Andrew S. May

Andrew May is a seasoned securities and commodities attorney. Leveraging insights gained through decades of experience, Andrew represents individuals and entities and helps them navigate complex compliance issues, regulatory and exchange enforcement actions, and customer disputes. He prides himself on being a true counselor to his clients—focusing on understanding their unique operations, concerns, and challenges as much as he does the laws and regulations governing their operations.

Having served futures and securities industry participants for over 20 years, Andrew handles a wide range of legal issues faced daily by futures commission merchants (FCMs), introducing brokers, commodity pool operations (CPOs), commodity trading advisors (CTAs), floor brokers, and propriety traders. He also defends the interests of proprietary trading firms, registered investment advisers (RIAs), clearing and retail broker-dealers (BDs), registered representatives (RRs), and hedge funds and their operators.

Andrew also has extensive experience in enforcement actions, examinations, and investigations involving the following:

• Commodity Futures Trading Commission (CFTC)
• Securities Exchange Commission (SEC)
• Financial Industry Regulatory Authority (FINRA)
• Chicago Board Options Exchange (CBOE)
• Chicago Board of Trade (CBOT)
• Chicago Mercantile Exchange (CME)
• Chicago Stock Exchange (CSE), and
• National Futures Association (NFA)

He also handles arbitrations before the NFA, FINRA, and various exchanges such as the CBOT, CME, and the New York Stock Exchange (NYSE).

In addition to his substantive experience with virtually all aspects of securities and commodities markets, Andrew advises financial services clients on business formation, compliance, disclosure, registration, and transactional matters.

Andrew's legal career includes two decades with firms throughout Chicagoland and as a solo practitioner, concentrating on commodity futures regulation, broker-dealer regulation, and investment management.

• Chicago Bar Association
• Illinois State Bar Association

• "Clients' Choice Award" for Financial Services, AVVO, 2015
• "Clients' Choice Award" for Financial Services, AVVO, 2012

• Represented SEC Registered Investment Advisor with over $1 billion in assets under management in the first SEC examination on-site over four days and in the ensuing 20 months, ensuring that a mere deficiency letter and no referral to the Department of Enforcement was entered.
• Represented a Registered Representative during an "on-the-record" interview over four sessions and obtained a mere letter of caution despite an ongoing FINRA arbitration case against the client.
• Obtained summary judgment in a chancery case for a client sued for undue influence after a stockbroker was named in a former client's trust.
• Settled two consolidated seven-figure arbitration claims before the National Futures Association in mediation, where our client paid nothing and admitted no liability.
• Settled an arbitration claim against a securities broker-dealer without having to file an answer or pay fees to FINRA.
• Obtained removal of all four (4) internet advertisement postings against a stockbroker by a law firm using data securities filings and a FINRA Broker.
• Obtained settlement for a stockbroker client against his former firm in arbitration on a promissory note at five percent (5%) of the amount sought in arbitration.
• For stockbroker client, persuaded broker-dealer to remove three (3) out of four (4) reasons for termination on Form U5. As a result, the client was hired by a new broker-dealer.

• "Drafting Subscription Agreements and How They Relate to Private Placement Memoranda," Complex Commercial Contracts: The Legal Principles You Need to Know for Effective Drafting presented by the State Bar of Wisconsin, Virtual Event, February 24, 2021
• "What is a Security and Do You Have an Investment Contract Hiding in Plain Sight," CLE Seminar, Chicago, Illinois, September 15, 2018, and July 9, 2020

• "When is a promissory note more than meets the eye? Does your transaction have a securities issue hiding in 'plain sight?," Client Alert, March 7, 2019
• "SEC's National Examination Priorities for 2019 According to Office of Compliance Inspections and Examinations (OCIE)," Client Alert, January 29, 2019
• "Risk alert listing frequently found advisory fee and expense compliance issues from the Securities and Exchange Commission (SEC)," Client Alert, July 31, 2018
• "U.S. Securities and Exchange Commission launches Share Class Selection Disclosure Initiative," Client Alert, May 27, 2018
• "Financial Industry Regulatory Authority set to tighten expungement rules even further," Client Alert, May 22, 2018

Andrew is a devoted father who delights in raising his children. He enjoys watching their baseball, figure skating, and gymnastics practices and events.

• Options Alliance, Counsel, 2014 – 2017