Practice Areas & Industries: Sullivan & Cromwell LLP

 





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Practice/Industry Group Overview

Financial services are the backbone of global business, integrating sectors such as banking, asset management, insurance and private equity.

Serving clients around the world through a network of 12 offices, located in leading financial centers in Asia, Australia, Europe and the United States, Sullivan & Cromwell's Financial Services Group represents this sector through a fully integrated team of lawyers. The geographic complexities S&C clients face touch upon regulatory implications, mergers and acquisitions, capital markets, and investigations and litigation, as well as other practice and industry sectors featured on the right side of this page.

The financial services regulatory environment has grown more complex in the aftermath of the financial crisis. To meet this challenge, S&C works with its clients to understand and respond to the latest legislative and regulatory aspects of financial services reform that are fundamental to their core strategies, including extensive briefings, resources and advice on the Dodd-Frank Wall Street Reform and Consumer Protection Act, Basel III and other reform efforts. The Firm’s long-term experience in these complex areas of practice has helped generate trust from its clients in the advice it provides to a large number of financial institutions, large and small, U.S. and non-U.S., as well as from the financial services industry at large.


 
 
Articles Authored by Lawyers at this office:

Second Circuit Rejects “Listing” and “Foreign-Squared” Claims Under Morrison v. National Australia Bank
, May 09, 2014
In Morrison v. National Australia Bank, the U.S. Supreme Court opined that U.S. securities laws apply only “in connection with the purchase or sale of a security listed on an American stock exchange, and the purchase or sale of any other security in the United States.” Seizing on that...

Banking Applications: Federal Reserve Provides New Insight Regarding Consideration of Banking Applications and Notices; Announces New Semi-Annual Publication of Banking Application Data
, May 08, 2014
Supervisory Letter No. SR 14-2/CA 14-1 (the “Letter”), issued by the Board of Governors of the Federal Reserve System (the “Federal Reserve”), discusses various issues that may prevent the Federal Reserve from acting favorably on applications and notices submitted by banking...

Basel Large Exposures Framework: Basel Committee Publishes Standards for the Supervisory Framework for Measuring and Controlling Large Exposures
, May 08, 2014
The Basel Committee on Banking Supervision (the “Basel Committee”) recently published final standards for the supervisory framework for measuring and controlling large exposures (“LE Framework”) of internationally active banking organizations. The LE Framework, like...

The ATU Restructuring and the Judgement of the English Courts: Novel Techniques for Restructuring European High Yield
, May 08, 2014
The restructuring of the ATU group as a European high yield issuer (pursuant to which the ownership of the group was transferred to its senior noteholders) provides a useful insight into how the next generation of European high yield issuers could potentially be restructured using English...

Bank Capital: Supplementary Leverage Ratio; Federal Banking Agencies Propose Revisions to the Supplementary Leverage Ratio’s Exposure Measure and Approve Final Rules Implementing an Enhanced Supplementary Leverage Ratio for the Largest U.S. Banking Organizations
, April 23, 2014
Last week, the Federal Deposit Insurance Corporation (the “ FDIC ”), the Board of Governors of the Federal Reserve System (the “ FRB ”) and the Office of the Comptroller of the Currency (the “ OCC ” and, together with the FDIC and F RB, the “ Agencies...

Estate, Gift and Trust Provisions in New York State 2014-15 Budget: New York State 2014-15 Budget Makes Changes to the Taxation of Estates and Gifts and the Income Taxation of Certain Trusts
, April 15, 2014
On March 31, 2014, Governor Andrew Cuomo signed into law the New York State 2014-15 Budget (the “Budget”). This memorandum describes the changes made by the Budget to the taxation of estates and gifts and the income taxation of certain trusts. We will be distributing a separate...

New York’s Highest Court Strengthens Forum Non Conveniens Doctrine in Cases Having Peripheral Connection to New York Banking System: Mashreqbank PSC v. Ahmed Hamad Al Gosaibi & Brothers Company
, April 15, 2014
In an opinion issued on April 8, 2014, the New York Court of Appeals unanimously dismissed on forum non conveniens grounds a case arising from a foreign exchange transaction between a bank in the United Arab Emirates and a general partnership in Saudi Arabia, where the only nexus between the...

