New year, new promotions

Morrison & Foerster, Allen & Gledhill and Hogan Lovells have all included banking regulation practitioners in their new year promotions rounds.

11 January 2021

OCC faces blowback for “fair access” proposal

The US Office of the Comptroller of the Currency is facing stiff opposition from the banking industry to a proposed rule that would compel banks to lend to socially undesirable companies such as the fossil fuel and arms industries, as the “unusually compressed” comment period for the proposal ends.

08 January 2021

Deutsche brokerage faces penalty for 19-year recordkeeping breach

Ropes & Gray is advising Deutsche Bank’s US brokerage, which has agreed a US$2.5 million settlement for failing to maintain an adequate electronic recordkeeping system for almost two decades.

08 January 2021

US banks can use stablecoins and blockchain for settlement, OCC says

The US Office of the Comptroller of the Currency will allow federally chartered banks to use public blockchains and stablecoins as a settlement infrastructure.

06 January 2021

White & Case hires Milbank fintech practice lead

Douglas Landy, head of Milbank’s fintech and regulatory practices, has joined White & Case as a partner in its New York office.

06 January 2021

Brexit “done”, but equivalence remains to be seen

The UK has completed its transition out of the European Union after agreeing a deal that excludes financial services – but it faces a challenge persuading the EU that equivalence doesn’t require “line by line” similarity with EU standards.

05 January 2021

Bangkok Bank integrates Indonesian branches after Permata M&A, with White & Case and Baker McKenzie advising

White & Case client Bangkok Bank has integrated its Indonesian branch business with local merger partner Bank Permata, following the first such transaction to get the green light under Indonesia's new M&A rules.

05 January 2021

Regulators dial back dividend and buyback restrictions

US, UK and Australian regulators are dialling back calls for dividend and buyback restrictions issued at the outset of the covid-19 pandemic – while the European Central Bank has revised its outright suspension even as it encourages banks to continue forgoing distributions until September.

21 December 2020

US mulls “midnight regulation” on cryptocurrency wallets

US enforcement agency FinCEN is proposing to subject cryptocurrency wallet owners to Bank Secrecy Act rules, requiring them to gather and store an increased amount of user data from crypto transactions.

21 December 2020

Cadwalader and Sidley announce 2021 promotions in US and UK

2021 will see newly-promoted banking regulation partners at Cadwalader Wickersham & Taft and Sidley Austin, which have both made appointments in the United States and United Kingdom.

18 December 2020

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