Financial Institutions

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Hong Kong Monetary Authority Consults on Information Sharing Among Authorized Institutions to Prevent Financial Crime

The proposed information sharing system will help to bring Hong Kong in line with global trends and enhance the effectiveness of its mechanisms to combat fraud, money laundering and terrorist financing. 

Client Alert | February 21, 2024

Gibson Dunn Digital Assets Recent Updates – February 2024

Our digital assets update covers recent legal news regarding all types of digital assets, including cryptocurrencies, stablecoins, CBDCs, and NFTs, as well as other blockchain and Web3 technologies.

Client Alert | February 13, 2024

Hong Kong’s Regulators Refresh Guidance on Virtual Assets and Propose Legal Framework for Stablecoin Issuers

This briefing examines in depth the circulars and consultation paper issued by the SFC and HKMA in December 2023.

Client Alert | February 2, 2024

Top 12 Developments in Anti-Money Laundering Enforcement in 2023

Our lawyers provide an analysis of last year’s most significant trends and developments in anti-money laundering regulation and enforcement.

Client Alert | February 2, 2024

Gibson Dunn Digital Assets Recent Updates – December 2023

Our Digital Assets Update covers recent legal news regarding all types of digital assets, including cryptocurrencies, stablecoins, CBDCs, and NFTs, as well as other blockchain and Web3 technologies.

Client Alert | December 14, 2023

Hong Kong’s SFC Consults on Market Sounding Guidelines

On October 11, 2023, Hong Kong’s Securities and Futures Commission published a consultation paper on the proposed guidelines for market soundings. The Proposed Guidelines are noteworthy since it sets out for the first time the specific regulatory requirements and the SFC’s regulatory expectations in respect of market soundings in Hong Kong. 

Client Alert | December 6, 2023

Gibson Dunn Digital Assets Recent Updates – November 2023

Our Digital Assets Update covers recent legal news regarding all types of digital assets, including cryptocurrencies, stablecoins, CBDCs, and NFTs, as well as other blockchain and Web3 technologies.

Client Alert | November 6, 2023

Sanctions Clauses under Singapore Law: An Objective Inquiry, and Validity Questioned

Singapore’s highest court, the Court of Appeal, has held that a sanctions clause in a letter of credit must be strictly and objectively construed.

Client Alert | October 11, 2023

Gibson Dunn Digital Assets Recent Updates – September 2023

This edition of our Digital Assets Update covers recent legal news regarding all types of digital assets, including cryptocurrencies, stablecoins, CBDCs, and NFTs, as well as other blockchain and Web3 technologies.

Client Alert | September 18, 2023

Expansion of Corporate Criminal Liability in the UK: Reform of the Identification Principle and New Offence of Failure to Prevent Fraud

Our lawyers discuss the U.K.’s Economic Crime and Corporate Transparency Bill, which the government has described as the most significant reform of the identification doctrine in more than 50 years and whose proposals have been welcomed by the UK’s Serious Fraud Office.

Client Alert | September 18, 2023

Federal Banking Agencies Issue Proposed Long-Term Debt Requirements

Gibson Dunn lawyers discuss a recent joint notice of proposed rulemaking issued by U.S. federal banking agencies that would require certain large banking organizations to issue and maintain minimum amounts of long-term debt.

Client Alert | September 6, 2023

Lummis-Gillibrand Responsible Financial Innovation Act: An Overview of New Provisions in the Reintroduced Bill

Our lawyers provide an overview of the new provisions in the reintroduced Lummis-Gillibrand Responsible Financial Innovation Act.

Client Alert | August 22, 2023

Gibson Dunn Digital Assets Recent Updates – August 2023

This edition of our Digital Assets Update covers recent legal news regarding all types of digital assets, including cryptocurrencies, stablecoins, CBDCs, and NFTs, as well as other blockchain and Web3 technologies.

Client Alert | August 22, 2023

Federal Banking Agencies Issue Basel III Endgame Package of Reforms

On July 27, 2023, the federal banking agencies jointly issued the long-expected notice of proposed rulemaking that would replace the federal banking agencies’ risk-based capital framework for large banking organizations with a new framework—commonly referred to as the Basel III endgame reforms—that would implement international capital standards issued by the Basel Committee on Banking Supervision.

