Public Policy

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BitLicense Regulations Create Groundbreaking Hurdles

Gibson Dunn partners Judith Alison Lee, Arthur Long, and Alexander Southwell, of counsel Jeffrey Steiner, and associates Stephenie Gosnell Handler and Zachary Wood are authors of the attached article recently published by Law360.  They discuss the hurdles and rigorous requirements created by the New York Department of Financial Services' recently released "BitLicense" regulation, the final version of its framework for regulating digital currency firms.  BitLicense Regulations Create Groundbreaking Hurdles (click on link)Judith A.

Article | June 4, 2015

Virtual Currency Regulation and Enforcement: Granting of First NY Charter and FinCEN Fine Demonstrate Continued Evolution for Virtual Currency Sector

The last several months have demonstrated the continued growth, volatility and regulation of the virtual currency industry. A number of Wall Street institutions and established technology companies have made sizeable investments in virtual currencies and the underlying blockchain technology, and investors aren't the only ones who continue to be interested in the development of virtual currencies.

Client Alert | May 27, 2015

United States Drone Policy Stretches Its Wings

It has been a busy week for U.S. regulators and policymakers as they continue to wrestle with how to effectively manage the myriad issues related to the growing and evolving use of unmanned aerial systems ("UAS"), or "drones," both domestically and abroad.  Beginning February 15, 2015, the Obama Administration announced a series of new rules and policies affecting the commercial use of drones domestically, as well as the ability of U.S.

Client Alert | February 23, 2015

Cybersecurity and Data Privacy Outlook and Review: 2015

Concerns about cybersecurity and data privacy have exploded into the public consciousness in recent years, accompanied by a host of new and rapidly developing legal issues.

Client Alert | February 17, 2015

BitLicense 2.0: New York Moves Closer to Comprehensive Virtual Currency Regulation

On February 4, 2015, the New York Department of Financial Services released revisions to its groundbreaking virtual currency regulatory framework commonly referred to as the "BitLicense."  

Client Alert | February 11, 2015

Bitcoin Basics: a Primer on Virtual Currencies

Washington, D.C. partner Judith Lee, New York partner Arthur S. Long, Los Angeles partner Marcellus McRae, Washington D.C. counsel Jeffrey L. Steiner and associate Stephenie Gosnell Handler are the authors of "Bitcoin Basics: a Primer on Virtual Currencies" [PDF] published in the January issue of the Business Law International.

Article | January 30, 2015

Developments in Virtual Currency: Regulation and Enforcement Actions Gain Momentum

The pace of regulation and enforcement actions relating to virtual currencies has continued to pick up during the fall of 2014.

Client Alert | January 5, 2015

The New Standard in Bitcoin Regulation?  New York’s Proposed BitLicense Would Create a Highly Regulated Virtual Currency Industry

On July 21, 2014, the New York Department of Financial Services ("NYDFS") released a groundbreaking virtual currency regulatory framework, becoming the first state to issue comprehensive rules tailored to virtual currency businesses.  The proposed framework, which has become commonly known as the "BitLicense," was the long-anticipated product of nearly a year of public hearings and other inquiries.  Initially slated for a 45-day public comment period, the comment period was recently extended to October 21, 2014.  This client alert provides detailed information on the scope of the proposed regulation, and discusses potential implications for the virtual currency industry.What are Virtual Currencies?Virtual currencies are digital representations of val

Client Alert | September 10, 2014

When Supply Contracts are Considered Swaps: The Effects of the CFTC’s Interpretation of Embedded Volumetric Optionality on Derivatives End-Users

As regulators implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"), much of what was left vague in the statute is coming into focus.

Client Alert | July 29, 2014

The Commodities Activities of Banks: Comments on the Federal Reserve’s Advance Notice of Proposed Rulemaking

On April 16, 2014, the public comment period for the Federal Reserve's Advance Notice of Proposed Rulemaking (ANPR) relating to the physical commodities activities of U.S.

Client Alert | April 28, 2014

Webcast – Congressional Investigations 2014

​During this complimentary briefing, Gibson Dunn lawyers, joined by Rob Borden, Director of Oversight for House Majority Leader Eric Cantor, discuss the unique features of Congressional and other legislative branch investigations and where Congress is likely to focus its investigative and oversight resources in the second session of the 113th Congress and beyond.

