Terry D. Nelson

Retired Partner


Terry D. Nelson is a retired partner with Foley & Lardner LLP. His primary practice included hedge fund organization and operational compliance, other private fund offerings, broker-dealer and investment adviser registration and compliance issues, and litigation/enforcement matters involving state and federal securities laws and regulations. Mr. Nelson was a member of the firm’s Securities, Commodities & Exchange Regulation, Private Equity & Venture Capital, and Transactional & Securities Practices.

In relation to Mr. Nelson’s hedge and other private fund practice, he represented clients in all aspects of the organization, funding, and operations of U.S. domestic and non-U.S. funds. As part of this work, Mr. Nelson worked with fund sponsors, advisers, distributors, investors, custodians, administrators, prime brokers and other private fund service providers.

Prior to joining Foley, Mr. Nelson served as chief examiner of the Colorado Securities Division and as licensing and regulation examiner with the Office of the Wisconsin Commissioner of Securities.


Mr. Nelson currently serves as the Wisconsin liaison for the American Bar Association‘s Committee on State Regulation of Securities. His professional activities include past memberships on the Qualifications Committee of the National Association of Securities Dealers, Inc. (now "FINRA") and the Broker-Dealer Examination and Uniform Securities Act Revision Committees of the North American Securities Administrators Association, Inc.


Mr. Nelson graduated, cum laude, from the University of Wisconsin - Stevens Point and his J.D. degree was conferred in 1997 by the University of Wisconsin.

Community Engagement

Mr. Nelson serves as the pro bono counsel and president of the advisory council for the South Central Wisconsin Affiliate of Susan G. Komen For the Cure.

Professional Memberships

Mr. Nelson is a member of the American Bar Association and the Dane County Bar Association.


  • Securities, Mergers and Acquisitions, Wisconsin State Bar Association
  • Securities Enforcement: Counseling and Defense, Winer & Winer
  • Editor of the Foley & Lardner monthly Investment Management Newsletter

Representative Matters

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Foley served as counsel for the Wisconsin Office of the Commissioner of Insurance (OCI) in its role as domestic regulator of Ambac Assurance Corporation (AAC) and as rehabilitator of the Segregated Account of AAC. We have been closely involved with the overall restructuring of AAC, including the recently announced global settlement with the CDO of ABS counterparties.
Represented a foreign broker-dealer with limited domestic operations in responding to a FINRA examination. Issues included accounting and net capital procedures and retention of electronic communications. Examination response included a large email production with privilege review and logging. Assisted client in understanding and navigating FINRA's examination and enforcement processes, as well as making changes to ongoing operations and procedures as part of response to the examination report.
Foley acted as primary counsel to a personal styling service company in raising its second (Series A) outside round of financing.