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
Two recent developments illustrate the importance of adaptable and decisive OFAC compliance programs. The first development was President Obama's August 17, 2011 Executive Order 13582, which considerably tightened U.S.
Client Alert | August 30, 2011
The Hiring Incentives to Restore Employment Act (the HIRE Act), in an effort to reduce the evasion of U.S.
Client Alert | August 9, 2011
The Indonesian House of Representatives on 31 May 2011 passed Law No.
Client Alert | July 15, 2011
On July 6, 2011 the Federal Deposit Insurance Corporation's ("FDIC's") Board of Directors met in open session, voting unanimously to approve a final rule addressing the claims process and other aspects of the FDIC's orderly liquidation authority under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"). The Board also discussed the FDIC's progress in preparing final rules with respect to both resolution planning under Dodd-Frank and the FDIC's own proposal, issued prior to the enactment of Dodd-Frank, separately calling for certain large insured depository institutions to file resolution plans.I. Final Rule on Orderly Liquidation AuthorityThe FDIC Board of Directors unanimously approved a final rule amending 12 C.F.R.
Client Alert | July 11, 2011
"The United States condemns in the strongest possible terms the use of force by the Syrian government against demonstrators. This outrageous use of violence to quell protests must come to an end now.
Client Alert | May 2, 2011
Printable PDF On March 29, 2011, the Federal Deposit Insurance Corporation (the "FDIC") and the Board of Governors of the Federal Reserve System (the "Fed") jointly released a notice of proposed rulemaking ("NPR") proposing rules relating to the resolution plan (also known as the "living will") and credit exposure report requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "DFA"). Both the resolution plan and credit exposure report requirements apply to nonbank financial companies ("NBFCs") designated by the Financial Stability Oversight Council (the "Council" or "FSOC") for Fed supervision and bank holding companies ("BHCs") (including any foreign ban
Client Alert | April 6, 2011
The United States, and the entire world, continues to be outraged by the appalling violence against the Libyan people. The United States is helping to lead an international effort to deter further violence, put in place unprecedented sanctions to hold the Qadhafi government accountable, and support the aspirations of the Libyan people.
Client Alert | March 7, 2011
On Friday, February 25, 2011 President Obama issued an Executive Order blocking property and prohibiting certain transactions related to Libya.
Client Alert | February 28, 2011
Printable PDF The year 2010 saw increasing "power ball" fines and an increasing focus on export enforcement at the Office of Foreign Assets Control ("OFAC") within the United States Department of the Treasury.
Client Alert | February 23, 2011
On February 11, 2011, the German Parliament approved the bill for the so-called "Investor Protection and Capital Markets Improvement Act" (Anlegerschutz- und Funktionsverbesserungsgesetz) which is part of the ongoing legislative activity responding to the financial crisis.
Client Alert | February 18, 2011
On January 11, 2011, the U.S. Securities and Exchange Commission ("SEC"), in consultation with the Department of the Treasury, Financial Crimes Enforcement Network ("FinCEN"), again extended the Bank Secrecy Act ("BSA") Customer Identification Program ("CIP") no-action letter (initially issued in 2004) relating to broker-dealer reliance on SEC registered investment advisers ("RIAs"). As previously, the extension was granted at the request of the Securities Industry and Financial Markets Association ("SIFMA").
Client Alert | February 17, 2011
Printable PDF A popular uprising ended the 23-year old regime of former Tunisian president Zine El Abidine Ben Ali, who recently fled to Saudi Arabia.
Client Alert | January 26, 2011
Printable PDFOn January 18, 2011, the Financial Stability Oversight Council (the "Council") released a notice of proposed rulemaking ("NPR") that sets forth the proposed criteria and analytical framework for the Council to designate an entity as a nonbank financial company under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "DFA"). Pursuant to the DFA, the Council has the authority to require that the Federal Reserve Board supervise a designated nonbank financial company and that the company be subject to prudential standards in accordance with Title I of the DFA.
Client Alert | January 20, 2011
Printable PDFEnacted on July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") comprehensively reforms and restructures the U.S.
Client Alert | January 13, 2011
In the past three years, international regulatory focus on remuneration has gripped the globe. The heart of the debate which arose in the context of remuneration structures in investment banking and their contribution to global financial crisis has extended past this into remuneration across a broad range of industries.
