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Foreign Banks Extraterritoriality Rules

Jones Day

Second Circuit Affirms Denial of Contempt Sanctions on Foreign Banks with Accounts of Non-Compliant Judgment Debtors

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The Underlying Dispute The dispute giving rise to the Second Circuit's decision began with a trademark infringement suit filed by Nike in 2013 against several hundred Chinese retailers for selling counterfeit Nike products on...more

Sullivan & Worcester

How Does the Fed Want to Regulate Foreign Banks?

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On March 5, 2018, the Fed’s new Vice Chairman for Supervision, Randal Quarles, spoke at the Institute of International Bankers annual conference. He wanted to express his thoughts on the appropriate regulatory environment for...more

Jones Day

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

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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

Morrison & Foerster LLP

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

Morrison & Foerster LLP

The Volcker Rule: Impact of the Final Rule on Foreign Banking Organizations

Morrison & Foerster LLP on

On December 10, 2013, the Federal Reserve, FDIC, OCC, SEC, and CFTC (the “Agencies”) issued the long-awaited final rule (“Final Rule”) construing the Volcker Rule. The Volcker Rule generally prohibits banking entities — a...more

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