Client Alert | August 3, 2023

EMIR 3 – European Parliament’s Proposed Amendments

Our lawyers analyze the European Parliament’s recently published draft report on the proposal made in late 2022 by the European Commission, which set out contemplated amendments to the European Market Infrastructure Regulation (EMIR).

Client Alert | July 25, 2023

International Comparative Legal Guide to: Anti-Money Laundering 2023

Gibson, Dunn & Crutcher LLP is pleased to announce with Global Legal Group the release of the International Comparative Legal Guide to: Anti-Money Laundering 2023.

Client Alert | July 11, 2023

Law360 Names Ella Alves Capone a 2023 Fintech Rising Star

Washington, D.C. of counsel Ella Alves Capone is one of four lawyers recognized as Law360's 2023 Fintech Rising Stars​.

Firm News | July 10, 2023

Gibson Dunn Digital Assets Recent Updates – July 2023

Gibson Dunn’s first digital assets regular update. This update will cover recent legal news regarding all types of digital assets, including cryptocurrencies, stablecoins, CBDCs, and NFTs, as well as other blockchain and Web3 technologies. Thank you for your interest.

Client Alert | July 6, 2023

MiCA – Crossing the Rubicon for Cryptoasset Regulation in the EU

The EU Markets in Cryptoassets Regulations (MiCA) enter into force this week, which establish a harmonized pan-EU regime for cryptoassets. Our lawyers discuss the scope of the new regulations, which parties they apply to, and obligations on both EU- and non-EU businesses.

Client Alert | June 27, 2023

NYDFS’ Virtual Currency Oversight Plan Lacks Clarity

New York partner Jason Cabral, Washington, D.C. partner Sara Weed and New York law clerk Alejandra Castañeda are the authors of "NYDFS' Virtual Currency Oversight Plan Lacks Clarity" published by Law360 on June 13, 2023.

Article | June 14, 2023

Agencies Release Reports Detailing Supervision and Regulation of Silicon Valley Bank and Signature Bank

Gibson Dunn lawyers examine federal banking agencies’ expected response to the recent bank failures, and how that response will shape the regulatory landscape for institutions of all sizes and their partners.

Client Alert | May 16, 2023

FSOC Proposes Overhauling Its Standards for Designating Nonbank Companies as Systemically Important

Our lawyers review changes proposed by the Financial Stability Oversight Council on how it would designate nonbank financial companies as systemically important financial institutions.

Client Alert | April 25, 2023

Gibson Dunn Adds Two Partners to FinTech and Financial Institutions Practices

Gibson, Dunn & Crutcher LLP is pleased to announce that Jason Cabral and Sara Weed have joined the firm’s New York and Washington D.C. offices, respectively.

Press Releases | March 27, 2023

Gibson Dunn Distressed Banks Resource Center

Gibson Dunn has created a Distressed Banks Resource Center to provide resources and regular updates to our clients on recent bank failures.

Client Alert | March 14, 2023

Distressed Bank Update – A New Paradigm

Gibson Dunn's lawyers present the latest updates on news about distressed banks.

Client Alert | March 14, 2023

Gibson Dunn Recognized in Chambers FinTech 2023

Gibson Dunn was recognized in the 2023 edition of Chambers FinTech, a guide to the best law firms and lawyers in the global FinTech industry.

Firm News | December 2, 2022

Gibson Dunn Ranked in Chambers UK 2023

Gibson Dunn was recognized with seven firm and 20 individual rankings in the 2023 edition of Chambers UK.

Firm News | October 20, 2022

CFPB Invokes Dormant Dodd-Frank Authority to Regulate Nonbank Financial Companies

On April 25, 2022, the Consumer Financial Protection Bureau announced that it will begin relying upon a “largely unused legal provision” of the Dodd-Frank Act to supervise nonbank financial companies that purportedly pose risks to consumers.

Client Alert | May 5, 2022

Lauren Cook Jackson Named to Emerging Women Leaders in Law

Washington, D.C. counsel Lauren Cook Jackson was named to DCA Live’s Emerging Women Leaders in Law list, which honors “great women attorneys in the Washington region who are emerging as leaders within their firms and the broader DC legal community.”

