News

SullCrom and Simpson Thacher advising as MUFG sells US entity

Minneapolis-based US Bancorp has agreed to buy MUFG Union Bank, months after US president Joe Biden issued a sweeping executive order encouraging federal banking regulators to review current merger practices.

22 September 2021

EBA gets international pushback on third country equivalence

Banking associations from Japan, the United States and Switzerland have criticised post-Brexit proposals by the European Banking Authority to centralise equivalence assessments for non-EU banks’ local branches within the bloc.

22 September 2021

Freed of direct control, Brazilian regulator announces “granular” climate stress tests

Brazil’s newly autonomous central bank has moved to make it mandatory for banks to incorporate climate change-related scenarios into their stress testing from next year.

20 September 2021

Latham, Davis Polk and Wachtell Lipton advising as First Interstate Bank acquires Great Western

US banks First Interstate and Great Western are set to combine in an all-stock transaction to create a Midwest behemoth, as an investor rights firm attempts to gather shareholder support against the deal.

20 September 2021

BoE clarifies settlement finality requirements for FMIs

The Bank of England has set out its approach to monitoring third-country systems designated under the UK’s Settlement Finality Regulations.

17 September 2021

Jones Day hires from JPMorgan Chase, Reed Smith hires from Jones Day

Jones Day has hired an in-house fintech specialist at JPMorgan Chase for its New York financial markets practice, as Washington, DC partner Lisa Ledbetter departs for Reed Smith.

17 September 2021

Tighten up ESG-linked derivatives to avoid greenwashing, ISDA urges

Trade organisation ISDA has called for reform in the ESG-friendly investment sector, calling on market participants to adopt quantitative key performance indicators to verify that sustainability-linked derivatives meet their stated goals.

15 September 2021

Biden moves to fill CFTC vacancies

The Biden administration has tapped the Commodity Futures Trading Commission’s acting chair Rostin Behnam to fill the role on a permanent basis, and nominated replacements for two of the Commission’s three vacancies.

15 September 2021

FINMA approves first digital securities depository

Zurich-based FMI operator Six, advised by Heuking Kühn Lüer Wojtek, has obtained the first-ever Swiss licence for a central securities depository to use distributed ledger technology to support digital currencies.

13 September 2021

Bank of America names in-houser as GC

Lauren Mogensen, Bank of America’s global compliance and operational risk executive, is set to succeed David Leitch as the bank’s general counsel later this year.

13 September 2021

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