After more than a year of considering public comments on its February 23, 2015 proposed rules regulating the commercial use of small (weighing less than 55 pounds) unmanned aircraft systems ("UAS" or "drones"), the United States Federal Aviation Administration ("FAA") on June 22, 2016 issued its final rule, bringing the use of drones one step closer to mainstream commercial integration.While the personal and commercial use of drones has mushroomed in recent years, a practical regulatory framework has lagged behind the technological innovation and economic demand driving the boom. Proponents of the commercial use of drones have argued that this regulatory lag was stifling the growth of a market that is estimated to generate over $80 billion in t
Client Alert | June 27, 2016
When responding to a request from a congressional committee, a company's counsel does not often consider immediately whether and how the response could trigger an Executive Branch enforcement action. But it has become increasingly necessary for those responding to congressional requests to think about not only how the requesting committee will view their response, but also whether it could trigger interest by federal or state enforcement agencies.
Article | May 16, 2016
Dallas partner Karl Nelson and associate Chelsea Glover are the authors of "Addressing Open Carry Challenges For Texas Employers" [PDF] published on March 15, 2016 by Law360.
Article | March 15, 2016
On January 16, 2016, the comprehensive international sanctions restricting dealings with Iran and Iranian entities were substantially eased. Financial institutions and businesses hoping to access the Iranian market have new, immediate and substantial opportunities to do so; but this potential comes with continued complexities, ambiguities, and risks, particularly for U.S.
Client Alert | January 18, 2016
Myanmar went to the polls on November 8, 2015 (the "2015 Elections") to elect members of the upper and lower houses of the national legislature and 14 state and regional legislatures. The 2015 Elections witnessed participation by the National League for Democracy (the "NLD") (headed by Aung San Suu Kyi), which had boycotted the 2010 general elections. Based on the preliminary results released through November 15, 2015, the NLD has secured an overwhelming majority of the seats of the national legislature (referred to as the Pyidaungsu Hluttaw). The members of the newly elected national legislature will elect the next President of Myanmar to lead the new Myanmar Government from April 1, 2016. Given the majority secured by the NLD, the next Pre
Client Alert | November 17, 2015
For the third successive Congress, we are releasing a table of authorities that summarizes the investigative powers of each House and Senate committee. We believe that understanding a committee's investigative powers is crucial to successfully navigating a congressional investigation. Congressional committees have the power to issue subpoenas to compel witnesses to produce documents, testify at committee hearings, and, in some cases, appear for depositions. Although the Fifth Amendment applies in the context of a congressional investigation, standing committees nevertheless may appeal to the full House or Senate to hold in contempt any witness who refuses to appear, answer questions, or produce documents. Congressional contempt authority may take one of three
Client Alert | October 21, 2015
October 18, 2015 marked Adoption Day, the latest milestone in the implementation of the Joint Comprehensive Plan of Action ("JCPOA") between the E3/EU+3 (China, France, Germany, the Russian Federation, the United Kingdom, and the United States) and the Islamic Republic of Iran to ease sanctions on Iran in exchange for limitations on its nuclear program.
Client Alert | October 19, 2015
Today, the agreement between the E3/EU+3 (China, France, Germany, the Russian Federation, the United Kingdom, and the United States) with the Islamic Republic of Iran to ease sanctions on the country in exchange for limitations on its nuclear program, the Joint Comprehensive Plan of Action ("JCPOA"), took a major political step closer to being realized and implemented in the United States.
Client Alert | September 2, 2015
On July 14, 2015, the E3/EU+3 (China, France, Germany, the Russian Federation, the United Kingdom, and the United States) signed a landmark agreement with the Islamic Republic of Iran to ease sanctions on the country in exchange for limitations on its nuclear program. This agreement was the result of intense negotiations beginning in November 2013. The Joint Comprehensive Plan of Action ("JCPOA" or "the Agreement") removes many of the nuclear-related economic sanctions imposed by the United States and the European Union in the past decade. As Iran complies with various provisions of the agreement--including caps on its uranium enrichment capabilities and inspections of its key nuclear facilities to ensure that no prohibited activity is occurring--the E
Client Alert | July 14, 2015
Washington, D.C. partner F. Joseph Warin and associates Oleh Vretsona and Lora MacDonald are the authors of "A Practical Guide to the Use of the Commissioned Public Report as an Effective Crisis-Management Tool" [PDF] published in the Notre Dame Journal of Law, Ethics & Public Policy, Volume 29, Issue 1.
Article | June 12, 2015
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
U.S.
Client Alert | September 19, 2012
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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