Global Financial Regulatory

LEADERS

Overview

Gibson, Dunn & Crutcher’s Global Financial Regulatory Group provides comprehensive regulatory advice on all aspects of compliance, enforcement and transactions.

Our clients are the world’s leading financial institutions, including banks, financial holding companies, insurance companies, broker-dealers, investment advisers, asset managers, private fund managers, payment service providers and e-money businesses, as well as businesses spanning the fintech ecosystem, including cryptocurrency firms.   We also represent end-users that are impacted by financial regulations.

Our regulatory lawyers are based in the world’s leading financial centers, including New York, London and Hong Kong.  Many of our team have significant in-house experience within financial institutions or have worked in senior positions within the world’s most prominent regulatory and policy agencies, including the United States Securities Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the United Kingdom Financial Conduct Authority (FCA), and the Hong Kong Securities and Futures Commission (SFC).  Our team have advised on matters involving all of these regulators, as well as the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, New York Department of Financial Services, the Prudential Regulation Authority (PRA), the Hong Kong Monetary Authority (HKMA), the Monetary Authority of Singapore (MAS) and many other global regulatory bodies, including:

  • Autorité des Marchés Financiers (AMF)
  • Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
  • Bundesministerium der Finanzen (BMF)
  • California Department of Financial Protection and Innovation (DFPI)
  • Central Bank of Ireland
  • Dubai Financial Services Authority (DFSA)
  • European Banking Authority (EBA)
  • European Securities and Markets Association (ESMA)
  • European Systemic Risk Board (ESRB)
  • Financial Industry Regulatory Authority (FINRA)
  • Financial Services and Markets Authority (Belgium) (FSMA)
  • Financial Stability Board (FSB)
  • International Organisation of Securities Commissions (IOSCO)
  • National Futures Association (NFA)
  • Ontario Securities Commission (OSC)

We are trusted advisers to our clients, providing strategic advice in relation to regulatory change and the implementation of new requirements across the jurisdictions in which we operate.  We regularly represent our clients before regulators on a formal and informal basis on a range of matters.  We also work closely with regulators and leading industry associations and have led industry responses to high profile proposed reforms in a range of jurisdictions.

Our services include advising on:

  • complex conduct and governance issues, including the implementation of senior management accountability regimes and advising senior management and boards of directors on culture and conduct risk;
  • regulatory issues in merger and acquisition transactions, including on a cross-border basis
  • the handling of client complaints, including the conduct of past business reviews, design, implementation and review of complaints handling and redress schemes;
  • applications for licenses and registrations, and engagement with regulators to seek relief, exemptions and interpretations in connection with regulatory compliance matters;
  • financial policy matters, including helping to shape the policies that impact our clients; and
  • on the operation of financial services businesses inside and outside of the regulatory perimeter.

Our market leading practice regularly defends clients on their most significant regulatory investigations and enforcement matters on high profile issues such as market misconduct, governance failings, anti-money laundering and counter-terrorist financing compliance, cybersecurity breaches, and systems and controls failures.  We also regularly conduct internal reviews and investigations in relation to these matters, including in some instances at the request of regulators or in parallel with their inquiries.

Given the breadth of our practice, we regularly collaborate with our colleagues in a range of practice groups, including Securities Enforcement, Anti-Corruption & FCPA, Crisis Management, Environmental, Social & Governance (ESG), Privacy, Cybersecurity and Data Innovation, Investment Funds, Derivatives, Capital Markets, Anti-Money Laundering, Public Policy, Securities Litigation and White Collar Defense and Investigations.

EXPERIENCE & RECENT REPRESENTATIONS

Recent representations include:

