Global Financial Regulatory

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Changes in Hong Kong SFC Requirements for “Overall Coordinator” Role Raise Sanctions-Related Questions for Financial Institutions Serving in That Capacity

Following a three-month consultation period, the Securities and Futures Commission’s Code of Conduct provision, paragraph 21, has come into effect on August 5, 2022.

Client Alert | August 31, 2022

Hong Kong Introduces Licensing Regime for Virtual Asset Services Providers

On June 24, 2022, the Hong Kong Government gazetted the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022. The Amendment Bill introduces changes to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), including the introduction of a licensing regime for virtual asset services providers and imposing statutory anti-money laundering and counter-terrorist financing obligations on VASPs in Hong Kong.

Client Alert | June 30, 2022

Hong Kong SFC Consults on Significant Reforms to the SFO Enforcement Provisions

On June 10, 2022, the Hong Kong Securities and Futures Commission published a consultation paper on proposed amendments to enforcement-related provisions of the Securities and Futures Ordinance. This is particularly noteworthy, as the Consultation Paper marks the first time that the SFC has consulted on changes to enforcement-related provisions since the introduction of the SFO 20 years ago.

Client Alert | June 14, 2022

New District Court Decision Provides Useful Guidance on Application of Trademark Law to Virtual Goods

A decision issued on May 18, 2022 by U.S. District Judge Jed S. Rakoff of the Southern District of New York may provide valuable insight into how courts will consider trademark claims regarding NFTs.

Client Alert | May 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

Hong Kong SFC Publishes Circular to Licensed Corporations on Handling of Client Complaints

On 31 March 2022, the Hong Kong Securities and Futures Commission released a new circular to licensed corporations on the handling of client complaints, alongside an Appendix setting out the SFC’s expected regulatory standards and suggested techniques and procedures for handling client complaints.

Client Alert | April 11, 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

SFC and HKMA Introduce Requirements for Hong Kong Licensed Firms and Banks Dealing with Virtual Assets and Virtual Asset Service Providers

In a further step towards the regulation of virtual assets (including digital tokens, stablecoins, and other crypto assets) in Hong Kong, on 28 January 2022, the Securities and Futures Commission and the Hong Kong Monetary Authority published a joint circular and appendix document on intermediaries’ virtual asset-related activities. 

Client Alert | February 8, 2022

Gibson Dunn Adds Regulatory Of Counsel in Singapore

Gibson, Dunn & Crutcher LLP is pleased to announce that Grace Chong has joined the firm as Of Counsel in its Singapore office.

Press Releases | January 25, 2022

UK Financial Services Regulation – 2021 Year-End Review

Following an unprecedented year for UK regulated firms in 2020, the UK Financial Conduct Authority used 2021 to advance a number of regulatory initiatives. Gibson Dunn lawyers assess the regulatory landscape through the lens of three notable “hot topics”: environment, social and governance (“ESG”) developments; fintech and cryptoassets; and individual accountability and conduct risks.

Client Alert | January 19, 2022

Another Step Towards the Regulation of Cryptocurrency in Hong Kong: HKMA Releases Discussion Paper on Stablecoins

Gibson Dunn lawyers provide an overview of the Hong Kong Monetary Authority's views on crypto-assets and stablecoins as outlined in a recently-released Discussion Paper, discuss the implications for players in the stablecoin ecosystem if the proposed changes are implemented, and suggest next steps for interested parties.

Client Alert | January 18, 2022

2021 Year-End German Law Update

Once more, 2021 demonstrated that constant change should become your friend and ally. After a second year of global uncertainty caused by the formidable challenges of the COVID-pandemic, we all long for a return “back-to-normal.” However, chances are that 2022 will continue to present drastic and unpredictable challenges.

Client Alert | January 13, 2022

Webcast: Global Regulatory Developments and What to Expect Across the Globe (Asia Pacific)

Following on from the recent launch of our Global Financial Regulatory Practice Group, please join us for the inaugural webcast from our global team, where we will be discussing the latest legal and regulatory developments while identifying key themes and trends across major financial centers.

Webcasts | December 2, 2021

Webcast: Global Regulatory Developments and What to Expect Across the Globe (US/UK/EU)

Following on from the recent launch of our Global Financial Regulatory Practice Group, please join us for the inaugural webcast from our global team, where we will be discussing the latest legal and regulatory developments while identifying key themes and trends across major financial centers.

Webcasts | November 30, 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

Dubai Financial Services Authority Moves into the “Crypto” Space and Establishes Regulatory Framework for “Investment Tokens”

On October 25, 2021, the Dubai Financial Services Authority (“DFSA”) updated its Rulebook for "crypto" based investments by launching a regulatory framework for "Investment Tokens," which are defined as either a “Security Token” or a “Derivative Token.”

Client Alert | November 15, 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

Gibson Dunn Launches Global Financial Regulatory Practice

Gibson, Dunn & Crutcher LLP is pleased to announce that the firm has launched a Global Financial Regulatory Practice, which provides comprehensive advice to financial institutions on all aspects of regulatory compliance, enforcement and transactions.

Client Alert | August 5, 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

UK independent review of post-financial crisis proprietary trading rules — an opportunity for reform?