Client Alert | December 20, 2010
The United States Labor Department has proposed an important amendment to its regulations defining fiduciary status under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). If the amendment is finalized in its proposed form, it will substantially expand the classes of service providers subject to ERISA's fiduciary duty and prohibited transaction rules.
Client Alert | November 1, 2010
In a previous alert published in July, The UK's Blueprint for Financial Regulation, we looked at the UK Government's proposals for an overhaul of the UK financial regulatory infrastructure. These proposals were issued upon the initiation of the new Government, aimed at addressing a systemic failure in the UK domestic regime to recognise and respond in a timely and adequate manner to the global financial crisis.
Client Alert | November 1, 2010
The curtain is slowly closing on the era of (relatively) light regulation of Alternative Investment Funds in Europe. Key developments flowing from a meeting of European Finance Ministers on 19 October to discuss the 'AIFM Directive' include agreement on a slightly less onerous regime for depositaries and confirmation that there will eventually be a 'passport' regime allowing marketing of non-EU Funds on a pan-European basis. Although progress has been made, we are nonetheless concerned that the overall effect of the Directive will be to render meaningless over time the distinction between alternative funds marketed to professional investors and the (higher cost) retail funds established under the UCITS regime.BackgroundAs with related initiatives around the world, the proposal
Client Alert | October 21, 2010
On September 30, 2010, the United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published in the Federal Register its long-awaited notice of proposed rulemaking (NPRM) that would require certain banks and money transmitters to report to FinCEN transmittal orders associated with certain cross-border electronic transmittals of funds (CBETFs).
Client Alert | October 12, 2010
The Hiring Incentives to Restore Employment Act (the HIRE Act), in an effort to reduce the evasion of U.S. tax obligations through the establishment of accounts at foreign financial institutions (FFIs) or by holding assets through other, nonfinancial foreign entities (NFFEs), included provisions commonly referred to as FATCA.
Client Alert | October 7, 2010
On August 16, 2010, the United States Department of the Treasury issued the Iranian Financial Sanctions Regulations ("the IFSR"), 75 Fed. Reg. 49,836, to implement subsections 104(c) and 104(d) of the recent Comprehensive Iran Sanctions Accountability and Divestment Act of 2010 ("CISADA").
Client Alert | August 24, 2010
Last month, the German Ministry for Justice and Legal Affairs (Bundesjustizministerium) published a draft law proposal aimed at further "facilitating the restructuring of businesses".
Client Alert | August 17, 2010
On July 1, 2010, President Obama signed the Comprehensive Iran Sanctions Accountability and Divestment Act of 2010 ("CISADA"), which amends and extends sanctions imposed under the Iran Refined Petroleum Sanctions Act of 2009 and the Iran Sanctions Act of 1996 (formerly the Iran and Libya Sanctions Act of 1996).
Client Alert | July 28, 2010
Printable PDFOn July 27, 2010, U.S. Securities and Exchange Commission ("SEC") Chairman Mary L.
Client Alert | July 28, 2010
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
During the midst of the financial crisis, the continued existence, much less powers, of the Securities and Exchange Commission were in doubt. But in the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Commission emerged with expanded jurisdiction over hedge funds, credit ratings agencies, and governance of public companies, among other areas. To help implement this authority, the Dodd-Frank Act added several new weapons to the Commission's already substantial enforcement arsenal. Some of the provisions are clarifications (such as provisions assuring that certain anti-manipulation provisions extend to all non government securities) or simplify the enforcement process (such as providing for nationwide service of process in civil actions).Several of the p
Client Alert | July 21, 2010
On July 15, 2010, the Senate voted (60-39) to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), which is expected to be signed into law next week by President Obama. Included among the Act's sweeping changes to the regulation of the U.S.
Client Alert | July 16, 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
In a dramatic move, initially trailed this time last year, the Conservatives (now in coalition with the Liberal Democrats) have confirmed that they will in their term of service, abolish Britain's tripartite financial services regime, to replace it with a form of "twin peaks" style of regulation.
Client Alert | July 8, 2010
This Alert summarizes certain key changes to the EU Prospectus Directive (2003/71/EC) which were approved by the EU Parliament on June 17, 2010 (the "Amending Directive").
