Linda Lerner

Senior Counsel
New York
Phone: +1 212.803.4073
590 Madison Avenue, 20th Floor
New York, NY 10022-2544

Linda Lerner is a senior counsel in the Financial Services, and White Collar & Regulatory Enforcement and Corporate groups in Crowell & Moring's New York office. She has extensive experience with regulatory and compliance issues relating to public and private sales of securities; tokenized securities; broker-dealer formation, operations, and reporting requirements; ECN and ATS formation, registration, and operation, including non-custodial solutions for ATSs dealing with digital assets; advertising and sales material; market making; electronic trading; SRO new and continuing membership applications; municipal advisor registration; and market structure issues. She has extensive experience with privacy and cybersecurity issues affecting financial institutions and advises clients and writes and lectures frequently on offering and trading tokenized securities, finders, implications of cybersecurity-related rules and regulatory guidance for broker-dealers, investment advisers and swaps and derivatives participants, and third-party vendor solutions.

Linda is a member of Nasdaq's National Review Council and Market Operations Review Committee and served on FINRA's e-Brokerage Committee. Linda is the facilitator for the Midtown Regulatory Group, a group of over 800 senior compliance and legal officers from brokerage firms located throughout the United States that meets monthly to discuss regulatory issues. She works closely with senior regulatory officials on rule development and interpretation in a variety of areas. She is the founding chair of the ABA Task Force on Offering and Trading of Tokenized Securities. Linda is a leader in the M&A Broker space as the Chair of the ABA Task Force on Private Placement Brokers and one of the six lawyers who crafted and obtained a No-Action Letter from the Securities and Exchange Commission (SEC)—the M&A Brokers Letter. Also known as the “Six-Lawyers Letter,” it allows M&A brokers to receive transaction-based compensation without registering as brokers with the SEC. She also drafted regulations for “finders” that were submitted to the SEC. Linda regularly counsels M&A Broker clients. 

Linda speaks frequently on regulatory and compliance issues and has participated as a panelist for a New York City Bar Association presentation on Ethics of Bitcoin and ICOs Enforcement; the International Law Discovery and Disclosure Group Conference on Tax Havens, Money Laundering and Compliance Risks, "Preventing AML Breaches Through Effective Compliance;" SIFMA-CL Annual Compliance Conference, "Compliance Issues for Small and Regional Firms;" National Society of Compliance Professionals Annual Conference, "ABCs of Electronic Brokerage;" ALI-ABA Conference on FINRA/SEC Compliance and Enforcement, "Broker-Dealer and Investment Adviser Regulation of Hedge Funds;" and International Centre for Dispute Resolution, "Compliance Issues for Small and Regional Firms."

Prior to joining Crowell in 2011, Linda spent seven years at Debevoise & Plimpton as broker-dealer regulatory counsel. Linda also served for 12 years as General Counsel at Domestic Securities, Inc., a registered broker-dealer, where she focused on a wide range of broker-dealer regulatory and compliance issues. During this time, she served on several NASD and Nasdaq committees, including the Membership Application Review Committee, the Market Operations Review Committee and the Trading Rules Subcommittee of the Quality of Markets Committee, and was a frequent lecturer on regulatory and market structure matters. Before joining Domestic Securities, she spent 15 years in private practice, working as an associate and a partner at New York law firms.

Linda received her J.D., magna cum laude, graduating first in her class from Brooklyn Law School, and was the Recent Decisions Editor of the Brooklyn Law Review. She received her M.S. in Social Work from Columbia University and her B.A. from Brandeis University. She was admitted to the bar in New York in 1977 and is admitted to appear before the U.S. Court of Appeals for the District of Columbia Circuit and the U.S. District Court for the Southern District of New York.


