News & Analysis as of

Foreign Banks

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Colombia

1 .What role does the government of Colombia play in approving and regulating foreign direct investment? Foreign direct investment (FDI) in Colombia is subject to registration with the Colombian Central Bank (Banco de la...more

US Federal Reserve Board Vice Chairman for Supervision Discusses Regulatory Agenda for Foreign Banking Organizations

by Shearman & Sterling LLP on

Randal Quarles, U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, discussed the need to examine post-crisis reforms. Focusing on post-crisis regulations that impact foreign banking...more

How Does the Fed Want to Regulate Foreign Banks?

by Sullivan & Worcester on

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

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Cayman Islands

1 .What role does the government of the Cayman Islands play in approving and regulating foreign direct investment? The Cayman Islands Government has put in place and continues to maintain a regulatory structure whose goal...more

LATIN AMERICA & THE CARIBBEAN A Legal Guide for Business Investment and Expansion - British Virgin Islands

1 .What role does the government of the British Virgin Islands play in approving and regulating foreign direct investment? The British Virgin Islands (commonly referred to as BVI) are a British Overseas Territory. As a...more

Financial Regulatory Observer - February 2018: Breaking the bonds that bind

by White & Case LLP on

Removing the sovereign-bank nexus should be a priority for policymakers before they press ahead with the European Banking Union. The European Commission (EC) regards the creation of a full Banking Union as an essential...more

Orrick's Financial Industry Week In Review

Second Circuit Raises Bar for US Jurisdiction Over Foreign Banks - Orrick litigators Robert Reznick, Stephen Foresta and Julie Gorchkova co-authored an article for Law360 that examines a closely-watched case relating to...more

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Brazil

1 .What role does the government of Brazil play in approving and regulating foreign direct investment? Brazil is a Federation composed by 27 States, 1 Federal District and more than 5,500 Municipalities. Although each...more

ECB Sets out Its Expectations for Booking Models and “Empty Shells” after Brexit

Booking model practices used by international banks placed under scrutiny as a result of Brexit. The European Central Bank has been considering the booking model practices used by international banks, and how to prevent...more

2nd Circ. Raises Bar For US Jurisdiction Over Foreign Banks

On Feb. 9, 2018, the Second Circuit decided SPV Osus Ltd. v. UBS AG , affirming the dismissal of UBS AG and related and unrelated foreign financial management companies from litigation brought by alleged victims of the...more

US Federal Reserve Board Finalizes FR Y-7 Reporting and Clarifies Regulation YY Requirements

by Shearman & Sterling LLP on

The US Federal Reserve Board issued a notice finalizing its revisions to the Form FR Y-7 (Annual Report for Foreign Banking Organizations), regarding how a foreign banking organization should certify its compliance with US...more

Will Your Offshore Bank or Cryptocurrency Exchange Turn You In to the IRS?

by Sanford Millar on

Well the results of the Foreign Account tax Compliance Act (“FATCA”) are coming in and the IRS will be stepping up audit of “holder” of unreported account. The exam targets will be U.S. taxpayers who own or control foreign...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Swiss pharma giant Novartis has issued a $3.9 billion cash bid to buy Advanced Accelerator Applications, a French company [and spinoff of the organization in charge of the Large Hadron Collider] known for producing...more

Treasury Hints That Regulatory Review May Target FATCA Regulations

by Fox Rothschild LLP on

In a report to the President recommending actions to eliminate or mitigate burdens imposed on taxpayers by eight specific tax regulations, the Treasury Department indicated that it is considering possible reforms of...more

NY DFS Charges the NY Branch of Habib Bank and Habib Bank Limited for Compliance Failures

On August 24, 2017, the New York State Department of Financial Services (“NY DFS“) issued a Notice of Hearing and Statement of Charges to the New York Branch of Habib Bank Limited and Habib Bank Limited, the largest bank in...more

Fed Adopts Final Rule Regarding Contract Termination Provisions for Repos, Stock Loans and Swaps with Systemically Important Banks

by Proskauer Rose LLP on

On September 1, 2017 the Federal Reserve voted to adopt a final rule requiring U.S. global systemically important banking institutions ("GSIBs") and the U.S. operations of foreign GSIBs to amend qualified financial contracts...more

Federal Reserve Board Announces Proposed Changes to Bank Board Expectations

by Dechert LLP on

The Board of Governors of the Federal Reserve (FRB) on August 3, 2017 issued a notice inviting comment regarding Proposed Guidance on Supervisory Expectations for Boards of Directors (Proposal). The Proposal applies to boards...more

Object Lesson on How Not to Respond to Consent and Enforcement Actions

by Sullivan & Worcester on

Last week, the DFS announced an enforcement action and charges against the NY Branch of Habib Bank, a Pakistani bank that had been doing business in NY for almost 40 years....more

Update on Regulatory Initiatives Regarding the Volcker Rule

by Dechert LLP on

As the general conformance period for banking entities to comply fully with Section 13 of the U.S. Bank Holding Company Act (Volcker Rule) and its implementing regulations (Volcker Regulations) ended on July 21, 2017, two...more

Justice Department’s Latest Offshore Bank Resolution Confirms Value Of Self-Disclosure And Voluntary Remediation By At-Risk...

by Fox Rothschild LLP on

The Justice Department revealed its latest offshore bank resolution by announcing that it had entered into a non-prosecution agreement with a Swiss asset management firm called Prime Partners. This means that Prime Partners...more

Bridging the Week - August 2017 #2

Trader’s Spoofing Conviction and Sentence Upheld by Federal Appeals Court: Last week, a three-judge Federal Court of Appeals panel in Chicago unanimously upheld Michael Coscia’s criminal conviction and sentencing for...more

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

Two Volcker Rule Updates: Foreign Excluded Funds and Seed Investments

by Latham & Watkins LLP on

Two recent developments involving the Volcker Rule have significant implications for financial regulation in both the US and internationally. Update 1: Temporary Relief for Certain Foreign Funds - On July 21, 2017, the...more

US Banking Agencies Provide Temporary Relief Under the Volcker Rule to Foreign Banks With Respect to Certain Foreign Private...

by Shearman & Sterling LLP on

The US federal banking agencies with responsibility for enforcing the Volcker Rule have issued temporary one year no-action relief with respect to certain private non-US investment funds that are not “covered funds” for...more

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