News & Analysis as of

The Nationalisation of Banco Espirito Santo – The Aftermath

The Bank of Portugal announced on Sunday 3 August 2014 that it applied its powers under the Decree law No 31/2012 of 10 February 2012 (the "Resolution Law") to split Banco Espirito Santo ("BES") into a "good bank" and "bad...more

Risks and Rewards for Financial Services Companies Banking in Africa

Africa’s economic growth is exploding. But despite projections of substantial economic expansion, banking infrastructure on the continent remains limited and largely overlooked by the international banking community. This...more

NY Regulator Releases First Regulatory Framework For Virtual Currency

It happened: Benjamin Lawsky, Superintendent of New York’s Department of Financial Services (DFS) announced the release of the DFS’s much-anticipated proposal for a BitLicense, stating “We have sought to strike an appropriate...more

Credit Crunch Digest -- July 2014

This issue of the Credit Crunch Digest focuses on upcoming Libor-related litigation before the Supreme Court and a recent Libor settlement; Citigroup’s $7 billion settlement with the Department of Justice; BNP Paribus’ guilty...more

Red Notice Newsletter - July 2014

Welcome to the July 2014 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, two Noble Corporation executives settle with the U.S. Securities and Exchange...more

NY High Court To Address Continuing Vitality Of “Separate Entity” Rule For International Banks With New York Branches

This September, New York’s highest court will consider an issue of significant interest to international banks with a New York presence – whether a judgment creditor can use New York’s judgment enforcement procedures to...more

Ukraine Crisis Update: US and EU Expand Sanctions, Restrict Certain Energy-Related Exports to Russia

US extends sanctions to three Russian banks, a shipbuilding company and exports of energy sector items to Russia; EU announces similar measures. Additional OFAC Designations - On July 29, 2014, the U.S....more

Central Securities Depositories Regulation (CSDR) Update

On July 23, the Council of the EU published a press release announcing that it had adopted the CSDR on improving securities settlement and regulating central securities depositories. ...more

DOJ Fines Bank Record $9 Billion for OFAC Sanctions Violations

The U.S. Department of Justice (DOJ) recently sent a strong message to international banks with a record penalty of nearly $9 billion on one of the world's largest banks for violating U.S. sanctions against Sudan, Cuba and...more

FinCEN Designates Foreign Private Bank Under Patriot Act

On July 17, FinCEN named FBME Bank Ltd., formerly known as the Federal Bank of the Middle East, as a foreign financial institution of primary money laundering concern pursuant to Section 311 of the USA PATRIOT Act....more

BNP Paribas Agrees to Record Penalty for Violating US Sanctions Laws

On June 30, 2014, BNP Paribas SA (“BNPP”), the largest bank in France, pled guilty to conspiring to violate U.S. sanctions laws and agreed to pay a total of nearly $8.9 billion in criminal forfeiture and penalties to the U.S....more

Volcker Rule and Covered Bonds

The subtler aspects of the Volcker Rule continue to emerge. One of the subtleties is the extraterritorial reach of the Rule in connection with underwriting, investments in, and market making for covered bonds by foreign...more

Banking & Finance Litigation Update - Issue 77 (Global)

In This Issue: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Excerpt from International General: 55....more

Fund Managers Sue Deutsche Bank for Breach of Contract and Fiduciary Duty

On June 18, financial institutions including BlackRock Inc., Pacific Investment Management Co., Prudential Financial Inc., DZ Bank AG, and Charles Schwab Co., sued Deutsche Bank National Trust Company in New York state court....more

US China Trade War - Trade, Solar, Customs, Patents, Banking, Antitrust and Securities

Dear Friends, there have been major developments in the trade, solar cells, tires, banking, US/Chinese antitrust, and securities areas. In addition to the trade area, the banking and China antitrust areas have had important...more

Credit Crunch Digest -- May 2014

This issue of the Credit Crunch Digest focuses on ongoing investigations into Libor manipulation by Deutsche Bank; fines against Barclays stemming from manipulation of the gold market; a warning by the SEC regarding Bitcoins;...more

BNP Paribas and La Résistance: Why Compliance is not Capitulation and Cooperation Could Save an Economy

I will start by saying I am a proud Francophile. I love many things about French culture; from the just-right draw of their espresso (sorry, Italy, that ristretto is just too short and bitter) to the sacrosanct treatment of...more

Basel III Framework: Large Exposures

Even banks with strong capital ratios may fail as a result of the sudden failure of a counterparty or group of connected counterparties. To address this risk and to complement the now near-final Basel III framework, the Basel...more

Relaxation of PRC cross-border security and guarantee restrictions by SAFE’s New Rules

The Regulation on Foreign Exchange Administration of Cross-border Security together with its operational guidelines (collectively the New Rules) released by the State Administration of Foreign Exchange (SAFE) came into effect...more

Financial Regulatory Developments Focus - June 2014 #2

In this issue: - Derivatives - Capital and Prudential Regulation - Remuneration - Credit Ratings - Funds - Financial Services - Enforcement - Events -...more

International Tax Compliance Update: IRS Hints at Coming Changes for Certain OVDP Filers

Remarks on Monday by John Koskinen, the Commissioner of Internal Revenue, indicate that the IRS is close to conceding to outside pressure to more clearly distinguish between Offshore Voluntary Disclosure Program (OVDP) filers...more

Latest Cyprus decrees relaxing restrictive measures in banking

The Republic of Cyprus issued new decrees on 2 June 2014 which provide further relaxation of restrictive measures, including abolishing restrictions on the opening of new bank accounts. ...more

DOJ Issues Further Guidance on Swiss Bank Program

Recently the Justice Department’s Tax Division issued further “comments” regarding its “Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks.” In prior posts we have described this program designed to...more

Is U.S. Regulatory Guidance Driving Leveraged Lending into the Shadows? - Potential Opportunity for Certain Non-U.S. Lenders and...

Since U.S. regulators published the Interagency Guidance on Leveraged Lending (Guidance), in March 2013, commentators have speculated on its likely market impact (the guidance is discussed in detail in an April 2013 Osler...more

FBAR Penalty to Face Excessive Fines Clause Test

Last week, a federal jury in Miami found that Carl Zwerner had willfully failed to disclose his foreign bank account to the Treasury Department for calendar years 2004, 2005 and 2006. Zwerner now potentially owes the United...more

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