Practice Areas & Industries: Jones Day


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Practice/Industry Group Overview

As the world markets continue to be volatile and unpredictable, our clients look to Jones Day's Banking & Finance lawyers to help them navigate restricted channels of credit and challenging new regulations.

We work with financial institutions, as well as borrowers, lessees, and other capital users, to analyze potential risks and develop both short- and long-term plans in this uncertain environment.

In addition to our lending and borrowing representations, we also continue to advise clients in acquisition financings, asset based lending, cross-border investments, Islamic financing, and both new and established financial structures and transactions. With approximately 200 finance lawyers in major centers of business and finance in the Americas, Europe, Asia, and the Middle East, our clients have seamless access to the global resources of the Firm’s Banking & Finance and related practices wherever they do business.

Group Presentations
PLI's Leveraged Financing 2013 - New York, May 8, 2013
West LegalEdcenter's Dodd-Frank Derivatives Deadlines--Vital Information In-House Counsel Needs to Know Now, April 19, 2013
7th European Jurists' Forum, April 19, 2013
European Banking - On the Road to Union and Harmonization?, February 14, 2013
Past Seminar Materials
PPP in Southeast Asia and India Seminar, September 27, 2013
Articles Authored by Lawyers at this office:

OCC and FDIC Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products
, December 20, 2013
The Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, “the agencies”) each recently issued final supervisory guidance titled Guidance on Supervisory Concerns and Expectations Regarding Deposit...

Financial Reform in Mexico
Héctor Tinoco, December 19, 2013
Mexican President Enrique Peña Nieto presented a reform bill before the Permanent Commission of Mexico's Federal Congress on May 15, which amends, adds, and repeals 34 statutes, primarily financial in nature (hereinafter, the "Financial Reform").

Just the Beginning: The FCA Proposes Changes to the Dealing Commission Regime
John Ahern,Timothy P. Flood,Tom Hodge, December 18, 2013
On 25 November 2013, the Financial Conduct Authority ("FCA") published CP13/17 on proposed changes to the dealing commission rules. The FCA's intent is to clarify when asset managers can use dealing commission to pay for goods and services. The changes are intended to be the first step in...

European Perspective in Brief
Mark G. Douglas, December 05, 2013
Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 28 countries that comprise the European Union, as well as the collective viability of eurozone economies. Here we provide a snapshot of some recent developments regarding...

Stockbroker Defense Shields Ponzi-Scheme Broker Fees and Commissions From Avoidance
Mark G. Douglas,Dara R. Levinson, December 05, 2013
In Grayson Consulting, Inc. v. Wachovia Securities, LLC (In re Derivium Capital LLC), 716 F.3d 355 (4th Cir. 2013), the U.S. Court of Appeals for the Fourth Circuit examined whether certain securities transferred and payments made during the course of a Ponzi scheme could be avoided as fraudulent...

EMIR—Draft RTS on Extraterritorial Application
, November 28, 2013
On November 15, the European Securities and Markets Authority ("ESMA") published its Final Report, "Draft technical standards under EMIR on contracts with a direct substantial and foreseeable effect within the Union and non-evasion" ("RTS"). The RTS set out the...

Application of Dodd-Frank Requirements to Swaps Between Non-U.S. Swap Dealers and Non-U.S. Counterparties
, November 22, 2013
On November 14, the Division of Swap Dealer and Intermediary Oversight (the "DSIO") of the Commodity Futures Trading Commission (the "CFTC") created confusion and consternation in the derivatives world by issuing an advisory indicating that certain requirements will apply to...

Can You Answer the FDIC’s Four Questions About Your Institution’s D&O Insurance?
Bernard P. Bell, October 18, 2013
On October 10, 2013, the FDIC issued an “Advisory Statement” on D&O insurance to FDIC-supervised banks with “suggested routing” to the Board of Directors and Senior Executive Officers.

Emerging Markets Update
Sushma Jobanputra,Adam Skinner,Matthew J. Skinner,Geoffrey S. Stewart,Jayant W. Tambe, October 11, 2013
It isn't the financial crisis of 1997 by any means, but the economies in Asia are struggling—again.

