Observation 1.2 On The Volcker Rule: Foreign Banking Entities – Location, Location, Location

by Pepper Hamilton LLP
Contact

[co-author: Walter Donaldson]

On December 10, 2013, the Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) adopted final regulations implementing the “Volcker Rule.” The Volcker Rule prohibits banking entities and nonbank financial companies from engaging in proprietary trading and severely restricts their relationships with hedge funds and private equity funds. This action caused a sea change in the way many financial institutions will conduct their operations.

This alert describes the aspects of the new regulations that have a direct impact on foreign banking organizations and foreign operations of U.S. banking entities (collectively, for purposes of this alert, “foreign banking entities”).

How Foreign Banking Entities Are Covered

Banking entities covered by the Volcker Rule include companies that are treated as bank holding companies (BHCs) under the International Banking Act. These include any foreign bank that maintains a U.S. branch or agency, any foreign bank or company that controls a U.S. commercial lending company, and the parent company of any foreign bank or company.1 In addition, by covering all insured U.S. depository institutions and bank holding companies, the regulations reach all foreign operations of those entities.

Authority to Engage in Proprietary Trading

In the face of the core prohibition on proprietary trading, foreign banking entities are accorded special treatment under carefully delineated circumstances. Specifically, the prohibition does not apply to purchases or sales of financial instruments by a qualified foreign banking organization (FBO) under Federal Reserve Regulation K that is not organized or controlled by a U.S. banking entity and conducts the majority of its business outside the United States. The prohibition similarly is inapplicable to a banking entity that is not a FBO, as long as it is not organized under U.S. law and possesses two of the following three characteristics: more assets outside the United States than inside, more foreign revenue than U.S. revenue, and more total net income outside the United States than inside. Whether a FBO or a non-FBO foreign banking entity, the trading transactions are permissible only if that banking entity acting as principal or making the purchase or sale decision and its (or its affiliate’s) involved personnel are not located in the United States; the transactions are not booked or financed by any U.S. branch or affiliate of the banking entity; and no U.S. entity conducts the transactions, (except where no involved personnel are located in the United States; an unaffiliated market intermediary acting as principal clears through a central counterparty clearing agency or derivatives clearing organization; or such intermediary acting as agent conducts the transaction anonymously on an exchange and clears through a central counterparty).

Important caveat: A foreign banking entity may not rely on any proprietary trading exemption if the activity would result in a material conflict of interest with its clients, customers, or counterparties (unless clear advance disclosures are made or information barriers are erected), result in exposure to high-risk assets or trading strategies, or threaten the safety and soundness of the entity or the financial stability of the United States.

Authority to Invest in Foreign Government Obligations

Notwithstanding the general prohibition against proprietary trading, financial instruments that are obligations of, or issued or guaranteed by, a foreign sovereign (including any of its agencies or political subdivisions or any multinational central bank in which it holds membership) may be purchased and sold by U.S. affiliates of foreign banks and foreign affiliates of U.S. banks, if each meets certain narrow, specified conditions.

U.S. affiliate: A U.S. affiliate of a foreign bank must not be controlled by a top-tier U.S. banking entity, the financial instrument must be an obligation of, or issued or guaranteed by, the foreign banking entity’s home country government (including agencies, political subdivisions or multinational central bank of which it is a member), and the U.S. affiliate must not be an FDIC-insured institution.

Foreign affiliate: A foreign affiliate of a U.S. bank must be a bank chartered by a foreign sovereign or a securities dealer regulated by a foreign sovereign, the financial instrument must be an obligation of, or issued or guaranteed by, the foreign banking entity’s home country government (including agencies, political subdivisions or multinational central bank of which it is a member), and the financial instrument must be owned by the foreign banking entity and not financed by any affiliate located in, or organized under the laws of, the United States.