Volcker Rule: Federal Reserve Issues Statement of Intent to Extend the Volcker Rule Conformance Period Through July 21, 2017 for CLOs
, April 15, 2014
Late yesterday afternoon, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) released a statement regarding the treatment of collateralized loan obligations (“CLOs”) under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act...

Bank Capital Plans and Stress Tests: 2014 Stress Test Results Demonstrate the Strong Capital Position of U.S. Banking System
, March 24, 2014
Yesterday, the Federal Reserve announced the summary results of the Dodd-Frank Act 2014 supervisory stress tests for the 30 largest U.S. banking organizations. The results demonstrate the sharply enhanced capital strength and resiliency of the U.S. banking system. Under an “extreme stress...

“Enhanced Prudential Standards” for Large U.S. Bank Holding Companies and Foreign Banking Organizations: Federal Reserve Approves Final Rule Implementing Certain Provisions of Section 165 of the Dodd-Frank Act Increasing Supervision and Regulation of Large U.S. Bank Holding Companies and Foreign Banking Organizations
, February 26, 2014
On February 18, 2014, the Board of Governors of the Federal Reserve System (the “FRB”) approved a final rule (the “Final Rule”) implementing certain of the “enhanced prudential standards” mandated by Section 165 of the Dodd-Frank Wall Street Reform and Consumer...

Heightened Risk Governance Standards for Banks and Bank Boards of Directors: Proposed OCC “Guidelines” Would Establish Heightened Standards for Large National Banks’ Risk Governance Frameworks and Boards of Directors, and Accelerate Trends of Regulatory Involvement and Reliance on Enforcement
, January 24, 2014
On January 16, 2014, the Office of the Comptroller of the Currency (the “OCC”) solicited public comment, through a Notice of Proposed Rulemaking (the “NPR”), on proposed “guidelines” to establish minimum standards for the design and implementation of risk...

Physical Commodities and Merchant Banking Activities Conducted by Financial Holding Companies: Federal Reserve Seeks Public Comment on New Limitations on Physical Commodities and Merchant Banking Activities Conducted by Financial Holding Companies Under the Bank Holding Company Act
, January 20, 2014
Earlier this week, the Board of Governors of the Federal Reserve System (the “Board”) solicited public comment, through an advance notice of proposed rulemaking (the “ANPR”), regarding various issues and questions related to physical commodities activities conducted by...

Volcker Rule: Agencies Issue Interim Final Rule Exempting Certain TruPS-Backed CDOs from the Volcker Rule’s Prohibition on Banking Entities’ Holding Ownership Interests in or Sponsoring Covered Funds
, January 17, 2014
Earlier this evening, the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency (the “OCC”), Federal Deposit Insurance Corporation (such three agencies together, the “Banking Agencies”), Securities and Exchange Commission, and Commodity...

CFTC Cross-Border Jurisdiction and Comparability Determinations: CFTC Issues Substituted Compliance Comparability Determinations and Takes Other Actions Regarding the Cross-Border Applicability of Dodd-Frank Title VII
, January 08, 2014
The Commodity Futures Trading Commission (“CFTC”) has recently taken a number of actions related to the cross-border applicability of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). On December 20, 2013, the Commodity...

Volcker Rule: Agencies Reviewing Applicability of Volcker Rule to TruPS-Backed CDOs; Intent Appears to Be to Forestall Immediate Write-Downs
, January 03, 2014
Earlier this afternoon, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), Office of the Comptroller of the Currency (the “OCC”), Federal Deposit Insurance Corporation (the “FDIC”) and Securities and Exchange Commission (collectively,...

Volcker Rule Agencies Approve Long - Awaited Final Rule; Most Requirements to Take Effect on July 21, 2015
, December 17, 2013
On December 10, 2013, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation (the “FDIC”), Securities and Exchange Commission (the “SEC”) and Commodity Futures...

“SPOE” Resolution Strategy for Systemically Important Financial Institutions Under Dodd-Frank: FDIC Seeks Comment on Its “Single Point of Entry” Strategy for Resolving Systemically Important Financial Institutions Under Title II of the Dodd-Frank Act
, December 16, 2013
On December 10, 2013, the Federal Deposit Insurance Corporation (the “FDIC”) proposed for public comment a notice (the “Notice”) describing its “Single Point of Entry” (“SPOE”) strategy for resolving systemically important financial institutions...

