At Gibson Dunn, we are proud and honored to be at your side to help solve your most complex legal questions and to continue our partnership with you in the coming year in Germany, in Europe and the world. We trust you will find this German Law Year-End Update insightful and instructive for the best possible start in 2021.
Client Alert | January 14, 2021
Washington, D.C. counsel Roscoe Jones Jr., New York partner Joel Cohen, Washington, D.C. partner Michael Bopp, New York partner Arthur Long, Washington, D.C. partner Jeffrey Steiner, Washington, D.C. associate Samantha Ostrom, Orange County associate Maggie Zhang and San Francisco associate Alexandra Farmer are the authors of "Financial Policy in the Incoming Biden Administration: What Can We Expect?" published by Wall Street Lawyer in its December 2020 issue.
Article | January 8, 2021
The Financial Conduct Authority (FCA) continues to show a desire to take action in sectors of the financial services industry where there has been traditionally less supervisory oversight and to push the importance of firm’s internal governance and oversight structures.
Client Alert | December 2, 2020
On November 30, 2020, ICE Benchmark Administration, the administrator of LIBOR, with the support of the Federal Reserve Board and the UK Financial Conduct Authority, announced plans to consult on specific timing for the path forward to cease the publication of USD LIBOR. In particular, IBA plans to consult on ceasing the publication of USD LIBOR on December 31, 2021 for only the one week and two month USD LIBOR tenors, and on June 30, 2023 for all other USD LIBOR tenors (i.e., overnight, one month, three month, six month and 12 month tenors).
Client Alert | December 1, 2020
On November 20, 2020, the Office of the Comptroller of the Currency (OCC) proposed a rule to require large national banks and federal savings associations to offer and provide “fair access” to financial services.
Client Alert | November 30, 2020
Many UK regulated firms will be currently (re-)assessing staff as fit and proper and training staff on the FCA’s (or the PRA’s) Conduct Rules. The FCA has recently banned three individuals from working in the financial services industry for non-financial misconduct outside the workplace.
Client Alert | November 13, 2020
The UK Financial Conduct Authority (FCA) has published a final notice detailing enforcement action taken against a Hong Kong asset manager for short selling disclosure rule breaches under the Short Selling Regulation (SSR).
Client Alert | November 10, 2020
The European Commission’s Sustainable Finance Action Plan proposed a package of measures including, amongst other initiatives, a regulation imposing sustainability-related disclosures on financial market participants and a regulation to establish an EU-wide common language (or taxonomy) to identify the extent to which economic activities can be considered sustainable.
Client Alert | November 3, 2020
A group of Gibson Dunn lawyers in London are the authors of "Private equity in the UK (England and Wales): market and regulatory overview" [PDF] published by Thomson Reuters Practical Law in its Private Equity Global Guide 2020 in October 2020.
Article | October 30, 2020
Since the 2016 presidential election, there have been several regulatory developments that go to the heart of the U.S. dual banking system – the quintessentially American system under which banking entities may choose either a state or federal charter. Gibson Dunn lawyers discuss potential issues for the 2020 U.S. election, specifically the extent of state-federal regulatory balance and the degree of judicial control over federal regulatory actions.
Client Alert | October 28, 2020
New York partner Arthur Long is the author of "After a Decade, What is Settled About Dodd-Frank?" published by the American Bar Association's Banking Law Committee Journal in September 2020.
Article | October 23, 2020
One of the thornier areas of law for U.S.-regulated banks and their holding companies is that regarding confidential supervisory information (CSI). Gibson Dunn lawyers discuss two recent meaningful developments in the law regarding CSI.
Client Alert | September 22, 2020
The Senior Managers and Certification Regime has applied to Financial Conduct Authority-solo regulated firms since 9 December 2019. This client alert provides a brief overview of the key changes that firms should have already implemented, summarizes key lessons from the FCA’s approach to enforcement of the regime against the banks, and details the steps that firms should be undertaking prior to the extended deadline of 31 March 2021.
Client Alert | July 23, 2020
EMIR Refit came into force on 17 June 2019 with the aim of amending the European Market Infrastructure Regulation (EMIR) to address “disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties”.
Client Alert | June 12, 2020
On 27 May 2020, the UK Financial Conduct Authority (the “FCA”) published Market Watch 63 (“MW63”). MW63 highlights that market participants (including issuers, their advisers and all other market participants) may be subject to new and emerging market conduct risks as a result of the current increase in primary market activity and working from home arrangements widely mandated as a result of public policy to deal with the COVID-19 pandemic. It then sets out the FCA’s expectations on market participants in terms of identifying and mitigating those risks in the current environment.
Client Alert | May 28, 2020
On May 8, 2020, the Department of the Treasury Financial Crimes Enforcement Network (FinCEN) again extended the Geographic Targeting Order (GTO) requiring title insurance companies to report non-financed purchases of residential real estate in certain major metropolitan areas.
Client Alert | May 18, 2020
The UK Financial Conduct Authority (“FCA”) has issued statements to financial services firms outlining its expectations on: (i) financial crime systems and controls; and (ii) information security, during the COVID-19 pandemic. These are further examples of the FCA requiring firms to take steps to prevent and/or limit harm to consumers and the market more generally in this challenging period.
Client Alert | May 11, 2020
On May 7, 2020, the European Commission announced an action plan of measures designed to pursue what will likely constitute a fundamental reshaping of how rules relating to anti-money laundering (AML) and counter-terrorist financing (CTF) are implemented, overseen and enforced in the EU.