Banking Reform in the UK: A New Senior Persons Regime
John Ahern,Christopher Braithwaite,Tim L'Estrange,Lucas J. Moore,Harriet Territt, October 08, 2013
On 1 October, the UK Government published its proposed amendments to the Financial Services (Banking Reform) Bill. These include the introduction of a criminal offence of reckless misconduct that leads to the failure of a bank which has attracted considerable press comment. The likelihood of a such...

The New York State Department of Financial Services: Leading the Charge to Regulate Bitcoin
, October 01, 2013
As we have previously written, the New York Department of Financial Services (“DFS”) is emerging as an aggressive regulator of financial institutions based in New York or doing business in the state. Recent information, including a DFS memorandum and DFS subpoenas issued to key industry...

Accenture Global Services: The Continued Struggle to Divine Patent-Eligible Subject Matter
John V. Biernacki,Matthew W. Johnson,Kelsey I. Nix, September 19, 2013
The U.S. Supreme Court in Bilski v. Kappos and its predecessor decisions has made clear that claims directed to abstract ideas are unpatentable under 35 U.S.C. § 101. Unfortunately, the clarity in § 101 appears to end there. In Bilski, the Supreme Court declined to articulate a practical...

CRD IV Update: Some Good (Tax) News for the UK's Banking Sector
John Ahern,Amrit Dehal,Catherine Richardson, September 11, 2013
The Capital Requirements Directive IV and the Capital Requirements Regulation (collectively "CRD IV") implement, within the European Union, the Basel III reforms and provide for the prudential rules for banks, building societies and investment firms. Although CRD IV entered into force on...

Spain's FABs: A New Vehicle for Investment in Assets Disposed by the Bad Bank
Victor Casarrubios,Juan Ferre, September 11, 2013
During August 2013, the Spanish bad bank (Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, S.A., or "SAREB") completed the bidding process for its first sale of a REO portfolio (project "Bull"), awarding to HIG Capital through its...

Implied Term of Mutual Trust and Confidence Accepted by the Full Federal Court of Australia
Adam Salter, September 02, 2013
The Full Federal Court of Australia has handed down a landmark decision recognising the implied term of mutual trust and confidence in employment contracts in Australia. As reported in our September 2012 Update, an employee of the Commonwealth Bank successfully argued that his employer breached the...

CFTC Implements Substituted Compliance Approach for Commodity Pool Operators of Registered Investment Companies
Michael R. Butowsky,Anthony L. Perricone,Joel S. Telpner,Alice Freida Yurke, August 29, 2013
On August 13, the Commodity Futures Trading Commission ("CFTC") issued a release relating to the harmonization of compliance obligations for registered investment companies ("RICs") required to register as commodity pool operators ("Registered CPOs"). The final rules...

Warning: Companies Are the Victims of Forged International Bank Transfer Orders, a Growing Threat
Bénédicte Graulle,Sion Richards, August 29, 2013
Massive scams with a global scope referred to as "the forged international bank transfer order scams" have been targeting for approximately the last two years, the subsidiaries of large French companies located within the European Union or the foreign subsidiaries of companies based in...

Hold-Outs Beware: UK Schemes of Arrangement and Chapter 11 Lie in Wait
Luke D. Johnson,Michael J. Pabst, August 13, 2013
The recent Thomas Cook refinancing and Cortefiel scheme of arrangement offer contrasting examples to investors of the risks and rewards of adopting a hold-out position in complex multijurisdictional restructurings.

Making French Banks Safer: Impact of the New French Law Relating to Separation and Regulation of Banking Activities on Netting Agreements
Alban Caillemer du Ferrage,Qian Hu,Mathilde Nicand,Clement Saudo,Karole-Anne Sauvet, August 12, 2013
On July 26, 2013, law no. 2013-672 relating to the separation and regulation of banking activities, which was presented last December to the Government by the Finance Minister, Mr. Pierre Moscovici, was formally enacted (the "Regulation Banking Act").