Financial Market Utilities Regulation: Federal Reserve Issues Final Rules Setting Forth Requirements for a Federal Reserve Bank to Open and Maintain Accounts for, and Provide Financial Services to, Designated Financial Market Utilities
, December 16, 2013
On December 6, 2013, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) approved a final rule (the “Final Rules”) to amend Regulation HH (12 C.F.R., part 234), the rule relating to the financial market utilities (“FMUs”) that are...

EU State Aid: EU Commission Consults on New Rules on State Aid for Companies in Difficulty
, December 11, 2013
On 5 November 2013, the European Commission released for public comment proposed new guidelines on state aid for rescuing and restructuring companies that operate in sectors other than financial services coal and steel. The proposed guidelines are intended to replace the Commission’s current...

Legal Exposure Impact on CCAR 2014
, November 26, 2013
A series of recent pronouncements by the bank regulators and announcements of large fines and settlements by banks are likely to have a significant impact on the Comprehensive Capital Analysis and Review (“CCAR”) process for 2014.

Bank Capital Plans and Stress Tests: Federal Reserve Issues Instructions and Guidance for the 2014 Comprehensive Capital Analysis and Review Program
, November 07, 2013
Last Friday, the Federal Reserve issued its summary instructions and guidance (the “CCAR 2014 Instructions”) for the supervisory 2014 Comprehensive Capital Analysis and Review program (“CCAR 2014”) applicable to bank holding companies with $50 billion or more of total con...

FATCA: Updates and Draft FFI Agreement: IRS Notice Previews Proposed FATCA Guidance and Provides a Draft Agreement for Participating FFIs
, November 07, 2013
On October 29, 2013, the Internal Revenue Service (the “IRS”) and the Treasury Department (“Treasury”) issued a notice providing additional guidance regarding the Foreign Account Tax Compliance Act (“FATCA”). Notice 2013 - 69 (the “notice”) previews...

Partial Offer for Chong Hing Bank Limited: Takeover Code Lessons
, November 07, 2013
Under Section 382 of the Internal Revenue Code, a corporation’s use of net operating losses is limited if there is an “ownership change.” On October 22, 2013, the Internal Revenue Service adopted Final Regulations intended to lessen the compliance burden on a corporation...

Basel III Liquidity Framework: Federal Reserve Issues Basel III Liquidity Coverage Ratio Proposal for Large U.S. Banks
, November 01, 2013
On Thursday, October 24, the Board of Governors of the Federal Reserve System (the “FRB”) approved for publication a notice of proposed rulemaking (the “Proposal”) to implement a quantitative liquidity coverage ratio (“LCR”) requirement for certain large domestic...

Asset Management and Financial Stability: Office of Financial Research Publishes Report on “Asset Management and Financial Stability”
, October 07, 2013
On September 30, 2013, the U.S. Department of the Treasury’s Office of Financial Research (OFR) delivered a report to the Financial Stability Oversight Council (FSOC) exploring ways that activities in the asset management industry might create, amplify or transmit stress through the...

Bank Capital Plans and Stress Tests: Federal Reserve Issues Interim Final Rules Addressing Application of New Basel III-Based Capital Framework for Purposes of the 2013-2014 Capital Plan and Stress Test Cycle
, October 07, 2013
The Federal Reserve recently issued two interim final rules that clarify how covered companies must incorporate the new U.S. Basel III-based final capital rules (the “Basel III Capital Rules”) into their capital plan submissions and Dodd-Frank Act stress tests for the upcoming 2013-2014...

Credit Risk Retention: Six Federal Agencies Repropose Joint Rules on Credit Risk Retention
, October 07, 2013
On August 28, 2013, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission (“SEC”), the Federal Housing Finance Agency (“FHFA”) and the Department of Housing and Urban Development...

Broker-Dealer Audit and Reporting Updates: PCAOB Report and New SEC Rules Address Audit, Financial Reporting, Internal Control and Risk Management Issues Relating to Broker-Dealers; These Developments May Be Relevant for Audit Committees of Public Companies that Own Broker-Dealers
, September 17, 2013
The Public Company Accounting Oversight Board and the Securities and Exchange Commission have recently issued reports and taken other steps to strengthen the audit, financial reporting and risk management functions relating to broker-dealers. Broker-dealers, as well as audit committees of public...