Authority to Invest in or Sponsor Covered Funds

Despite the general prohibition against acquiring ownership of or sponsoring covered funds, a special exemption is available to foreign banking entities under certain conditions. A foreign banking entity that is a FBO may invest in or sponsor covered funds if it is not organized under U.S. law or controlled by a U.S. banking entity, is not located in the United States, and conducts the majority of its business outside the United States. A banking entity that is not a FBO similarly may invest in or sponsor covered funds, as long as it is not organized under U.S. law and possesses two of the following three characteristics: more assets outside the United States than inside, more foreign revenue than U.S. revenue, and more total net income outside the United States than inside. Both FBO and non-FBO foreign banking entities may sell ownership interests only through an offering that does not target U.S. residents, may make all investment or sponsorship decisions only through personnel located outside the United States, and may not book or finance the investments or sponsorships (including hedging transactions) through any U.S. branch or affiliate of the foreign banking entity.

Important note: A foreign bank is not considered to be located in the United States solely because it operates a U.S. branch, agency, or subsidiary.

Permissible U.S. Activities for Foreign Bank Trading and Investment

Although the regulations largely bar U.S. personnel of a foreign banking entity from involvement in proprietary trading and investment in covered funds, U.S. personnel are permitted to engage in “back office” activities, such as clearing and settlement, maintaining and preserving records, furnishing statistical and research data, and providing clerical support, in connection with one or more covered funds. U.S. personnel may also provide investment advice and recommend investment selections to the manager or general partner of a covered fund so long as that investment advisory activity in the United States does not involve control of the covered fund or offering or selling an ownership interest to a U.S. resident. Moreover, the regulations do not prohibit a banking entity, either U.S. or foreign, from acquiring or retaining an ownership interest in a covered fund when acting solely as a customer’s agent, broker, custodian, trustee, or fiduciary, so long as the banking entity and its affiliates do not have or retain beneficial ownership.

Important caveat: A foreign banking entity may not rely on any investment or sponsorship exemption if the activity would result in a material conflict of interest with its clients, customers, or counterparties, result in exposure to high-risk assets or trading strategies, or threaten the safety and soundness of the entity or the financial stability of the United States.

Authority to Invest in Foreign Public Funds

Foreign banking entities can invest in funds having an issuer organized or established outside the United States, which is authorized to offer and sell retail ownership interests to investors in its home jurisdiction and which sells ownership interests in unrestricted and legally compliant public offerings outside the United States. Such funds are not within the definition of covered funds. For a banking entity that is located in the United States or that is controlled by a U.S. banking entity, and any issuer it sponsors, investment in such funds is permitted only if ownership interests are sold predominantly to persons other than the sponsoring banking entity, the issuer, and their affiliates, directors and employees.

Limits on Relationships with Covered Funds [‘Super 23A’]

As noted in Observation 1.1 on the Volcker Rule, any banking entity, U.S. or foreign, and any of its affiliates, if serving as investment manager, investment adviser, commodity trading advisor, or sponsor to a covered fund that organizes and offers a covered fund, or holds an ownership interest in a covered fund, as permitted by the regulations, is prohibited from entering into any transaction with such fund (or any fund controlled by such fund) that meets the definition of a covered transaction under Section 23A of the Federal Reserve Act. Generally, covered transactions include an extension of credit to the fund, a purchase of fund-issued securities, a purchase of assets from the fund, acceptance of fund-issued securities or debt obligations as collateral for loans to third parties, issuance of a guarantee or letter of credit on behalf of the fund, and borrowing or lending securities or engaging in a derivative transaction that results in credit exposure to the fund. Because the Volcker Rule strictly aligns with the Section 23A definition of covered transaction without incorporating any exemptions ordinarily available under Section 23A (or its implementing Regulation W), because it imposes an absolute prohibition on such transactions without reference to any percentage of capital permissibility, and because it applies to all banking entities and their affiliates, it has come to be called “Super 23A.” However, the regulations do exempt from the Section 23A limits the acquisition of certain ownership interests, as wells as certain prime brokerage transactions. In addition, all transactions with covered funds as described above are subject to the market terms requirement under Section 23B.

