Howard advises companies on securities regulatory matters, with particular emphasis on broker-dealer, market structure and compliance issues. In addition to providing advice, he also represents clients in regulatory investigations, inquiries, and examinations.
Howard has spent more than 24 years in private practice focusing on trading rules, derivatives, alternative trading systems, and broker-dealer regulatory and compliance issues. He has served as an independent consultant for several entities with respect to their enforcement settlements with the Securities and Exchange Commission. He also provides counsel on the implications of artificial intelligence, machine learning, and algorithm use for securities trading.
Before entering private practice, Howard served for 16 years at the SEC, including as senior associate director and associate director of the Division of Market Regulation (now the Division of Trading and Markets), where he was responsible for oversight and regulation of the securities markets generally, including stock and options exchanges, NASDAQ, and debt markets. He also formulated and implemented changes to the SEC's national market system and other market.
His clients have included major securities firms, equity and options market-making desks, retail firms, securities and derivatives markets, electronic and internet-based trading systems, and hedge funds.
Howard played a leading role in developing SEC policy with respect to derivative products generally, including both listed and over-the-counter (OTC) derivatives. He also represented the SEC at securities markets conferences and in domestic and international discussions with securities industry representatives, self-regulatory organization officials and staff, and government officials, as well as staff in the U.S. and abroad.
Howard is ranked in Band 1 for Financial Services Regulation: Broker-Dealer (Compliance) in Chambers USA 2022. Says Chambers: "Howard Kramer is highly regarded for his work guiding broker-dealers through the complex US regulatory landscape. He offers experience on both sides of the equation, often directly advising the regulatory authorities on emerging policy issues."
Admitted to Practice
District of Columbia, 1981
J.D., University of Michigan Law School, 1981,
M.A., Political Science, University of Michigan, 1979
B.A., Political Science, University of Michigan, 1977,
high honors and high distinction
- Phi Beta Kappa
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, Securities and Exchange Commission
Band 1, Financial Services Regulation: Broker-Dealer (Compliance), Nationwide, Chambers USA Guide, 2018-2022
Honoree, Securities Regulation, Best Lawyers in America, 2017-present
Shareholder, McGonigle, P.C., 2016-2022
Partner, Willkie Farr & Gallagher LLP, 2011-2016
Partner, Schiff Hardin LLP, 1998-2011
Senior Associate and Associate Director, Division of Market Regulation (now the Division of Trading and Markets), Securities and Exchange Commission, 1994-1998
Senior Special Counsel, Securities and Exchange Commission, 1991-1993
Assistant Director for Options and Exchanges, Securities and Exchange Commission, 1986-1991
Chief, Branch of Options, Securities and Exchange Commission, 1984-1986
Staff Attorney, Branch of Over-the-Counter Regulation, Securities and Exchange Commission, 1981-1983