News & Analysis as of

Structured Thoughts: Volume 5, Issue 3 - April 9, 2014

In This Issue: - The SEC Issues Its Long-Awaited Sweep Letter on ETNs - FINRA Proposes Amendments to Communication Rules – Relief from Filing for Certain FWPs - Comprehensive Surveillance Sharing Agreements -...more

Considerations for Foreign Banks Financing in the United States - 2014 Update

Financial institutions, including foreign banks, regularly access the capital markets and seek to diversify their funding alternatives. Foreign banks may seek to access the US capital markets without subjecting themselves to...more

The Financial Report - Volume 3, No. 5 • March 2014 (Global)

Discussion and Analysis - Last week, the Financial Industry Regulatory Authority issued one of its most important rule proposals in some time. Regulatory Notice 14-09 solicits comments on a proposed new regulatory...more

SEC Issues Relief from Certain Financial Responsibility Rule Requirements

In two separate letters, the SEC staff addresses operational concerns raised by broker-dealers in connection with sweep program authorizations and the use of certain nonaffiliated U.S. branches of foreign banks....more

Governance & Securities Law Focus: Latin America Edition

In this issue: - US Developments - Global Development - EU Developments - Developments Specific To Financial Institutions - Excerpt from US Development: SEC Developments - Iran...more

Corporate and Financial Weekly Digest - Volume IX, Issue 8

In this issue: - OTC Markets Proposes Amendments to OTCQX Rules and New Rules for US Banks - SEC Approves Changes to FINRA BrokerCheck Disclosure Rule 8312 - SEC to Examine Never-Before Examined...more

The Financial Report - Volume 3, No. 1 • January 2014 (Global)

Invariably, the end of a calendar year brings “year-in-review” retrospectives on topics both major and mundane. Similarly, the start of a new calendar year is always accompanied by predictions and forecasts for the ensuing 12...more

Orrick's Derivatives in Review - January 2014

Industry Groups File Lawsuit Challenging Cross-Border Guidance - On December 4, 2013, the Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, Inc., and the...more

The Volcker Rule: Impact of the Final Rule on Securitization Investors and Sponsors

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

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

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

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

Structured Thoughts -- Volume 4, Issue 14 -- December 2, 2013

In This Issue: Launching an Exempt Structured Products Program in the United States: Issues for Non-U.S. Banks to Consider; “Big-Boy Letters” Revisited: Pharos Decision Upheld by the Sixth Circuit.; SEC Addresses...more

The Financial Report - Volume 2, No. 15 • August 15, 2013

ESMA proposes delay in reporting date for exchange traded derivatives. The European Securities and Markets Authority has sent the European Commission its Final Report proposing an amendment to Article 5 of the Commission...more

Orrick's Financial Industry Week in Review - July 29,2013

FHFA Statement on Freddie Mac Risk-Sharing Transaction - On July 24, the FHFA announced that Freddie Mac is nearing completion of its first risk-sharing transaction, a direct debt issuance, that will assist Freddie Mac...more

The Financial Report - Volume 2, No. 13 • July 18, 2013

Discussion and Analysis - The other day, I happened to see a television commercial for a casino based in Hammond, Indiana. The casino boasts about having the most slot machines in Chicagoland. My curiosity piqued, I...more

Treatment of Foreign Banks under Section 716 of the Dodd-Frank Act and Related Push-Out Provisions

Last month, the Federal Reserve Board issued an Interim Final Rule that treats uninsured U.S. branches and agencies of foreign banks the same as insured depository institutions ("IDIs") for purposes of Section 716 of the...more

Financial Services Legislative and Regulatory Update -- June 10‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; and Upcoming Hearings. Excerpt from Leading the Past Week - And the beat goes on… Another week with the White...more

Corporate and Financial Weekly Digest - June 7, 2013

In this issue: - SEC Issues FAQs on Conflict Minerals and Payments by Resource Extraction Issuers - Delaware Chancery Court Applies Business Judgment Rule to Going Private Transaction with Controlling...more

Unprecedented FCPA Wake-Up Call for U.S. Broker-Dealers and Foreign Banks: Has the Perfect FCPA Storm Finally Arrived for U.S....

On May 7, 2013, the U.S. Attorney's Office for the Southern District of New York (SDNY) unsealed extraordinary criminal charges against two registered representatives of a U.S. broker-dealer and a high-level Venezuelan...more

Structured Thoughts -- Volume 4, Issue 3 -- February 6, 2013

In This Issue: Reverse Inquiry Transactions in the Spotlight; How Will the Fed’s Proposed Foreign Bank Rules Affect Foreign Bank Debt Financing Activities in the U.S.?; IOSCO Commences Consultation on Benchmarks; and...more

Credit Crunch Digest -- January 2013

This issue of the Credit Crunch Digest focuses on a potential imminent regulatory settlement involving Royal Bank of Scotland’s role in alleged Libor manipulation; the profits obtained by Deutsche Bank for its investments in...more

Iran Sanctions Update

The United States continues to impose additional layers of sanctions on Iran. The rate of change and complexity of U.S. sanctions laws present challenges, particularly where these sanctions have extraterritorial effect on the...more

Orrick's Financial Industry Week in Review - January 7, 2013

In This Issue: *Financial Industry Developments - OCC Guidance on Transition Periods under Section 716 of the Dodd-Frank Act - CFTC Reporting of Swap Transactions and Swap Dealer Registration - Department...more

FinCEN Announces Third Extension for Certain FBAR Filers

Certain individuals having only signature authority over foreign financial accounts now have until June 30, 2014, to file the Report of Foreign Bank and Financial Accounts. ...more

Bright Outlook for Covered Bonds

This year has proven to be an interesting one for the covered bond market, and we anticipate that 2013 will bring many important new developments. During 2012, the covered bond market continued to provide attractive financing...more

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