Webcasts | February 5, 2014

Are You Ready to Report? European Market Infrastructure Regulation (EMIR) Derivatives Reporting Obligation Becomes Effective on February 12, 2014

Updated on March 11, 2014On February 12, 2014, derivatives reporting obligations under the European Market Infrastructure Regulation ("EMIR") came into force with immediate effects on all derivatives counterparties that fall under the scope of EMIR.  As a result of these new trade reporting obligations, many derivatives counterparties that do not have reporting obligations or are exempt from such obligations under the laws of other jurisdictions, such as the United States, find themselves subject to reporting requirements under EMIR.

Client Alert | January 29, 2014

Mexican Energy Reform: New Investment Opportunities Ahead

Since his inauguration in December 2012, Mexico’s President Enrique Peña Nieto has moved to liberalize and strengthen his country’s economy, with an emphasis on telecommunications, tax and financial reforms.

Client Alert | January 9, 2014

The Final Volcker Rule

Almost three years and five months after the enactment of the Dodd-Frank Act, and about two years and two months after its implementing proposal was issued, the Volcker Rule is now final.

Client Alert | December 13, 2013

Through the Looking Glass: The Disclosure of Ultimate Ownership and the G8 Action Plan

At the recently concluded G8 Summit at Lough Erne, Northern Ireland, leaders of the G8 economies agreed new measures to clamp down on money-laundering, tax evasion and tax avoidance, including the G8 Action Plan to prevent the misuse of companies and legal arrangements (the "Action Plan").The Action PlanThe agreed Action Plan sets out eight core principles designed to ensure the integrity of beneficial ownership and basic company information and the timely access to that information by law enforcement and tax authorities.

Client Alert | June 20, 2013

Public Companies and the “End-User Exception” for Swaps: Governance Action Items

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and new Commodity Futures Trading Commission (CFTC) rules require that, subject to certain exceptions, swap counterparties clear swaps at a clearing house and execute them on a facility or exchange.  One of these exceptions is the "end-user exception," which may be available for companies that are not "financial entities" and that use swaps to manage risk.  There are several requirements that these entities must meet in order to rely on the end-user exception.  For public companies, these include taking certain governance steps that involve board-level approval of the company's use of uncleared swaps and review of company policies on swaps.  With the CFTC clearing requ

Client Alert | June 17, 2013

The Consumer Financial Protection Bureau: Its Foundation, Authorities, and First Year of Enforcement

Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, (Dodd-Frank Act), Gibson Dunn has been monitoring regulatory developments that affect our clients, including developments at the Consumer Financial Protection Bureau (CFPB or the Bureau).

Client Alert | June 5, 2013

The Power to Investigate: Table of Authorities of House and Senate Committees for the 113th Congress

A summary of the investigative powers of each House and Senate committee during the 113th Congress (2013-2015) with an accompanying table of authorities.

Client Alert | May 22, 2013

Expanded Authority, Increasing Numbers and Record Fines: The Changing Landscape of the CFTC’s Enforcement Actions

A discussion of the Commodity Futures Trading Commission's (CFTC) new rulemakings in 2013 and how Title VII has increased the CFTC's power to create and police the derivatives markets.

Client Alert | April 22, 2013

House Committees Release Oversight Agendas for 113th Congress

Throughout the first few months of 2013, each standing committee in the House of Representatives drafted and distributed its oversight agenda for the next two years.

Client Alert | April 2, 2013

Principal Obligations Under European Market Infrastructure Regulation, Effective Immediately

Significant Consequences for Counterparties to Derivatives ContractsToday, a number of the principal obligations of The European Market Infrastructure Regulation ("EMIR") have entered into force with immediate effect, with wide-ranging consequences for all entities dealing in derivatives related to or affecting the European Economic Area.

Client Alert | March 15, 2013

CFTC’s Final Exemptive Order and Further Proposed Guidance on Cross-Border Swaps

On December 21, 2012, the Commodity Futures Trading Commission ("Commission" or "CFTC") approved with a vote of 4-1 (Commissioner Sommers dissented) a final exemptive order entitled "Final Exemptive Order Regarding Compliance with Certain Swap Regulations," (the "Final Order") granting temporary conditional relief from certain provisions of the Commodity Exchange Act ("CEA") and the Commission's regulations with respect to non-U.S.

