Howard L. Kramer

Partner

Howard L. Kramer leads Schiff Hardin's Securities and Futures Regulation group. He concentrates his practice in securities regulatory law, particularly broker-dealer, market structure, and self-regulatory organization matters. He focuses on:

• Trading rules
• Derivatives
• Alternative trading systems
• Hedge funds
• Broker-dealer regulatory and compliance issues
• Regulatory investigations
• Broker-dealer acquisitions

His clients have included major, full-service securities firms, equity and options market making desks, securities and derivatives markets, electronic and Internet-based trading systems, and hedge funds.

He is regularly quoted in the media regarding developments in securities legislation and regulation.

Publications

"Fraud in Markup: An Unusual SEC Decision," The Review of Securities & Commodities Regulation (September 3, 2008)

"Key Components of an Effective Compliance Program for Broker-Dealers Deemed Trading Centres Under Regulation NMS," Journal of Securities Compliance (October 2007)

Speeches and Presentations

Mr. Kramer also has appeared on congressional panels and frequently speaks at industry seminars and programs, appearing on panels at Securities Industry Association (SIFMA), Investment Company Institute, American Law Institute/ American Bar Association (ALI-ABA), and other industry conferences.

Previous Experience

Mr. Kramer joined Schiff Hardin in 1998 from the Securities and Exchange Commission (SEC). A long-time staff member of the SEC's Division of Market Regulation (now the Division of Trading and Markets), he was Senior Associate Director and Associate Director of the Division from 1993 to 1998.

In that position, he was responsible for oversight and regulation of the securities markets generally, including stock and options exchanges, Nasdaq, and debt markets, and the formulation and implementation of the SEC's national market system and other market structure programs.

He played a leading role in developing SEC policy with respect to derivative products generally, including both listed and over-the-counter (OTC). He also represented the Commission at securities markets conferences and in domestic and international discussions with securities industry representatives, self-regulatory organization officials and staff, and government officials and staff here and abroad.

Before being appointed Senior Associate Director, Mr. Kramer served in numerous other positions in his distinguished 16-year SEC career. These included:

• Senior Special Counsel (1991-1993)
• Assistant Director for Options and Exchanges (1986-1991)
• Chief, Branch of Options (1984-1986)
• Staff Attorney, Branch of Over-the-Counter Regulation (1981-1983)

Awards and Honors

Securities and Exchange Commission Presidential Rank Award for Meritorious Service

Securities and Exchange Commission Distinguished Service Award

Securities and Exchange Commission Capital Markets Award

Securities and Exchange Commission Supervisory Excellence Award

AV Peer Review Rated, Martindale-Hubbell

Education