News & Analysis as of

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Volcker Rule Reform Begins

by Jones Day on

The Situation: The Volcker Rule's complexity has created uncertainty and compliance burdens that adversely affect market liquidity, risk hedging, and other economically important activities. The Opportunities: Bank...more

Not as ‘SAFE as Houses’: A Practical Guide to Registration of PRC Cross-border Security and Guarantees with SAFE

by Reed Smith on

Readers, especially those dealing with Chinese shipyards, refund guarantors, shipowners or charterers, may be aware of the need to register certain types of cross-border security granted by entities based in the People’s...more

The Department of the Treasury Issues Recommendations on the Regulation of U.S. Depository Institutions

by Jones Day on

"A Financial System that Creates Economic Opportunities: Banks and Credit Unions," a Report by the Department of the Treasury, identifies potential reforms that would promote the "Core Principles for Regulating the United...more

Proposed Legislation Would Combat Terrorist Financing, Money Laundering

by Bass, Berry & Sims PLC on

- Proposed legislation targets current gaps in U.S. financial crime law and enforcement - Bi-partisan Senate legislation would likely expand compliance obligations for banks and others in financial services industry -...more

Traps for the Unwary: Are Financial Institution receiving adequate FATCA consulting and training?

by Foodman CPAs & Advisors on

FATCA is Chapter 4 of the Internal Revenue Code (IRC). It conscripts Foreign Financial Institutions (FFIs) to act as reporting and withholding agents for the U.S. Government. To enforce its conscription, it contains a...more

Germany: Termination for Breach of US Regulatory Rules Not Permissible, European Labour & Employment Update

by Jones Day on

The New York State Department of Financial Services ("NYDFS") required Commerzbank to terminate the employment of a Germany-based employee on the basis that he played "a central role" in the breaching of US sanctions...more

Foreign bank resolution: effect on loan enforcement in England and Wales

by Allen & Overy LLP on

This Court of Appeal ruling considers the effect of bank resolution measures on an English law governed facility agreement. The question of whether the claimant was able to recover under the facility agreement depended on...more

Obtaining Jurisdiction in New York Courts through Repeated Use of Correspondent Bank Accounts

In the past, a foreign bank’s use of correspondent bank accounts in the United States to facilitate wire transfers has not necessarily given New York courts a sufficient basis for jurisdiction over the bank. But a recent 4-3...more

"Cross-Border Investigations Update - December 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update looks at Brexit’s impact on corporate crime and investigations, the U.S. DOJ’s increased use of forfeiture actions with international implications, current...more

NY DFS Finalizes Rigorous AML/BSA Regulation

by Ballard Spahr LLP on

The New York Department of Financial Services (DFS) has finalized a new regulation setting forth rigorous standards for monitoring and filtering programs to monitor transactions for potential anti-money laundering (AML) and...more

Lessons from the Bangladesh Central Bank Heist

By now, you’ve probably heard about the massive cyber attack that hit Bangladesh’s central bank last month, resulting in the loss of $81 million through fraudulent transfers to accounts in the Philippines. Although the size...more

Another Brick in the Wall: The Fed Reproposes Single-Counterparty Credit Limits for Large Banking Organizations

by Morrison & Foerster LLP on

On March 4, 2016, the Board of Governors of the Federal Reserve System (the “Fed”) issued a Notice of Proposed Rulemaking (“NPRM”), inviting comment on reproposed rules (the “Reproposed Rules”) that would establish single...more

Testing the Limits of Bank Officer Accountability – The NYDFS AML Personal Liability Proposal

by White & Case LLP on

The New York Department of Financial Services (“NYDFS”) is currently soliciting public comment on a proposed regulation that would require certain NYDFS-regulated financial institutions (“Regulated Institutions”) and their...more

LEIROC consults on data in the GLEIS

by Dentons on

LEIROC has launched a consultation on incorporating data on branches into the Global Legal Entity Identifier System (GLEIS). LEIROC proposes a policy standard for the GLEIS that would allow Legal Entity Identifiers (LEIs) to...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

by Pepper Hamilton LLP on

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

US Leveraged Lending Guidelines

by White & Case LLP on

There has been much written about the ‘US Leveraged Lending Guidelines’ and, with increasing speculation that European bank regulators will look to control leveraged lending in some form or another in the near future, this...more

Bad Bad, Bad Penalty, Bad OVDP Policy

by Sanford Millar on

There are now 50 foreign financial institutions on the IRS list of "bad banks" The list is published at the following link...more

FCA feeds back on SMR for bank branches

by Dentons on

FCA has published a feedback statement with near-final rules on the Senior Managers Regime (SMR) and approved persons in UK branches of overseas banks. Unlike PRA’s paper discussed below, FCA’s paper covers UK branches of...more

EBA Final Guidelines on Passport Notifications for Mortgage Credit Intermediaries

On August 11, 2015, the European Banking Authority (EBA) published its final guidelines (EBA/GL/2015/19) on passport notifications for mortgage credit intermediaries under the Mortgage Credit Directive (2014/17/EU) (MCD). The...more

Three More Swiss Banks Resolve Their Tax Issues with the United States

by Blank Rome LLP on

The Justice Department continues to announce resolutions with banks under its previously-announced Swiss Bank Program. On August 6, DOJ announced the names of three more Swiss banks receiving non-prosecution agreements:...more

FinCEN Final Rule on Foreign Bank Requires Covered Financial Institutions to Take “Special Measures”

by McGuireWoods LLP on

On July 22, 2015, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published in the Federal Register a final rule pursuant to Section 311 of the Patriot Act against FBME Bank Ltd. (FBME,...more

New Court Decisions Expose Non-U.S. Banks With U.S. Branches To New Risks Of Litigation In American Courts

Non-U.S. banks with branches in New York and elsewhere in the United States find themselves sued or otherwise exposed to judicial orders in American courts with regularity. The cases reflect the full range of U.S. legal...more

Iranian Nuclear Accord Reached, But Specific Implementation of Meaningful Sanctions Relief Will Not Be Immediate

by K&L Gates LLP on

On July 14, 2015, the “P5+1” nations (the United States, China, France, Germany, Russia, and the United Kingdom), together with the European Union and the Islamic Republic of Iran (“Iran”), reached a Joint Comprehensive Plan...more

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

by DLA Piper on

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

by DLA Piper on

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

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