Client Alert | June 23, 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 May 18, 2010, and with effect as of May 19, 2010, 00:00 hrs CET, the German Federal Financial Supervisory Authority ("BaFin") temporarily prohibited uncovered short sales of debt securities of euro zone countries admitted on a German exchange to trading on the regulated market.
Client Alert | May 19, 2010
The continuing saga of the Alternative Investment Fund Managers Directive (the Directive) of the European Union is causing heartburn throughout the world's financial capitals.
Client Alert | May 19, 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
The United Kingdom has just enacted into law a new Bribery Act, which cleared the final stages of the Parliamentary process at an accelerated pace today.
Client Alert | April 8, 2010
On 1 March, the UK Financial Services Authority ("FSA") published its new framework for financial penalty-setting.
Client Alert | April 1, 2010
Last week, the U.S. Department of Labor's Wage and Hour Division announced a new procedure for interpreting the provisions of the Fair Labor Standards Act ("FLSA"), 29 U.S.C.
Client Alert | March 29, 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 26, 2010, the Financial Crimes Enforcement Network (FinCEN) proposed revising the regulations implementing the Bank Secrecy Act to clarify which persons will be required to file Reports of Foreign Bank and Financial Accounts ("FBARs") and which accounts will be reportable. IRS Announcement 2010-16, 2010-11 IRB 1; IRS Notice 2010-23, 2010-11 IRB 1. The proposed rule would include a definition of United States persons and definitions of bank, securities, and other financial accounts in a foreign country. In addition, the proposed rule would exempt certain persons with signature or other authority from filing the FBAR. Finally, it would clarify that private equity funds and hedge funds are not "commingled funds" for which an FBAR filing
Client Alert | March 2, 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
A recent court judgment passed by the District Court (Landgericht) Frankfurt in October 2009 may signal the end of a long-since established German corporate and financing practice, the notarization of limited liability company share transfers or share pledges in Switzerland.
Client Alert | January 12, 2010
In his presentation of Pre-Budget Report -- Securing the Recovery: Growth & Opportunity (PBR), released on Wednesday, the UK's Chancellor of the Exchequer, Alistair Darling, unveiled a one-off "bank payroll tax" of 50 per cent on bank bonus payments which takes effect immediately and runs (unless extended!) until 5 April 2010.In the 216 page report, HM Treasury proudly notes that the UK has been at the forefront of international financial regulatory reform through its Presidency of the G20.
Client Alert | December 11, 2009
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 Turner Review, published in March this year, identified a concern that in spite of banks' efforts to enhance disclosures during 2008 and 2009, investor confidence in financial reports appeared to remain low.The seven largest UK-headquartered lending institutions -- Abbey, Barclays, HSBC, Lloyds Banking Group, Nationwide, Standard Chartered and the Royal Bank of Scotland Group -- have committed to voluntarily implementing the Code for Financial Reporting Disclosures, developed by the British Bankers' Association ("BBA") (the "BBA Code"), in their 2009 year-end annual reports.Reflecting their desire to respond to market expectations, the seven institutions and the BBA have agreed to the inclusion of the BBA Code in a Discussion Paper of the Financial Services Authorit
Client Alert | November 11, 2009
On November 6, President Obama signed into law the Worker, Homeownership, and Business Assistance Act of 2009 (the "Act"). Among other things, the Act extends the net operating loss ("NOL") carryback period from two years to as much as five years for tax years beginning in or ending in 2008 or 2009. To pay for the extension of the NOL carryback period, the Act delays until 2018 the implementation of changes in interest expense allocations that were expected to increase the foreign tax credits that could be claimed by U.S.
Client Alert | November 10, 2009
Two high-profile decisions have been published in the last two weeks regarding actions brought by UK Financial Services Authority ("FSA") against members of the financial services industry. Both cases show signs of an increased willingness on the part of those subject to FSA enforcement action to challenge the enforcement wing of the FSA but with variable levels of success. FSA Regulatory Decisions Committee overturns sanctions in FSA enforcement notice in market abuse case: In the first case, the FSA issued a decision on 7 October 2009, found two former Dresdner bankers had committed market abuse in March 2007 (by engaging in what was commonly known as "front running"), but following an appeal by the bankers (Christopher Parry and Darren Morton)
Client Alert | October 30, 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