care; compliance with the Marketing Rule; best execution; cross, agency cross, and principal trading issues; soft dollar arrangements; proxy voting; the use of solicitors; and custody issues.
Brian also has substantial experience advising broker-dealers on their regulatory and compliance obligations under the Securities Exchange Act of 1934 and SEC, FINRA, and MSRB rules impacting their private wealth, private client, and self-directed businesses. Brian’s experience includes broker-dealer status issues; Regulation Best Interest; Form CRS; conflicts of interest; disclosures; advertising; the distribution of investment products and investment research; trading issues; best execution obligations; SEC, FINRA, and MSRB registration and licensing; and digital engagement practices.
Brian previously served as special counsel in the SEC’s Division of Trading and Markets, both in the Office of Chief Counsel and Office of Market Supervision. While at the SEC, he played an active role in the agency’s deliberations over the standards of conduct for broker-dealers and investment advisers, which eventually led to the adoption of Regulation Best Interest and the interpretation of an investment adviser’s fiduciary duty, and the SEC’s adoption of regulations impacting municipal advisers.
Experience
Brian was most recently a partner at various global law firms in Washington, DC. Earlier in his career, Brian served as special counsel in the SEC’s Division of Trading and Markets, both in the Office of Chief Counsel and Office of Market Supervision.
- Counseled over 40 broker-dealers in establishing disclosure and compliance programs in response to the SEC’s Regulation Best Interest and Form CRS.
- Represented financial institutions on the regulatory aspects of acquiring broker-dealers and investment advisers.
- Advised independent broker-dealer in negotiating independent contractor agreements with financial advisors.
- Assisted one of the world’s premiere asset managers in launching a “robo” advisor for retirement plan participants.
- Represented a dually registered broker-dealer/investment adviser in investigation related to sales practices violations involving transfer of account assets.
- Advised large financial institution in offering investment management services through both its investment advisory and bank fiduciary businesses.
- Assisted various sponsors of private funds in navigating investment adviser compliance obligations.
- Represented a dually registered broker-dealer/investment adviser in investigation related to inactive investment advisory accounts that did not result in enforcement action.
- Guided investment advisers and private fund advisers in complying with the SEC’s Marketing Rule.
- Represented a dually registered broker-dealer/investment adviser in investigation related to the provision of forgivable loans to financial advisors that did not result in enforcement action.
- Assisted an industry trade association in receiving SEC staff no-action relief from issues raised by the European Union’s Markets in Financial Instruments Directive II (MiFID II).
* Brian advised on some of these matters prior to joining Willkie.
Credentials
Education
Vanderbilt University Law School, J.D., 2008 Iona University, MBA (with honors), 2004 Iona University, B.B.A. (cum laude), 2002
Bar Admissions
Court Admissions
United States Court of Appeals, 11th Circuit