SNS: Dutch Court Rejects Zero Compensation Offer
Ferdinand Mason,Lucas J. Moore,Stephen J. Pearson, July 19, 2013
In a widely reported decision that raises questions about the viability of the European Union's policy of imposing bail-ins as a condition of any future rescue package, the Amsterdam Court of Appeal's Enterprise Chamber has refused to bless the Dutch Minister of Finance's offer of zero compensation...

A New Master Agreement for the French Derivatives Market
Alban Caillemer du Ferrage,Qian Hu,Mathilde Nicand,Karole-Anne Sauvet, July 16, 2013
In November 2012, the Structured and Derivative Products team of the Jones Day Paris Office was appointed counsel of the French Banking Federation (Fédération Bancaire Française, or "FBF") on its project to update the French market master agreement for...

AFEP and MEDEF Revise Corporate Governance Code for Listed Companies: "Say on Pay" Comes to France
, July 16, 2013
On June 16, the two main French business groups, Association Française des Entreprises Privées ("AFEP") and Mouvement des Entreprises de France ("MEDEF"), published a revised version of their joint corporate governance code for listed companies in France (the...

Bail-ins and Haircuts: Is Slovenia Next in Line?
Christopher Braithwaite,Lucas J. Moore,Stephen J. Pearson, July 04, 2013
Following the most recent manifestation of the European debt crisis in Cyprus, speculation is rife that Slovenia will be the next victim of the prolonged economic recession, together with its thinly capitalised banks. The European policy shift towards bail-ins (requiring investors to share in the...

New York Taps the Brakes on Foreign Judgment Collection
Lee A. Armstrong,William J. Hine,Sevan Ogulluk,Alan M. Rabinowitz, June 25, 2013
Four years ago, the New York Court of Appeals, in Koehler v. Bank of Bermuda, greatly broadened the judgment enforcement power of New York courts, a decision of note especially for global financial institutions with customer assets in faraway places. This split decision by the state's highest court...

Personal Responsibility of Directors and Senior Managers of Banks—Recommendations of the UK Parliamentary Commission on Banking Standards
John Ahern,Christopher Braithwaite,Lucas J. Moore,Harriet Territt, June 25, 2013
The UK Parliamentary Commission on Banking Standards has this week delivered its Final Report. Whilst most of the press commentary has focused on proposals to jail bankers for very serious misconduct occurring in the future, its recommendations include some which are intended to impose greater and...

National Australia Bank Class Action Settlement Approved
John Emmerig,Michael Legg, June 10, 2013
The National Australia Bank ("NAB") class action settlement of A$115 million, including interest and legal costs of about A$11.8 million, has been approved by the Supreme Court of Victoria.[1] The NAB settlement makes it the third largest shareholder class action settlement in Australian...

CLS Bank: Is This the "Death of Hundreds of Thousands of Patents"?
John V. Biernacki,Gregory A. Castanias,David M. Maiorana,Douglas S. Weinstein, May 24, 2013
Many software and internet companies have secured patents on their technology to protect their investments. For some companies, such as startups, their software or business method patents may be their only valuable assets. However, in recent years, an unexpected thorn in the side of such patents...

Financial Services and Markets—A Perfect Litigation Storm?
Christopher Braithwaite,Lucas J. Moore, May 15, 2013
For companies operating in the UK financial services sector, recent regulatory reform, greater access to justice and developments in collective action regimes are likely to change the litigation landscape. The process of seeking and obtaining compensation is being made easier.

The New York State Department of Financial Services at the One-Year Mark: A New Aggressive Regulator Worth Following
Robert W. Gaffey,Harold K. Gordon,Henry Klehm,Howard F. Sidman,Jayant W. Tambe, May 15, 2013
Since the New York State Department of Financial Services ("DFS") began operations in late 2011, the agency appears to have lived up to its billing as an activist regulator of insurers and financial institutions. DFS has taken on several novel issues and will likely continue to do so....