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Financial Services Regulation: Exchange – International Newsletter - Issue 26 – May 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-sixth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

New York court orders worldwide discovery from Spanish bank

In a recent decision that is now on appeal, a New York federal judge ordered a Spanish bank that maintained a New York branch to make inquiry of “all branches, within and without New York State,” for account information that...more

New Volcker Rule FAQ Allows Non-U.S. Banks to Make Certain Investments Despite Offerings to U.S. Residents

Federal regulators recently issued a new interpretation of Title VI of the Dodd-Frank Wall Street Reform and Consumer Protection Act — commonly referred to as the "Volcker Rule" — that makes it significantly easier for...more

Foreign Banks and Bankers Face New Risks From Swiss Bank Amnesty

The first non-prosecution agreement signals expanded US tax enforcement opportunities at home and abroad. The US Department of Justice (DOJ) has announced the first non-prosecution agreement (NPA) with BSI, SA, (BSI)...more

Federal Reserve Board Proposes to Include Legal Entity Identifiers in Certain Banking Organization Reporting

One difficulty encountered by national banking authorities during the course of the 2008 global financial crisis was identifying the ultimate parent for the trades made by various subsidiaries of dealers. To assist in...more

International IT Companies Face Continuing Headwinds in China

Our September 16, 2014 client alert, “Brave New World? Recent Challenges Facing Foreign IT Companies in China,” discussed efforts by the Chinese government to enforce heightened network security standards, with a particular...more

New York Proposes Tough New Anti-Money Laundering and Cybersecurity Measures on Financial Services Companies

Action Item: Benjamin Lawsky, the Superintendent of Financial Services for New York State, one of the country’s most aggressive regulators, is seeking to increase regulatory pressures on the financial services industry,...more

The OCC’s Increasing Focus on BSA-AML Compliance

In a speech last week to the Institute of International Bankers, Comptroller of the Currency Thomas J. Curry focused extensively on Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance. Combined with the recent...more

Commerzbank’s Settlement — The Government’s Frustration Boils Over (Part I of III)

Global banks are caught in US prosecutor’s cross hairs. Not only do they have to worry about basic AML compliance and enforcement, they now have major risks in sanctions compliance. For some inexplicable reasons, global...more

Cyprus becomes “Equivalent Jurisdiction” under Cayman Money Laundering Regulations

On 21 November 2014 the Cayman Islands gazetted an amendment to the Money Laundering Regulations (Regulations) to include Cyprus in the Third Schedule to the Regulations which lists countries and territories with equivalent...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

"New Provisions Require Structural Change for Foreign Banking Organizations"

The Enhanced Prudential Standards (Regulation YY) of the Board of Governors of the Federal Reserve System represent a significant shift in the U.S. regulation of foreign banking organizations (FBOs). In general, Regulation...more

Federal Reserve Issues Second Extension of Volcker Compliance Date, Previews Final Extension Next Year

The Board of Governors of the Federal Reserve System (the Board) recently issued an order granting the second of three statutorily permitted one-year extensions for compliance by banking entities with the requirements of the...more

Swap Push-Out Rule Narrowed

The so-called “Push-Out Rule” relating to swap activity conducted by banks has been significantly narrowed in scope by a provision in the Consolidated and Further Continuing Appropriations Act, 2015 (Spending Bill), which was...more

New Law Limits the Swaps Pushout Requirement to Apply Only to Certain ABS Swaps

On December 16, 2014, President Barack Obama limited the scope of swaps and security-based swaps subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (“Dodd-Frank Act’s”) pushout requirement to certain...more

Can Undue Concentration in Financial Companies Threaten Market Stability? New Federal Reserve Merger and Acquisition Regulation...

The new year will bring new restrictions on banks and certain large financial institutions, as the Federal Reserve Board issued a final rule prohibiting financial companies from merging if the ratio of the resulting entity’s...more

Prudential Regulators and CFTC Re-Propose Margin Requirement Rules for Uncleared Swaps

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance Agency...more

Banking and Finance Litigation Update - Issue 81 (Global)

The Banking & Finance Litigation Update is published monthly and covers current developments affecting the Group's area of practice and its clients during the preceding month. In This Issue: - Domestic Banking...more

New York Court of Appeals Reaffirms the Separate Entity Rule

On October 23, 2014, the New York Court of Appeals issued an opinion in Motorola Credit Corp. v. Standard Chartered Bank, --- N.E.3d ----, 2014 WL 5368774, 2014 N.Y. Slip Op. 07199 (N.Y. Oct. 23, 2014), reaffirming New York's...more

Forex Probe Results in Fines, but Investigation Not Over Yet

The American Commodity Futures Trading Commission (CFTC), British Financial Conduct Authority (FCA), and Swiss Financial Market Supervisory Authority (FINMA) announced fines of $3.4 billion against five global banks on...more

EBA Consults on RTS on Contractual Recognition of Write-Down and Conversion Powers under BRRD

On November 5, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on the contractual recognition of bail-in under the Bank Recovery and Resolution Directive...more

FSB Consults on Total Loss-Absorbing Capacity for G-SIBs

On November 10, the Financial Stability Board (FSB) published a consultation paper on proposals on the adequacy of total loss-absorbing capacity (TLAC)of global systemically important banks (G-SIBs) in resolution....more

EBA Releases Results of 2014 EU-Wide Stress Test

On October 26, the European Banking Authority (EBA) released the results of its 2014 EU-wide stress test covering more than 70% of total EU banking assets. The purpose of the test is to address remaining vulnerabilities in...more

China Bank Card Clearing Market — A Feast for Foreign Investors?

China plans to promote consumption and open up its bank card clearing market. This is the outcome of a State Council meeting chaired by Premier Li Keqiang on October 29, 2014. “All qualified domestic and overseas enterprises...more

Round Two: Prosecutors Reopen Bank Settlements

With our political system suffering from a growing chasm down party lines, our public servants seem to be increasingly vulnerable to public pressure. Politicians scramble to fight for whatever cause du jour will garner them...more

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