Client Alert | January 23, 2013

Impact and Analysis of the CFTC’s Final Rule Relating to the End-User Exception to the Clearing Requirement for Swaps

This alert focuses on the recent approval by the Commodity Futures Trading Commission ("CFTC") of the final rules relating to the end-user exception to the mandatory clearing requirements, what the rule means for end-users, and the effects that the final rule has for various swaps and entities.  Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") provided non-financial end-users that use derivatives to hedge or mitigate their commercial risks an exception from the Dodd-Frank Act's clearing requirements.  While Title VII of the Dodd-Frank Act provides and the CFTC's final rule implements an exception for qualifying non-financial swap end-users with respect to clearing and trading requirements, regulators have not

Client Alert | August 3, 2012

Dodd-Frank Act Implementation: Impact of Title VII and Related CFTC and SEC Regulations on Derivatives End-Users

This alert focuses on the impact that Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulations will likely have on both financial and nonfinancial end-users.  While Title VII of the Dodd-Frank Act provides certain exceptions for swap end-users with respect to margin, clearing, execution and other requirements, regulators have not provided definitive guidance regarding these and other issues affecting end-users resulting from Title VII.  Imposing costly regulatory burdens may impact end-users' abilities to efficiently hedge and manage their risks.  End-user clients still have an opportunity to shape many areas through public comment; however, where final rules exist, end-user clients must (1) unders

Client Alert | May 16, 2012

CFTC Adopts Final Rules Implementing Real-time Public Reporting of Swap Data and Re-Proposes Rules Relating to Block Trades

Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd Frank Act") requires agencies to promulgate hundreds of new rules.  The Commodity Futures Trading Commission ("CFTC") is at the forefront of implementing the derivatives title of Dodd-Frank, and is approximately halfway through issuing roughly 50 new rules.  When Congress was considering the Dodd-Frank Act, a principal hallmark of the legislation was increased transparency.  The real-time public reporting rule, recently issued by the CFTC, will dramatically change the content and amount of derivatives transactional information that is shared with the public.  It also imposes new and potentially daunting burdens on companies that use derivatives products.T

Client Alert | March 23, 2012

Federal Agencies Propose Comprehensive Volcker Rule Implementation

On Tuesday, October 11, 2011, the Federal Reserve Board ("Fed") and the Office of the Comptroller of the Currency ("OCC") released for public comment and the Federal Deposit Insurance Corporation (the "FDIC") met in open session and unanimously approved and released proposed rules implementing the Volcker Rule, Section 619 of the Dodd-Frank Consumer Protection Act of 2010 ("Dodd-Frank").  The Securities and Exchange Commission ("SEC") voted unanimously to approve the proposed rule on Wednesday, October 12.

Client Alert | October 12, 2011

The Power to Investigate: Table of Authorities of House and Senate Committees

Congress has inherent power to investigate and that power has been delegated to House and Senate Committees.  Both House and Senate rules, for example, give standing committees the ability to issue subpoenas, hold hearings, and conduct investigations.  It can be a harrowing experience to receive a request for information or documents or for an interview or deposition from a congressional committee.  But does it matter which committee the request comes from?  Do committees all have the same investigative authorities or are there differences and, if so, do the differences matter?

Client Alert | June 28, 2011

U.S. Regulatory Reform Heads to the Implementation Phase

Printable PDF Dodd-Frank Wall Street Reform and Consumer Protection Act Signed by the President On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, the most sweeping financial reform legislation in over a generation.

Client Alert | July 23, 2010

Derivatives Regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act

Throughout the financial regulatory reform debate, designing a regulatory framework for the derivatives market has been one of the most contentious issues.

Client Alert | July 16, 2010

The Final “Volcker Rule” under the Dodd-Frank U.S. Financial Regulatory Reform Bill

This alert covers the Dodd-Frank Wall Street Reform and Consumer Protection Act and its "Volcker Rule" provisions, prior to its passage in 2010.

Client Alert | July 12, 2010

Carried Interest Tax Legislation Passed by House, But Senate Prospects Uncertain

The American Jobs and Closing Tax Loopholes Act of 2010 (the "Bill") was passed by the House on May 28, 2010, and includes a provision that generally will tax a portion of the income and gains associated with "carried interests" as ordinary income.  While the carried interest provisions of the Bill are substantially similar to legislation proposed last year, there are several important differences.  The Senate is expected to take up the Bill during the week of June 7, after the Memorial Day recess.

