Global law firm Greenberg Traurig, LLP expands its Financial Regulatory & Compliance capabilities with the addition of Mark D. Shaffer as a shareholder in the New York office. He joins from Bank of New York Mellon (BNYM) where he served as chief compliance officer of BNY Trust Company of Canada and BNY Mellon (Toronto Branch), and as a director in Asset Servicing, Digital, and Issuer Services (Corporate Trust and Depository Receipts) Compliance.
Shaffer advises U. S. and foreign financial institutions, broker-dealers, cryptocurrency businesses, fintech companies, and digital payment companies on a broad range of regulatory and compliance matters relating to SEC and FINRA rules and regulations, Federal Reserve and other banking regulations, and Bank Secrecy Act/anti-money laundering laws and regulations. He frequently helps clients understand how such laws and regulations apply to new technologies and innovative products.
In addition, Shaffer assists financial institutions and associated employees respond to regulatory examinations, inquiries, and enforcement proceedings. He has represented clients before the U.S. Department of Justice and regulators such as the SEC, CFTC, FinCEN, OFAC, and the New York State Department of Financial Services.
Shaffer also assists financial institutions in developing and implementing compliance programs and regulatory remediation plans, helping them stay current on material changes to laws, rules, and regulations, and helping to develop or amend policies, procedures, controls, compliance manuals, and related training.
“Mark’s combination of strong experience in financial regulatory compliance and enforcement and real-world business experience inside significant financial institutions make him uniquely qualified to provide pragmatic, business-oriented legal counsel to our clients at a time when both the government and investors are very focused on this area. He joins our practice group, growing across the United States and globally, as Greenberg Traurig strengthens and expands in the places and practices our clients will need most today and in the coming cycle,” said Richard A. Rosenbaum, Executive Chairman of Greenberg Traurig.
“With over 16 years of experience working in-house at major financial institutions across many departments and capacities, Mark brings invaluable first-hand insight into how to best serve the needs of financial clients. During his tenure at the banks, Mark handled complex compliance matters as the financial industry experienced major shifts in rules and regulations. He will be a great addition to Greenberg Traurig’s highly regarded and diversified financial regulatory practice in New York and around the globe,” said William B. Mack, co-chair of the firm’s Financial Regulatory and Compliance Practice.
The aftermath of the 2008 global financial crisis led to an overhaul of banking rules and regulations and the enactment of The Dodd-Frank Wall Street Reform and Consumer Protection Act including the Volcker Rule that resulted in greater scrutiny and stricter compliance. More recently, new products and innovative technologies have spurred renewed scrutiny. The continued evolution of the financial industry has led to an increased demand for attorneys with Shaffer’s experience to help clients understand the most current laws, regulations, and compliance requirements.
“As an in-house counsel at banks, I was incredibly impressed with the quality and breadth of legal services at Greenberg Traurig, where one point of contact could tap into the firm’s vast resources to address virtually any problem that might arise. From intellectual property issues to employment questions, there doesn’t seem to be an area in which the firm doesn’t have deep experience. I am truly excited to join this innovative, entrepreneurial, client-focused firm and grow my practice collaborating with attorneys across a fantastic diversity of skill sets and with locations at the forefront of finance, technology, and banking around the world.” Shaffer said.
Prior to his work at banks, Shaffer practiced at large law firms in Washington, D.C. and clerked for Judge Richard L. Nygaard of the United States Court of Appeals for the Third circuit.
Shaffer received his J.D., Highest Honors, from the George Washington University Law School where he served as an editor on The George Washington Law Review. He received his M.A., in History and his B.A., cum laude, both from James Madison University.
