Margaret R.Blake (Peggy)

Of Counsel

Washington + 1.202.879.3837

Peggy Blake advises U.S. and international financial entities on the application of U.S. securities laws to their activities, with emphasis on the areas of trading and markets.

Peggy advises market participants, including registered broker-dealers and non-U.S. financial service providers, on compliance issues and applicable rules under the Securities Exchange Act of 1934, as well as rules of the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange (NYSE), the Municipal Securities Rulemaking Board (MSRB), and other self-regulatory organizations. She assists clients with all aspects of broker-dealer registration and continuing membership processes, materiality consultations, no-action requests, and general regulatory and compliance issues. Peggy responds to regulatory and enforcement inquiries, conducts internal audits, and drafts written supervisory procedures. She advises on structuring broker-dealer mergers, acquisitions, joint ventures, and withdrawals from brokerage businesses and has represented clients before the National Adjudicatory Council to overcome statutory disqualification status.

Prior to joining Jones Day, Peggy spent four years as associate general counsel with the MSRB, where she was responsible for rulemaking, regulatory policy, and legal projects related to market price transparency, trade reporting, and uniform practice rules related to the municipal securities market. Peggy started her career at the U.S. Securities and Exchange Commission in the Division of Market Regulation (now, Trading and Markets). She also previously worked in the Washington offices of several international law firms, where she advised on various aspects of U.S. securities laws.

Experience

  • Wells Fargo obtains dismissal of antitrust claims arising from trading of odd-lots of corporate bondsJones Day’s client, several Wells Fargo Bank, National Association affiliates, obtained dismissal of a putative antitrust class action alleging that more than a dozen horizontal competitors conspired to restrain the trade of odd-lots of corporate bonds in the secondary market.
  • ClearList LLC registers as broker-dealer with FINRA and files as ATS with SECJones Day advised ClearList Holdings LLC and its subsidiary, ClearList LLC, regarding the filing of ClearList LLC's new member application with the Financial Industry Regulatory Authority to become a registered broker-dealer, and the filing of a Form ATS with the SEC to create an alternative trading system for the secondary trading of private securities.
  • ClearList Securities LLC registers as broker-dealer with FINRAJones Day advised ClearList Holdings LLC and its subsidiary, ClearList Securities LLC, regarding the filing of ClearList Securities LLC's new member application with the Financial Industry Regulatory Authority to become a registered broker-dealer.
  • SIFMA requests review of SEC's order granting temporary conditional exemption from broker registration requirements of Section 15(a) of Securities Exchange Act of 1934 for certain activities of registered municipal advisorsJones Day is representing the Securities Industry and Financial Markets Association (SIFMA) in its petition for review of the Securities and Exchange Commission's Order Granting Temporary Conditional Exemption from the Broker Registration Requirements of Section 15(a) of the Securities Exchange Act of 1934 for Certain Activities of Registered Municipal Advisors (TCE).
  • USI Insurance Services acquires Chapman & ChapmanJones Day advised USI Insurance Services in its acquisition of Cleveland, Ohio-based Chapman & Chapman, Inc., a regional employee benefit and retirement consulting firm.
  • SIFMA submits comment letters regarding SEC's notice of proposed exemptive order granting conditional exemption from broker registration requirements of Section 15(a) of Securities Exchange Act of 1934Jones Day advised SIFMA in the preparation of two comment letters setting forth SIFMA's views regarding the SEC's notice of proposed exemptive order granting a conditional exemption from the broker registration requirements of Section 15(a) of the Securities Exchange Act of 1934 for certain activities of registered municipal advisors.
  • Corporate trustees seek advice relating to LIBOR transitionJones Day is advising two U.S.-based corporate trustees with respect to portfolios impacted by LIBOR transition and COFI cessation, including conducting portfolio-wide risk impact assessments, analyzing various consumer products, and developing litigation contingency plans.