Client Alert | May 28, 2010

Preparing for the Conference: A Comprehensive Review of the Senate Financial Reform Bill

On May 20, 2010, after three weeks of floor debate, five cloture votes, and nearly a year of development, the "Restoring American Financial Stability Act of 2010" passed the Senate by a vote of 59-39.

Client Alert | May 27, 2010

Restoring American Financial Stability Act of 2010 – A Comprehensive Review of the U.S. Senate Banking Reform Bill

On March 22, 2010, a bill seeking general reform of financial industry regulation in response to the recent financial crisis was adopted on a party-line vote by the Senate Banking Committee as the "Restoring American Financial Stability Act of 2010." It subsequently was reported to the Senate as Senate Bill 3217 (posted on the Committee's website on April 15, 2010).

Client Alert | April 23, 2010

Financial Regulatory Reform: Chairman Dodd Releases New Legislation to Reform Financial Services Industry Regulation and Enhance Consumer Protection

Gibson Dunn is closely tracking government responses to the recent turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | March 17, 2010

Obama Administration 2011 Budget Tax Proposals

On February 1, 2010, the Obama Administration released the fiscal year 2011 Budget of the United States.  This update summarizes the principal tax provisions identified in the Budget.  The prospects for passage of these proposals is uncertain and depends in large part on the priorities of Congress and the Administration and the need for specific revenue offsets.  Moreover, the inclusion of a proposal in the Budget does not necessarily provide a clear path to enactment.  We invite your questions about specific details of these and any other tax-related provisions of the Budget.

Client Alert | February 3, 2010

Financial Regulatory Reform: President Obama Proposes Additional Financial Reforms Aimed at Large Financial Institutions

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | January 21, 2010

House Moving Quickly on Tax Extenders Bill That Would Tax Carried Interests as Ordinary Income and Crack Down on Foreign Tax Evasion

Gibson, Dunn & Crutcher is closely tracking key legislative matters as the first session of the 111th Congress draws to a close. This update focuses on H.R.

Client Alert | December 8, 2009

Financial Regulatory Reform: Consumer Financial Protection Agency Moves Forward

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 22, 2009

Financial Regulatory Reform: Derivatives Legislation Moves Forward in House

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 15, 2009

FDIC Issues Notice of Proposed Rulemaking Addressing Expiration of the TLGP’s Debt Guarantee Program; Comments Due by October 1, 2009

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the Notice of Proposed Rulemaking issued on September 9, 2009 (the “Notice of Proposed Rulemaking”) by the Federal Deposit Insurance Corporation (the "FDIC") relating to the expiration of the issuance period for the Debt Guarantee Program, a component of the Temporary Liquidity Guarantee Program (the "TLGP").  The Notice of Proposed Rulemak

Client Alert | September 21, 2009

Financial Crisis Inquiry Commission to Begin Investigations Next Month

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 17, 2009

Financial Crisis Inquiry Commission: Commissioners Appointed; Commission Likely to Begin Investigations in September

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | July 15, 2009

Financial Markets in Crisis: Administration Releases “White Paper” on Reforming the Financial Regulatory System

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | June 17, 2009

A 9/11-Style Independent Commission for Financial Regulatory Reform Looms on the Horizon

This May 2009 alert focuses on Congress' expected creation of an independent commission to examine the domestic and global causes of the U.S. financial and economic crisis. 

Client Alert | May 13, 2009

Financial Markets in Crisis: TARP Special Inspector General Focusing Oversight on Executive Compensation, Use of TARP Funds, and TALF and PPIP Programs

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | May 4, 2009

Legislation Reintroduced to Tax Carried Interests as Ordinary Income

Congressman Sander Levin (D-Mich.) recently reintroduced legislation in the House that would tax income and gains associated with "carried interests" as ordinary income.