Firm News | April 11, 2022

Webcast: Corporate Compliance and Sentencing Guidelines

Please join our distinguished panelists for a recorded discussion about the U.S. Sentencing Guidelines and how they apply in corporate enforcement actions. They discuss issues arising in white collar matters and strategies that can impact the calculation of the Sentencing Guidelines fine range, including gain from the offense, corporate recidivism, and cooperation, among other issues.

Webcasts | March 30, 2022

The Biden Administration’s Digital Assets Executive Order and Its Implications

On March 9, 2022, President Biden signed a long-awaited Executive Order regarding the U.S. government’s strategy for digital assets. Our lawyers review the three principal takeaways from the Executive Order.

Client Alert | March 10, 2022

Virtual Currencies and Innovation in the Dual Banking System

New York partner Arthur Long is the author of "Virtual Currencies and Innovation in the Dual Banking System," published by The Review of Banking & Financial Services, Vol. 38, No. 1, in January 2022.

Article | January 27, 2022

Corporate Investigations 2022: USA

New York partners Matthew Biben and Mylan Denerstein are the authors of  "USA," Chapter 22 of Corporate Investigations 2022 published by International Comparative Legal Guides in January 2022.

Article | January 4, 2022

Webcast: What’s Next: Spoofing and Manipulation in Commodities and Derivatives Markets

In this webcast, a panel of Gibson Dunn lawyers provide a comprehensive overview of spoofing and manipulation in the commodities and derivatives markets under the Commodity Exchange Act and other authorities.

Webcasts | December 9, 2021

Infrastructure Bill’s New Reporting Requirements May Have Sweeping Implications for Cryptocurrency Ecosystem

On November 15, 2021, President Biden signed into law the “Infrastructure Investment and Jobs Act,” which adds new reporting requirements for certain cryptocurrency transactions that have little to do with infrastructure, but could have potentially dramatic implications for millions of United States businesses and consumers who have embraced cryptocurrency for its efficiency, transparency, and accessibility.

Client Alert | November 18, 2021

Bank Regulation for Stablecoins – President’s Working Group on Financial Markets Issues Stablecoin Report

Gibson Dunn's lawyers summarize and analyze the recent report on stablecoins, a type of digital asset that has recently grown significantly in market capitalization and importance to the broader digital asset markets.

Client Alert | November 4, 2021

Webcast: Recent Developments at the New York State Department of Financial Services

The New York State Department of Financial Services is the state’s primary regulator of financial institutions and activity, with jurisdiction over approximately 1,400 financial institutions and 1,800 insurance companies. In this webcast, a panel of Gibson Dunn lawyers discusses not only changes to the agency’s leadership and organizational structure, but also recent developments with respect to the agency’s guidance, regulations, and enforcement matters.

Webcasts | October 25, 2021

Digital Asset Developments: U.S. Commodity Futures Trading Commission Asserts That Tether Is a Commodity

On Friday October 15, 2021, the Commodity Futures Trading Commission (CFTC) issued an enforcement order against the issuers of the U.S. dollar Tether token (USDT), a leading stablecoin, and fined those issuers $41 million for making untrue or misleading statements about maintaining sufficient fiat currency reserves to back each USDT “one-to-one.”

Client Alert | October 20, 2021

The U.S. Comptroller of the Currency Nominee and Her Writings: What They Mean for Banks and Fintechs

On September 23, 2021, President Joseph Biden announced his intention to nominate Professor Saule Omarova of Cornell Law School to be the next Comptroller of the Currency. This alert touches on the key themes of her academic writings and addresses how these themes could translate into regulatory priorities at the OCC and FDIC.

Client Alert | September 27, 2021

The Discontinuation of IBORs and Its Impact on Islamic and UAE Transactions

Gibson Dunn lawyers discuss the loan market's transition away from inter-bank offered rates (IBORs) to risk free rates (RFRs) and how market participants, particularly in Islamic transactions, can prepare for forthcoming changes to avoid uncertainty in their financing agreements or other contracts.