Client Alert | May 11, 2020
In light of the significant impact of COVID-19, the UK Financial Conduct Authority (FCA), like many other regulatory authorities globally, has introduced a number of temporary measures impacting financial services firms.
Client Alert | April 23, 2020
In this client alert we summarise: (i) the announcement of details on the Coronavirus Large Business Interruption Loan Scheme (the “CLBILS”); and (ii) the announcement of a new funding scheme for innovative companies that are facing financing difficulties due to the COVID-19 pandemic (the “Innovation and Development Scheme”).
Client Alert | April 22, 2020
Since the early stages of the coronavirus (COVID-19) pandemic, U.S. financial regulators have issued a flurry of guidance. This Alert analyzes select guidance from regulators to date on three key issues: (1) the additional planning that financial institutions should undertake going forward, (2) how financial institutions should adjust day-to-day banking operations during coronavirus, including complying with their Bank Secrecy Act/anti-money laundering (“BSA/AML”) obligations, and (3) how COVID-19 affects oversight of financial institutions, including supervisory priorities and deadlines.
Client Alert | April 21, 2020
The European Securities and Markets Authority (“ESMA”) has published a public statement[1] detailing actions to mitigate fund managers’ reporting obligations. This client alert provides EU alternative fund managers (“AIFMs”), and non-EU AIFMs marketing their funds in the EU, with an overview of the impact of the public statement on the obligation to publish an annual report for the funds they manage.
Client Alert | April 14, 2020
On March 28, 2020, the German Federal legislature’s response to the Corona crisis entered into force, introducing a varied array of far-reaching legislative measures to stabilize and support the German economy. In the sphere of corporate law, such statutory implementation measures are, in particular, contained in the Act on the Mitigation of the Consequences of the COVID-19 Pandemic in Civil, Insolvency and Criminal Procedural Law (Gesetz zur Abmilderung der Folgen der COVID-19-Pandemie im Zivil-, Insolvenz- und Strafverfahrensrecht – “COVID-19 Pandemic Mitigation Act”) and the so-called Act on the Introduction of an Economic Stabilization Fund (Wirtschaftsstabilisierungsfondsgesetz - WStFG).
Client Alert | April 14, 2020
On 3 April 2020, the UK Financial Conduct Authority (“FCA”) published a statement setting out its expectations of FCA solo-regulated firms under the Senior Managers and Certification Regime (“SMCR”) during the COVID-19 outbreak. This client alert provides FCA solo-regulated firms with an overview of the FCA’s SMCR-related expectations.
Client Alert | April 6, 2020
The UK Government has announced a series of measures to support public services, people and businesses through this period of severe - but temporary - disruption caused by COVID-19. The Government’s measures are a mixture of tax relief, financing and support towards the cost of employees. Further clarity on the Government’s plans and practical processes for taking advantage of the support is expected to be provided as the days progress.
Client Alert | April 6, 2020
The UK Financial Conduct Authority (“FCA”) has made clarifications to its previous announcement on 16 March regarding the European Securities and Markets Authority’s (“ESMA’s”) decision concerning temporary amendments to short selling notification thresholds under the Short Selling Regulation (“SSR”). The FCA will now be ready to receive notifications at the lower threshold from 6 April 2020.
Client Alert | April 1, 2020
On 31 March 2020, the European Securities and Markets Authority (“ESMA”) issued a public statement[1] to clarify issues regarding the publication by execution venues and firms of best execution reports required by RTS 27 and RTS 28 of MiFID II. This client alert provides an overview of ESMA’s public statement and its consequences for execution venues and firms.
Client Alert | April 1, 2020
The UK Government has launched two funding mechanisms to assist firms with the potential impact of COVID-19 on their businesses: the Covid Corporate Financing Facility (CCFF) and the Coronavirus Business Interruption Loan Scheme (CBILS). Gibson Dunn lawyers provide an overview of the CCFF and CBILS and provides practical guidance as to how firms can make use of these facilities.
Client Alert | March 27, 2020
The EU has adopted a package of measures which will implement some important changes to the way in which alternative investment fund managers (AIFMs) market their funds cross-border in the European Economic Area (EEA).
Client Alert | February 24, 2020
On January 30, 2020, the five regulatory agencies (Agencies) responsible for implementing the Dodd-Frank Act’s Volcker Rule issued, in some cases with dissent, a proposed rule (Funds Proposal) that would make substantial revisions to the “covered funds” provisions of their Volcker regulations.
Client Alert | February 6, 2020
As part of a series of regular analyses of the unique impact of white collar issues on financial institutions, Gibson Dunn lawyers examine how DOJ has stretched U.S. money laundering statutes—perhaps to a breaking point—to reach conduct that occurred outside of the United States.
Client Alert | January 9, 2020
Gibson Dunn lawyers set out what steps UK counterparties to derivatives transactions should take now in relation to their reporting arrangements to ensure a smooth transition on and after Brexit.
Client Alert | December 10, 2019
Gibson Dunn lawyers summarize the key changes in the UK Financial Reporting Council's (FRC) new Stewardship Code 2020 impacting investors and asset managers, the outcomes from the UK Financial Conduct Authority (FCA)/FRC discussion paper, and related recent and forthcoming UK and EU legal and regulatory developments.
Client Alert | October 28, 2019