Client Alert | April 7, 2009

Financial Markets in Crisis: The Administration Unveils Regulatory Reform Framework as Well as Systemic Risk Plan and Draft Resolution Bill

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | April 2, 2009

Financial Markets in Crisis: Public-Private Investment Funds for Distressed Bank Assets — Open Questions and Opportunity to Comment

Last week, the Department of the Treasury and the FDIC announced their Public-Private Investment Fund (PPIF) concept, intended to remove troubled assets from banks.  Significant details of the proposal remain undefined, and public comment is sought.As announced, private investors and the Treasury will invest side-by-side in PPIFs, and will share in both profits and losses.  Treasury financing also will be available.  Additionally, PPIFs may issue FDIC-guaranteed debt.  Details of the capitalization of PPIFs, the terms of the potential investments and financing, the accounting and regulatory implications for banks that sell assets to PPIFs and related matters have not been finalized.  Similarly, while officials have stated that compensation limits will not apply to

Client Alert | March 30, 2009

Details of Public-Private Investment Fund Released; Executive Compensation Restrictions Will Not Apply to Private Participants

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | March 23, 2009

Congressional Investigation, Bill Focus on Offshore Tax Havens

A key Senate investigative body this week continued its series of investigative hearings on offshore tax havens and tax abuse, focusing on the strict secrecy in which U.S.

Client Alert | March 6, 2009

Financial Markets in Crisis: TALF Launched; Executive Compensation Restrictions Will Not Apply

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | March 4, 2009

Financial Markets in Crisis: Stimulus Act Provides More than $100 Billion to Fund Infrastructure

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | February 25, 2009

Financial Markets in Crisis: The Capital Assistance Program Unveiled

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.

Client Alert | February 25, 2009

Stimulus Bill Tax Provisions

The American Recovery and Reinvestment Act of 2009 (the "Stimulus Act") is expected to be signed into law by President Obama today. The approximately 11oo pages of the Stimulus Act include a number of tax provisions.

Client Alert | February 17, 2009

Financial Markets in Crisis: Stimulus Act Enhances Executive Compensation Standards; TALF Expanded

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is closely tracking government responses to the turmoil that has catalyzed a dramatic and rapid reshaping of our capital and credit markets.

Client Alert | February 17, 2009

Financial Markets in Crisis: TARP II – Treasury’s New Financial Stability Plan

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | February 10, 2009

Financial Markets in Crisis: Executive Compensation Limits Tightened; Lobbyists’ TARP Access Restricted

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | February 4, 2009

Financial Markets in Crisis: Summary Table of Federal Rescue Programs

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | January 15, 2009

Financial Markets in Crisis: Congressman Frank’s TARP Reform Bill

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | January 13, 2009

Financial Markets in Crisis: Details of Federal Reserve MBS Purchase Program

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the Federal Reserve Board's announcement that it expects to begin purchasing mortgage-backed securities (MBS) in early January 2009.On November 25, 2008, the Federal Reserve announced three major new initiatives as follows: The Term Asset-Backed Securities Loan Facility (TALF) -- under which the Federal Reserve Bank of New York, with Treasury credit protection in

Client Alert | January 5, 2009

Financial Markets in Crisis: TARP Covers Automakers; More TALF Details Announced

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | December 24, 2008

Financial Services Regulatory Reform: Credit Default Swaps and the OTC Derivatives Market: Proposed Legislation & President’s Working Group Initiatives, including SEC Issuance of Temporary Exemptions for Central Counterparties

In connection with regulatory reform legislation anticipated to be introduced in the 111th Congress, consideration will be given to enacting proposals to further legislate the swaps market and, in particular, credit default swaps ("CDS") and the over-the-counter ("OTC") derivatives market.

Client Alert | December 23, 2008

CFIUS Guidance Alert

On December 8, 2008, the U.S. Department of the Treasury published in the Federal Register a notice providing guidance on the newly implemented amendment to Section 721 of the Defense Production Act of 1950.

Client Alert | December 18, 2008

Financial Markets in Crisis: Oversight of Federal Rescue Efforts Ramps Up

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | December 16, 2008

Financial Markets in Crisis: Housing and Credit Markets Get TARP Boost

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 25, 2008

Financial Markets in Crisis: Final TLGP Rule

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on the final rule issued today by the Federal Deposit Insurance Corporation (the "FDIC") governing its Temporary Liquidity Guarantee Program (the "TLGP").On October 13, 2008, the FDIC adopted the TLGP, which guarantees newly issued senior unsecured debt of banks, thrifts, and most holding companies of federally insured depository institutions (the &quo

Client Alert | November 21, 2008

Financial Markets in Crisis: The Waxman Hearings; TARP Update

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.We are providing updates on key regulatory and legislative issues, as well as information on legal issues that we believe could prove useful as firms and other entities navigate these challenging times.This update focuses on a series of hearings which are being conducted by Congressman Henry Waxman, chair of the House Committee on Oversight and Government Reform, and, in particular, the recent hearing on hedge funds' role in the financial crisis.BackgroundOn Thursday, October 2, 2008, Representative Waxman announced that the House Committee on Oversight and Government Reform would hold a seri