London partner Michelle Kirschner and New York partner Arthur Long are the authors of "UK independent review of post-financial crisis proprietary trading rules -- an opportunity for reform?" first published by Thomson Reuters Regulatory Intelligence on May 20, 2021.

Article | May 28, 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 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

Big data, ethics and financial services: risks, controls and opportunities

London partners Susy Bullock, Matthew Nunan, Michelle Kirschner and James Cox are the authors of "Big data, ethics and financial services: risks, controls and opportunities," published by the Buttersworth Journal of International Banking and Financial Law in February 2021.

Article | February 26, 2021

Reverse solicitation: a shot across the bow

London partners Michelle Kirschner and Matthew Nunan are the authors of "Reverse solicitation: a shot across the bow," first published by Thomson Reuters Regulatory Intelligence on February 10, 2021. 

Article | February 17, 2021

The Biden Administration: New Priorities in the Banking, Fintech and Derivatives Sectors

Now that the first 100 days of the Biden Administration are in full swing, its financial regulatory priorities are becoming clearer. In this Client Alert, we discuss where we expect the Administration to focus, with respect to the banking, fintech, and derivatives sectors.

Client Alert | February 16, 2021

Webcast: UK Financial services regulatory update: what happened in 2020 and what to expect in 2021 and beyond

In this webcast, a panel of Gibson Dunn lawyers in London provides a review of UK financial services regulatory developments in 2020, and what these developments indicate about the future regulatory direction of travel.

Webcasts | January 27, 2021

Urgent Clarification Sought by European Supervisory Authorities on the Application of the Sustainable Finance Disclosure Regulation

On 7 January 2021, the Joint Committee of the European Supervisory Authorities (ESAs) wrote to the European Commission, requesting “urgent” clarification on several important areas of uncertainty in the application of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector prior to the application of the majority of its requirements on 10 March 2021.

Client Alert | January 21, 2021

2020 Year-End German Law Update

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

UK Financial Services Regulation – 2020 Year-End Review

In their 2020 year-end review, Gibson Dunn lawyers assess the UK financial regulatory landscape through the prism of three areas of increasing regulatory focus: governance, culture and individual accountability; conduct and enforcement; and operational and financial resilience.

Client Alert | January 14, 2021

Financial Policy in the Incoming Biden Administration: What Can We Expect?

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

UK Market Conduct – Avoiding Governance and Oversight Pitfalls

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

Proposal to Publish LIBOR Beyond 2021

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

Throwing Down the Gauntlet on Politics and Banking: Office of the Comptroller of the Currency Proposes “Fair Access” Rule

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

The Challenge of Addressing Non-Financial Misconduct in UK Regulated Firms

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

FCA Fines Non-UK Asset Manager in the First UK Enforcement Action Taken under the Short Selling Regulation

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

EU Sustainable Finance Framework Takes Shape for Private Fund Managers

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

Private equity in the UK (England and Wales): market and regulatory overview

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

The U.S. Dual Banking System on the Eve of the Election: Fintechs, Preemption, Judicial Deference, and National Trust Banks

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

After a Decade, What is Settled About Dodd-Frank?

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

Developments in the U.S. Banking Regulators’ Treatment of Confidential Supervisory Information

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

Senior Managers and Certification Regime: A Review and Next Steps for Firms

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

European Market Infrastructure Regulation for Derivatives End-Users – A Shift in Responsibility for Reporting

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

UK Financial Conduct Authority Outlines Expectations for Managing Enhanced Market Conduct Risks in the Context of the Pandemic

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

FinCEN Again Extends Its Geographic Targeting Order to Address Money Laundering Through Real Estate

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

European Commission Launches Major AML Initiative

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

COVID-19: UK Financial Conduct Authority Expectations on Financial Crime and Information Security

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

COVID-19: Further Developments on the UK Financial Conduct Authority’s Expectations of Solo-Regulated Firms

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

COVID-19: Update on UK Financial Support Measures

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

The Impact of Coronavirus on the Operations of Financial Institutions: Key Guidance Issued by U.S. Financial Regulators

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

Corporate/M&A in Times of the Corona Crisis – Current Legal Developments for German Business

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

COVID-19: Regulatory Forbearance for Fund Annual Reports under EU AIFMD

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

UK Government Schemes to Support Businesses during COVID-19 Disruption

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

COVID-19: The UK Financial Conduct Authority’s expectations under the Senior Managers and Certification Regime

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

COVID 19: ESMA Suggests Regulatory Forbearance in Relation to Best Execution Reporting Deadlines

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

COVID-19: UK Financial Conduct Authority’s Short Selling Notification Thresholds Amended

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

COVID-19: UK Financial Support for Businesses through Purchases of Commercial Paper and Lending to SMEs

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

Changes to Marketing Alternative Investment Funds in the EU

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

Dodd-Frank 2.0: Agencies Propose Substantial Revisions to the Covered Funds Provisions of the Volcker Rule

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

Developments in the Defense of Financial Institutions – The International Reach of the U.S. Money Laundering Statutes

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

Brexit – Reporting of Derivatives under EMIR

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

UK Regulators Make Further Strides in Responsible Stewardship & Investing

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