Our lawyers advise on the implementation and impact of the Dodd-Frank Act and EU/UK reforms, such as EMIR, AIFMD and CRD IV. It is not enough to be able to advise on issues with only a domestic perspective. Institutions need to understand how Dodd-Frank, the EU measures and local initiatives fit together into the global regulatory architecture. With our market-leading regulatory capabilities worldwide, we understand and communicate how the varying requirements complement or conflict with each other.
The Dodd-Frank Act and its implementing regulations will have a profound impact on financial institutions around the world for years to come. The Volcker Rule, the introduction of comprehensive regulation of swaps, and major changes to the existing regulatory regimes for securities and banking businesses are only some of the major topics that Dodd-Frank addresses. The Dodd-Frank Act implements the US legislative response to the financial crisis, building on measures agreed internationally at the G20 and developed further by the Financial Stability Board and Basel III. The specifics and interrelationship of the several titles of the Dodd-Frank Act are complex and can be daunting to institutions that are trying to determine how they can institute changes to their businesses to comply with requirements that often have not yet been laid out by regulators.
Similar reforms are taking place around the world. The EU has introduced the European Market Infrastructure Regulation (EMIR) which implements the G20 reforms to the OTC derivatives markets, remuneration requirements, the Alternative Investment Funds Managers Directive (AIFMD) and the new Capital Requirements Directive and Regulation (CRD IV). Other reforms are in the process of being finalized, such as the Markets in Financial Instruments Directive II and related Regulation (MiFID II and MIFIR) and the proposed directive on Recovery and Resolution of financial institutions. The UK has developed its own version of Volcker in its “Vickers Report” which is now part of the Banking Reform Bill making its way through the UK legislative process.
Many of these initiatives are being implemented in localized form in Asia, Canada, Brazil and the rest of the world. Our lawyers, located in New York, Washington, DC, London, Paris, Frankfurt, Hong Kong and other offices around the globe, have decades of experience in bank, securities, derivatives markets, broker-dealer, fund and fund management, custody, depository, exchange, clearing, settlement, insurance and reinsurance regulation. We provide an integrated global service to the whole range of financial market participants.
- Abu Dhabi investors on their subscription for £3.25 billion mandatorily convertible notes, reserve capital instruments and warrants in Barclays Bank
- Hypo Real Estate on its restructuring
- ICE on the creation of its US and EU clearing houses for the credit default swaps market, the first in the world
- One of the bidders in the sale of Washington Mutual
- SIX x-clear on reducing equity clearing costs across Europe, by becoming a parallel clearing house to most of the European equity trading platforms
- UAE Ministry of Finance on reforming the UAE financial regulatory framework
- Various financial institutions on issues arising from the Lehman and MF Global insolvencies and on investments with Bernard Madoff