Ernest (Ernie) T. Patrikis

Ernest (Ernie) T. Patrikis

White & Case LLP

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New York State Department of Financial Services Proposed Regulatory Framework for Virtual Currency Businesses

On July 23, 2014, the New York State Department of Financial Services (the “NYDFS”) proposed a regulatory framework for persons that engage in virtual currency activities involving New York (the “BitLicense Proposal”). In...more

8/1/2014 - Bitcoins Department of Financial Services Financial Regulatory Reform Virtual Currency

Enhanced Prudential Standards for Foreign Banking Organizations: The US Approach to Ring-Fencing

The Board of Governors of the Federal Reserve System (“Board”) on February 18, 2014 adopted a final rule (“Final Rule”) to implement enhanced capital, liquidity and other prudential standards for foreign banks with US...more

3/28/2014 - Dodd-Frank Federal Reserve Foreign Banks

European Commission’s proposal on banking structural reform - a Volcker Rule for Europe

On 29 January 2014, the European Commission published a legislative proposal for a Regulation on structural reforms to the EU banking sector (the “Proposed Regulation”). The Proposed Regulation advances the recommendations...more

2/10/2014 - Banking Reform Bill EU European Commission Financial Regulatory Reform Foreign Banks Volcker Rule

Foreign Banking Organizations Granted Benefit of Swaps Push-Out Rule and Transition Period

The Board of Governors of the Federal Reserve System ("Board") on December 24, 2013, issued final rules ("Final Rules") to include the uninsured US branches and agencies of foreign banks in the definition of "insured...more

1/3/2014 - Dodd-Frank FDIC Foreign Banks Push-Out Requirements Section 716 Swaps

New Capital Standard for Fund Investments May Be More Onerous Than Volcker Rule

The Basel Committee on Banking Supervision on December 13, 2013 approved an amendment to Basel II risk-weights for fund investments. The new standard increases risk-weights for fund investments. The new Basel standard, if...more

12/31/2013 - Basel Committee International Banks Investment Funds Volcker Rule

Key Provisions of the Volcker Rule Final Regulations for Non-US Banking Entities

The five US financial agencies (“Agencies”) have approved jointly prepared final regulations (“Final Rules”) to implement the prohibitions on engaging in proprietary trading and investment in or sponsorship of a private...more

12/18/2013 - Banking Sector CFTC Compliance Covered Banking Entity Dodd-Frank Exemptions FDIC Federal Reserve Final Rules Financial Regulatory Reform Foreign Banks Foreign Investment Hedge Funds Investment Management Private Equity Funds Proprietary Trading Risk Assessment Risk Management SEC Securities U.S. Person Volcker Rule

Barofsky and Bair on Banks and Bailouts*

As the United States continues to pull itself out of the credit crisis, these two books shed light on the Washington infighting behind the government's response to the crisis and, more broadly, the shape of financial...more

8/14/2013 - Bailout Banking Crisis FDIC SIFIs TARP Timothy Geithner Too Big to Fail U.S. Treasury

Foreign Banks May Continue Swaps Activities...and Still Access Discount Window

The Board of Governors of the Federal Reserve System (“Board”) on June 5, 2013 took a bold step in issuing interim final rules (“Interim Rules”) that allow a foreign bank’s uninsured US branches and agencies to continue to...more

6/14/2013 - Discounts Federal Reserve Foreign Banks Swap Dealers Swaps

Deferral of the Swaps Push-Out Requirement, But Only for Insured Federal Depository Institutions

An insured federal depository institution may request a transition period to comply with the “push-out” requirements of section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”)...more

1/17/2013 - Compliance Dodd-Frank FDIC Federal Reserve OCC Push-Out Requirements Swap Dealers Swaps

A Proposed Fundamental Shift in US Foreign Bank Supervision

The Board of Governors of the Federal Reserve System (“Board”) has devoted some time to considering how to address the potential threat to the financial stability of the United States posed by a foreign bank with banking...more

1/11/2013 - Bank Holding Company Broker-Dealer Capital Requirements Dividends Federal Reserve Foreign Banks Ring-Fencing Stress Tests Subsidiaries

A Proposal for Rebalancing US Supervision of Foreign Banking Organizations

The Board of Governors of the Federal Reserve System (“Board”) appears ready to propose rules to implement enhanced prudential capital and other standards for foreign banking organizations with banking operations in the...more

12/10/2012 - FBOs Federal Reserve

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