  • Advising major cryptocurrency operators, including leading cryptocurrency derivatives exchanges, on regulatory and compliance matters, including potential licensing applications
  • Advising on the implementation of senior management accountability regimes in a range of jurisdictions, including Hong Kong, Singapore and the UK
  • Advising global non-U.S. bank on obtaining U.S. financial holding company status with the Federal Reserve and commencing merchant banking operations
  • Advising a global private markets firm on its initial public offering on the NASDAQ Global Select Market
  • Advising leading global investment banks in relation to enforcement action by the SFC into their roles as sponsors of Hong Kong IPOs
  • Advising U.S. bank and thrift holding companies and their investment funds on fintech investments, Federal Reserve control issues, affiliate transaction issues and corporate governance matters
  • Advising a global asset management group in relation to the design and implementation of its ESG framework, including compliance with the EU Sustainable Finance Disclosure Regulation
  • Advising several financial institutions on the implications of and compliance with the PRC’s National Security Law for Hong Kong
  • Advising non-U.S. banks and U.S. bank holding companies on regulatory issues under Dodd-Frank Act’s enhanced prudential standards
  • Advising a range of clients (financial institutions and corporates) on regulatory matters and practical matters involving the IBOR transition across a range of jurisdictions
  • Advising a leading global investment bank in assisting with the gathering of information by the Hong Kong SFC on behalf of the U.S. SEC in relation to a U.S. SEC investigation
  • Advising a Hong Kong listed corporate and its parent company in relation to regulatory enquiries and litigation concerning the potentially fraudulent transfer of financial services business from regulated entities within the Listco group across a range of jurisdictions, including Hong Kong, the UK, Australia and New Zealand, to third party entities
  • Represented a U.S. bank in connection with all aspects of registration as a swap dealer with the Commodity Futures Trading Commission
  • Advising a global financial technology firm on bank charter issues for their blockchain business
  • Conducting a regulatory review mandated by the Securities Commission Malaysia in relation to a leading South East Asian bank’s systems, controls and processes as a Principal Adviser / Sponsor on IPO transactions in Malaysia
  • Advising an investment firm group in relation to the implementation of the UK’s new investment firm prudential regime
  • Advising a global cryptocurrency service provider in relation to defending disclosure applications in the U.S. courts in relation to UK/EU/Singapore client data
  • Leading a coalition of derivatives end-users to ensure that the regulation of derivatives does not unfairly impact the end-user community. We have advocated successfully on the coalition’s behalf for amendments to the Dodd-Frank Act
  • Advising a range of regulated firms in relation to their Brexit plans

RECENT PUBLICATIONS

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

-December 2, 2021

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

-November 30, 2021

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

-November 18, 2021

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

-November 15, 2021

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

-October 25, 2021

Gibson Dunn Launches Global Financial Regulatory Practice

-August 5, 2021

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

-June 14, 2021

Licensing Regime for Virtual Asset Services Providers in Hong Kong

-June 7, 2021

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

-May 28, 2021

Webcast: UK Financial Services Regulatory Quarterly Update

-April 27, 2021

New York Department of Financial Services Finalizes Confidential Supervisory Information Regulation

-April 21, 2021

The End Is Near: LIBOR Cessation Dates Formally Announced

-March 9, 2021

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

-February 26, 2021

Reverse solicitation: a shot across the bow

-February 17, 2021

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

-February 16, 2021

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

-January 27, 2021

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

-January 21, 2021

2020 Year-End German Law Update

-January 14, 2021

UK Financial Services Regulation – 2020 Year-End Review

-January 14, 2021

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

-January 8, 2021

UK Market Conduct – Avoiding Governance and Oversight Pitfalls

-December 2, 2020

Proposal to Publish LIBOR Beyond 2021

-December 1, 2020

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

-November 30, 2020

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

-November 13, 2020

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

-November 10, 2020

EU Sustainable Finance Framework Takes Shape for Private Fund Managers

-November 3, 2020

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

-October 30, 2020

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

-October 28, 2020

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

-October 23, 2020

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

-September 22, 2020

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

-July 23, 2020

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

-June 12, 2020

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

-May 28, 2020

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

-May 18, 2020

European Commission Launches Major AML Initiative

-May 11, 2020

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

-May 11, 2020

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

-April 23, 2020

COVID-19: Update on UK Financial Support Measures

-April 22, 2020

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

-April 21, 2020

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

-April 14, 2020

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

-April 14, 2020

UK Government Schemes to Support Businesses during COVID-19 Disruption

-April 6, 2020

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

-April 6, 2020

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

-April 1, 2020

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

-April 1, 2020

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

-March 27, 2020

Changes to Marketing Alternative Investment Funds in the EU

-February 24, 2020

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

-February 6, 2020

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

-January 9, 2020

Brexit – Reporting of Derivatives under EMIR

-December 10, 2019

UK Regulators Make Further Strides in Responsible Stewardship & Investing

-October 28, 2019