Admitted to practice: New York, U.S. Court of Appeals for the District of Columbia Circuit, U.S. District Court for the Southern District of New York

Professional Affiliations

  • American Bar Association (including the Task Force on Private Placement Brokers)
  • New York State Bar Association
  • Securities Industry and Financial Markets Association (Legal and Compliance Division)
  • Midtown Regulatory Group
  • Financial Women's Association of New York (Director)
  • Nasdaq (National Review Council; Market Operations Review Committee)

Judicial Clerkships

Student law clerk to the Honorable Orrin Judd, U.S. District Court for the Eastern District of New York

Highlights, News & Knowledge

Speeches & Presentations

  • "The Law and the Future of Cryptocurrency," 43rd Global Legal & GDPR ConfEx, New York, NY (June 21, 2018). Panelist: Linda Lerner.
  • "STX Operations: Cybersecurity and Identity: What is an Exchange?" Security Token Academy’s Security Token Summit, New York, NY (June 11, 2018). Panelist: Linda Lerner.
  • "Inside Secrets to the SEC & FINRA," StartEngine ICO 2.0 Summit, Santa Monica, CA (April 20, 2018). Panelist: Linda Lerner.
  • "Networking Skills for Women," FWA Pacesetters Program, New York, NY (May 4, 2017). Moderator: Linda Lerner; Panelist: Preetha Chakrabarti.
  • "Cybersecurity, Privacy Risk Management, and Incident Response: A Private Sector Approach," Investment Adviser Association - Fall Compliance Workshop, Philadelphia, PA (October 4, 2016). Presenter: Linda Lerner.
  • "CFTC and NFA Cybersecurity Landscape," DC Bar, Washington, DC (May 26, 2016). Panelist: Linda Lerner.
  • "Issues, Advice, and Ethical Matters When Advising Financial Services Compliance Personnel,"New York County Lawyers' Association's 2015 Securities Litigation & Regulatory Enforcement Conference: Insights for the Financial Services Attorney (April 23, 2015). Moderator and panelist: Linda Lerner.
  • "SEC No-Action Letter: How it Applies to M&A Brokers," Crowell & Moring Webinar (March 25, 2014). Presenter: Linda Lerner.
  • "Fund Sales: Must the Broker Be Register?" ALI CLE Webinar (August 15, 2013). Panelist: Linda Lerner.
  • "Regulatory Update: FINRA's New Communications Rules," Webinar (October 17, 2012). Presenter: Linda Lerner.
  • "A Conversation with Richard Ketchum: Compliance, Risk Management and the Bottom Line – How Do They Co-Exist?" (October 4, 2012). Interviewer: Linda Lerner.
  • "Dodd Frank Impact on Other Financial Services: Investment Advisers, Broker Dealers, and Derivatives," (November 17, 2011). Panelist: Linda Lerner.
  • Financial Regulatory Reform Conference (July 8, 2011). Panelist: Linda Lerner.
  • "Implications for Investment Advisers and Broker-Dealers and Expanded Corporate Governance and Compensation Regulation," (July 8, 2011). Panelist: Linda Lerner.
  • "The Dodd-Frank Wall Street Reform and Consumer Protection Act: Game Changer? Impact on Other Financial Services: Investment Advisors, Broker-Dealers, and Derivatives," (November 17, 2010). Panelist: Linda Lerner.


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In the News

Firm News & Announcements

Nov.05.2019 Global Investigations Review Names Crowell & Moring’s White Collar & Regulatory Enforcement Group to “GIR 100” Fifth Year in a Row
Sep.20.2017 DEAL NOTE: Crowell & Moring Represents KeyStone Solutions Inc. in Merger with Brekford Traffic Safety Inc.
Oct.16.2015 Crowell & Moring Named a Top Arbitration Firm in Latin America by Latinvex
Oct.08.2014 Crowell & Moring's Linda Lerner and Eden Rohrer Co-Author Bloomberg BNA Portfolio on Broker-Dealer Registration
Jan.04.2012 Crowell & Moring Boosts New York Office with Addition of Two Broker-Dealer Partners