Client Alert | November 19, 2008

Financial Markets in Crisis: TARP Roadmap Revised

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 13, 2008

Financial Markets in Crisis: Expanding Authorities to Promote Liquidity and Protect Homeowners

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | November 7, 2008

Financial Markets in Crisis: Regulation of Credit Default Swaps

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 23, 2008

Financial Markets in Crisis: Congress Takes a Closer Look; FDIC Issues Interim Rule

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 23, 2008

Financial Markets in Crisis: Fed Announces a Third Funding Facility Designed to Increase Market Liquidity

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 21, 2008

Financial Markets in Crisis: Critical Issues in the Current Environment

Many of our clients have been facing unprecedented new challenges as a result of the dramatic economic events that have occurred over the last month.  The financial markets continue to evolve in Washington on a real-time basis and the daily volatile gyrations in the stock markets around the world have led to uncertainty, anxiety and issues of first impression for many of our clients.  We believe that the events that occur in the coming months will shape not only the financial futures of many of our clients and their competitors, but also the world economy.

Client Alert | October 20, 2008

Financial Markets in Crisis: The Capital Purchase Program Takes Shape

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 20, 2008

Financial Markets in Crisis: TARP Takes Shape: President Announces Additional Measures

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 14, 2008

Financial Markets in Crisis: Applications Are In

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 9, 2008

Financial Markets in Crisis: Treasury Moves to Implement TARP

With the Emergency Economic Stabilization Act (EESA) now law, Treasury is moving quickly to choose advisers, issue regulations, and hire companies to serve as asset managers for the Troubled Asset Relief Program (TARP).Today, Secretary Paulson announced that he has selected Neel Kashkari to be the interim head of the new Office of Financial Stability, which will implement the Troubled Asset Relief Program.  Kashkari is currently Assistant Secretary for International Economics and Development and has been a key adviser to Secretary Paulson.  It is our understanding that Secretary Paulson intends to hire a small staff with expertise in asset management, accounting, and legal issues to commence the Troubled Asset Relief Program.

Client Alert | October 6, 2008

Financial Markets in Crisis: Rescue Bill Reaches Finish Line

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | October 3, 2008

Financial Markets in Crisis: Section-By-Section Analysis of the Emergency Economic Stabilization Act of 2008

We are pleased to provide our clients and friends with a section-by-section analysis of the Emergency Economic Stabilization Act of 2008 (hereinafter, the "Act") as passed by the Senate, by a vote of 74-25, on October 2, 2008.

Client Alert | October 2, 2008

Financial Markets in Crisis: Overview of FDIC’s Authority with Respect to Bank Failures

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 30, 2008

Financial Markets in Crisis: Rescue Bill Fails in House

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Bipartisan RejectionLawmakers labored over the weekend to craft a financial package that would be palatable to both Democrats and Republicans, as well as to constituents back home.  Draft legislation was circulated and tinkered with all weekend until the House Rules Committee, at 12:01 a.m.

Client Alert | September 29, 2008

Financial Markets in Crisis: Silence on the Rescue Deal Is Golden; Banking Giant WMBank Falls but DIF Held Harmless

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Debate on the HillIn contrast to yesterday's public display of political and policy wrangling, today's activity was largely behind the scenes as designated negotiators worked to hash out the details of a rescue plan.  Though congressional leaders reported yesterday that they had reached a compromise agreement, Republicans announced that they had developed a competing proposal late Thursday night.  House Minority Leader John Boehner wrote Speaker Pelosi today to express concern that the Democra

Client Alert | September 26, 2008

Financial Markets Crisis: Issues for Hedge Funds and Private Equity Funds

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking government responses to the turmoil that has reshaped our capital and credit markets.  The following is an update on key regulatory and legislative issues that are of particular interest to and are likely to affect hedge funds and private equity funds.Federal Reserve Board Enhances Passive Investment Framework for Minority Investors in Bank Holding Companies and BanksIn connection with its various efforts to increase the capital and liquidity available to the banking industry, on September 22, 2008 the Federal Reserve Board (the "Fed") issued a new policy statement providing additional guidance on making equity investments in a bank or bank holding company ("BHC").  Importantly, the iss

Client Alert | September 26, 2008

Financial Markets in Crisis: Deal on Rescue Bill Appears Likely, but What Will It Contain?