Client Alert | June 14, 2021

Licensing Regime for Virtual Asset Services Providers in Hong Kong

On 21 May 2021, the Hong Kong government published the Consultation Conclusions on legislative proposals to enhance anti-money laundering and counter-terrorist financing (“AML/CTF”) regulations in Hong Kong, including a proposal to introduce a licensing regime for virtual asset services providers (“VASPs”).

Client Alert | June 7, 2021

Second Circuit Dismisses New York DFS Lawsuit Challenging Special Purpose National Bank Charters

On June 3, 2021, the United States Court of Appeals for the Second Circuit issued an important decision dismissing a lawsuit by the New York State Department of Financial Services, which was challenging the authority of the federal Office of the Comptroller of the Currency to grant special purpose national bank charters.

Client Alert | June 7, 2021

Digital Currency Developments: Acting Comptroller Orders Review of Recent Decisions and FDIC Issues Information Request

During the week of May 17, 2021, there were important virtual currency developments at two of the principal federal banking agencies, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC).

Client Alert | May 21, 2021

Webcast: UK Financial Services Regulatory Quarterly Update

Join Gibson Dunn panelists for a discussion of recent FCA criminal prosecutions, lessons for board governance from the Aviva plc Final Notice and an update on the Investment Firms Prudential Regime and remuneration.

Webcasts | April 27, 2021

New York Department of Financial Services Finalizes Confidential Supervisory Information Regulation

On April 7, 2021, the new regulation of the New York Department of Financial Services (NYDFS) governing confidential supervisory information (CSI) became effective in final form.  NYDFS has thus joined the Board of Governors of the Federal Reserve System (Federal Reserve) in making recent amendments to its approach to CSI.

Client Alert | April 21, 2021

The New Anti-Money Laundering Act: Issues for Financial Institutions

New York partner Matthew Biben is the author of "The New Anti-Money Laundering Act: Issues for Financial Institutions," [PDF] published by the New York Law Journal on April 16, 2021.

Publications | April 16, 2021

New York Adopts LIBOR Legislation

On April 6, 2021, New York Governor Andrew Cuomo signed into law Senate Bill 297B/Assembly Bill 164B, the long anticipated New York State legislation addressing the cessation of U.S. Dollar LIBOR.

Client Alert | April 8, 2021

The End Is Near: LIBOR Cessation Dates Formally Announced

On March 5, 2021, regulators and industry groups provided market participants with much anticipated clarity by announcing the dates for the cessation of publication of, and non-representativeness of, various settings of the London Interbank Offered Rate which will allow market participants to identify the date that their financial instruments and commercial agreements that reference LIBOR will transition to an alternative reference rate (e.g., a risk free rate).

Client Alert | March 9, 2021

Risk, Risk and More Risk: Federal Reserve Finalizes Its Supervisory Guidance on Board of Directors’ Effectiveness

On February 26, 2021, the Board of Governors of the Federal Reserve System issued a Supervision and Regulation letter containing its final supervisory guidance on the effectiveness of a banking institution’s board of directors.  The Guidance applies to bank holding companies and savings-and-loan holding companies with total consolidated assets of $100 billion or more, with the exception of intermediate holding companies of foreign banking organizations.  A separate Supervision and Regulation letter issued the same day revised twelve prior Supervision and Regulation letters touching on the subject and made nine additional prior Supervision and Regulation letters inactive.

Client Alert | March 3, 2021

Cryptocurrency Developments: Office of Foreign Assets Control’s Recent Enforcement Cases Against Digital Asset Firms

On February 18, 2021, the U.S. Office of Foreign Assets Control, an agency of the Treasury Department that administers and enforces U.S. economic and trade sanctions, issued an enforcement release of a settlement agreement with BitPay, Inc. for apparent violations relating to Bitpay’s payment processing solution that allows merchants to accept digital currency as payment for goods and services. OFAC found that BitPay allowed users apparently located in sanctioned countries and areas to transact with merchants in the United States and elsewhere using the BitPay platform, even though BitPay had Internet Protocol address data for those users.  The users in sanctioned countries were not BitPay’s direct customers, but rather its customer’s customers (in this case the merchants’ customers).

Client Alert | February 24, 2021