Compliance Program

A foreign banking entity engaged in trading or fund activities within the scope of the Volcker Rule must institute a program that ensures and monitors compliance with the new regulatory restrictions. The compliance program must include adoption of written policies and procedures with limits on underwriting and market-making; installation of internal controls; provision for management accountability in reviewing trading limits, hedging activities, strategies, and incentive compensation; independent testing and audits; training for trading personnel and maintenance of sufficient records. Enhanced compliance requirements apply to foreign banking entities with total U.S. assets as of the previous calendar year-end of $50 billion or more (including all subsidiaries, affiliates, branches and agencies of the foreign banking entity operating, located or organized in the United States). Entities with assets below $10 billion have much simpler compliance obligations, and entities that do not engage in proprietary trading or covered fund investment or sponsorship are freed from any specific requirements.

Reporting Requirements

Foreign banking entities within the scope of the Volcker Rule that have significant trading activity must prepare and submit to their primary regulatory agency regular reports on an array of quantitative measurements for each trading desk. Reporting thresholds are determined by the average gross sum of the trading assets and liabilities of a foreign banking entity’s combined U.S. operations (including all subsidiaries, affiliates, branches and agencies operating, located or organized in the United States and excluding trading assets and liabilities involving obligations of, or guaranteed by, the United States or any U.S. agency) over the previous consecutive four quarters, as measured as of the last day of each of the four prior calendar quarters. Entities with more than $50 billion in trading assets and liabilities must begin reporting on June 30, 2014; entities with $25 billion or more, on April 30, 2016; and entities with $10 billion or more, on December 31, 2016. Measurements must be calculated for each trading day, with $50 billion entities reporting monthly and entities from $10 billion to $50 billion reporting quarterly.

Important note: For foreign banking entities having total U.S. assets as of the previous calendar year-end of $50 billion or more (including all subsidiaries, affiliates, branches and agencies operating, located or organized in the United States), the CEO must attest that a program is in place that is reasonably designed to achieve compliance. For a U.S. branch or agency, the attestation may be provided for the entire U.S. operations of the foreign banking entity by the senior management officer of the U.S. operations who is located in the United States.

Pepper Point: Currently, most foreign banks are not subject to Volcker-Rule-type restrictions under the laws of their home countries. Where restrictions on proprietary trading and market-making are being considered, the approach leans towards push-out and ring-fencing within a banking entity, as opposed to outright prohibition. Consequently, U.S. regulators will need to monitor the extent to which foreign banks may gain a competitive advantage over U.S. banks and the degree of dislocation that may occur in the global capital markets.

Pepper Point: With respect to foreign public funds, the U.S. regulators presumed that overseas retail investors will be entitled to securities law protections in their home countries. Additionally, the Volcker Rule preamble is clear that such retail investors are expected to be members of the general public, and not have the level of investment sophistication ascribed to institutional investors, high-net-worth individuals, or other professional investors.

Pepper Point: CEO Attestation. There are many aspects and complicated structures associated with a foreign (or domestic) banking organization, but the regulators have specifically imposed CEO attestation requirements for banks holding greater than $50 billion in total U.S. assets to assure compliance with the Volcker Rule.

Pepper Point: Foreign private funds are treated analogously to U.S. private funds. In general, if a foreign private fund is relying on exemption 3(c)(1) or 3(c)(7) of the Investment Company Act to be exempted from the Investment Company Act and it is not otherwise excluded from the covered fund definition in the Volcker Rule, it will be treated as a covered fund.

Endnote

1 The Volcker Rule applies to “banking entities,” which are defined as insured depository institutions (IDIs), companies that control IDIs (BHCs), including foreign banking organizations treated as BHCs, and affiliates and subsidiaries of IDIs and BHCs.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Pepper Hamilton LLP | Attorney Advertising

Written by:

Pepper Hamilton LLP
Contact
more
less

Pepper Hamilton LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.