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Financial Services Regulation

We take a multi-disciplinary approach to responding to your financial regulation advisory, transactional, litigation and enforcement needs across many jurisdictions. The ability to deploy and combine lawyers and compliance consultants allows us to tailor appropriate and cost-effective solutions. We are thus able to respond to your particular needs, irrespective of your organization’s size and complexity.

Experienced financial services lawyers

Our team includes professionals with experience working in-house at banks, broker-dealers, investment and fund managers and advisers, and insurance companies both in the legal and the compliance departments. We also have professionals who trained and worked at accounting firms and compliance consultancies, including those with the “Big Four”. Our team includes professionals who have experience working with financial regulators and other government authorities, including the enforcement divisions and departments charged with advising on and developing regulatory policy.

Our Financial Services Regulation team is also committed to thought leadership, with members participating in committees of industry bodies, speaking regularly at industry events, commenting in the press and contributing to academic and professional publications. We can offer tailored training to help you discharge your continued professional development regulatory obligations.

Investment management/adviser regulation

We advise investment managers/advisers operating across a very broad spectrum of asset classes, from retail open-ended mutual funds through to private funds investment in alternative assets, such as real estate and private equity. Our work includes advice on:

  • registration and authorization, including governance, compliance systems and controls and regulatory capital
  • the international marketing and distribution of funds, including, via our International Funds Net (IFN) service, assistance with international registration requirements
  • fiduciary duties, including investment and business restrictions
  • relationships with outsourced providers and delegates, such as custodians and depositaries
  • the application of financial technology, including robo-advice and online tools
  • all aspects of the laws implementing the EU Alternative Investment Fund Managers Directive and UCITS Directive and analogous overseas laws

Broker-dealer, securities and derivatives trading

We advise various financial institutions, including broker-dealers themselves, on broker-dealer issues. Our work includes advice on:

  • introducers and finders, including international restrictions and registration and authorization requirements
  • conduct and customer relationships, including conflicts of interest and information requirements
  • insider dealing, market manipulation and related compliance systems and controls
  • credit facilities, repo agreements (MRAs and GMRAs), securities lending agreements (MSLAs and GMSLAs), warehouse facilities and deposit sweep arrangements
  • broker-dealer regulatory capital and the protection of client assets and money issues and insolvency-related issues
  • the regulation of reporting and trading of OTC products, including regulation under the European Market Infrastructure Regulation and Dodd-Frank Act
  • the application of financial technology, including blockchain and automated reporting and trading processes
  • all aspects of the laws implementing the EU Markets in Financial Instruments Directive and MiFID II, the EU Market Abuse Regulation and analogous overseas laws

Banking, lending and safe-keeping activities

We advise banks, non-bank lenders and financial institutions such as loan funds performing bank-like activities. Our work includes advice on:

  • the Basel III capital and liquidity framework, including risk-based and leverage capital rules, the Liquidity Coverage Ratio, the Net Stable Funding Ratio and opinions on whether financial instruments are Basel III compliant
  • consumer lending, mortgages and retail finance, including advice on conduct and vulnerable customers
  • CFPB and FTC consumer protection rules, the CFPB’s prepaid access rules, the Durbin Amendment and Regulation II, The Electronic Funds Transfer Act and Regulation E, The Truth In Lending Act and Regulation Z and the NACHA rules
  • payment services, accounts and customer relationships, including disclosure
  • custody, depositary services (offered to funds) and safe-keeping, including account segregation and reconciliation
  • anti-money laundering and anti-terrorist financing restrictions and compliance systems and controls
  • the Volcker Rule
  • FDIC insurance regulations
  • brokered-deposit arrangements
  • the Fair Credit Reporting Act
  • all aspects of the laws implementing the EU Capital Requirements Directive, the Consumer Credit Directive, Mortgage Credit Directive, Payment Services Directive and analogous overseas laws

Insurance and insurance brokerage

We advise insurers, reinsurers, insurance brokers and financial institutions. Our work includes advice on:

  • insurer solvency requirements, including whether financial instruments or techniques are Solvency II-compliant or meet NAIC risk-based capital requirements
  • insurance-linked securities (ILS) transactions, side-car vehicles, industry loss warrants, cleared and non-cleared derivatives and investments in the life and non-life markets
  • product compliance, including whether products are classified as “contracts of insurance”
  • brokerage and the distribution of products
  • conduct and customer relationships, including claims process and compensation issues

Non-bank financial services companies

We advise fintech companies and other non-bank financial services companies on the OCC’s special purpose national bank charter for fintech companies, state licensing and reporting requirements, BSA/AML compliance, the CFPB’s prepaid access rules and the NACHA rules.

Enforcement, investigations and regulatory processes

We act for all of the types of financial institutions above, for individuals and for regulators and other governmental authorities. Our work includes:

  • advice on the preparation for and response to reviews and examinations carried out by regulators
  • acting for institutions and individuals in enforcement actions, including assistance in responding to document requests, preparation for interviews, advice on settlement and representation before committees and tribunals
  • assistance with remedial programs and monitoring, including review of client files and preparation of reports for submission to regulators
  • acting for regulators in investigations or inquiries, including as “skilled persons” and those acting under a consent order

Contact our Financial Services Regulation team

If you would like any further information or need advice on financial services regulation, then please do not hesitate to contact our legal team.

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