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.

Client Alert | September 25, 2008

Financial Markets Crisis: Congress and Administration Lurch Toward a Rescue Plan; Federal Reserve Relaxes Restrictions on Investments in Banks

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Congressional HearingsToday, Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke testified before the House Financial Services Committee.  Both Secretary Paulson and Chairman Bernanke reiterated the message they conveyed to the Senate Banking Committee yesterday, urging Congress to pass legislation quickly and warning of dire economic consequences if the federal government does not intervene soon.  Tomorrow, the House Financial Services Committee will hear testimon

Client Alert | September 24, 2008

Congressional and Administrative Status Update Regarding Economic Bailout

The Gibson, Dunn & Crutcher Financial Markets Crisis Group is tracking closely government responses to the turmoil that has catalyzed dramatic and rapid reshaping of our capital and credit markets.What follows is our latest in a series of updates on key regulatory and legislative issues.Senate Banking Committee HearingThe Senate Banking Committee met today to hear testimony from Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chair Chris Cox, and Federal Housing Finance Agency Director James Lockhart.Treasury Secretary Paulson continued to advocate for a narrowly tailored bill without additional corporate governance provisions which could slow down approval of the legislation.  Though he maintained that approval of the le

Client Alert | September 23, 2008

Recent Senate Hearing Targets Dividend Tax Avoidance by Large Financial Firms with Offshore Entities

A key Senate investigative body has issued its latest findings in its investigation of alleged abusive tax practices, which is now in its seventh year.  The investigation has examined alleged offshore tax havens, the way tax shelters are promoted, how assets are "hidden" offshore, and, most recently, dividend tax abuse.  While it is not clear where the investigation will focus next, it is highly likely that it will continue.

Client Alert | September 22, 2008

Capital Markets in Crisis: The Government Formulates a Response

Gibson, Dunn & Crutcher Deploys a Team of ExpertsMany of our clients are facing new challenges because of the dramatic economic events that have occurred over the last two weeks and as a result of changes that in their scope and reach we have not seen since the Depression.  Financial markets are literally being reshaped in Washington on a real-time basis.  As the Administration and Congress move forward to address the liquidity crisis and related problems, we are positioned to keep our clients apprised of key developments and to ensure that their voices are heard in the debate about how to repair our financial infrastructure.To that end, Gibson, Dunn has assembled a team of attorneys with a broad range of experience in the securities, financial, corporate, real estate, tax, b

Client Alert | September 22, 2008

Department of the Treasury Releases Proposed Regulations Governing the Committee on Foreign Investment in the United States (“CFIUS”)

On April 21, 2008, the Department of the Treasury released a set of proposed regulations governing mergers, acquisitions and takeovers by foreign persons.

Client Alert | May 7, 2008

Amendment to Foreign Sovereign Immunities Act Makes It Easier for Victims to Recover Damages from State Sponsors of Terrorism

Victims of state-sponsored terrorism will more readily be able to recover damages from terrorist states as a result of a provision of the National Defense Authorization Act for Fiscal Year 2008, which was signed into law today.

Client Alert | January 28, 2008

Ethics and Lobbying Reform Update

On September 14, 2007, the President signed the Honest Leadership and Open Government Act of 2007 (S. 1). This legislation makes important changes in federal election and lobbying laws, as well as the House and Senate rules.Most of the House rules described below were adopted unilaterally by the House on January 5, 2007 as part of H.

Client Alert | September 14, 2007

Congressional Investigation: Foreseeing Oversight

With the newly installed, Democrat-controlled Congress comes a greater focus on aggressive congressional scrutiny of private- and public-sector behavior.

Client Alert | May 14, 2007

Foreign Investment Update and Outlook from the Gibson Dunn Public Policy Group

In the days after the Dubai Ports World deal failed, more than twenty different pieces of legislation were introduced in the Congress. In recent weeks, there have been a series of Committee hearings on these various legislative proposals that would affect foreign investment in the United States, including the interagency process by which such investments are overseen.There are two main pieces of legislation that will bear watching in coming weeks and are likely to be enacted into law this summer.

Client Alert | April 11, 2006