Dodd-Frank Summary Memorandum and Implementation Slides
Our comprehensive Dodd-Frank Summary Memorandum, published on July 21, 2010, breaks down the important provisions of the Dodd-Frank Act and gives an overview of their potential impact on the financial system. We also released a set of Dodd-Frank Implementation Slides, which show the timeline for rulemaking and effectiveness of each of the Dodd-Frank Act's major titles, including a timeline of a potential designation of systemically important financial institutions and a timeline of action in the event of the exercise of the FDIC's new Orderly Liquidation Authority.
Davis Polk Adds Christopher M. Paridon as Counsel to Its Financial Institutions Group
We are pleased to announce that Christopher M. Paridon has joined the firm as counsel in our Financial Institutions Group. He is based in Washington DC and will focus on providing bank regulatory advice on a wide variety of matters, including bank M&A and capital markets transactions, enforcement actions and financial regulatory reform.
Since 2008, Mr. Paridon served in the Legal Division of the Board of Governors of the Federal Reserve System, most recently as counsel, where he concentrated on regulation of banks and bank holding companies, including the Volcker Rule.
He previously served as government relations counsel at the American Bankers Association and attorney-advisor with the U.S. Department of Commerce’s Office of the General Counsel.
PANEL DISCUSSION EXPLORES TOO BIG TO FAIL
On November 15, 2013, Davis Polk partner Randall Guynn spoke on a panel entitled “Too Big to Fail — What Now?” at the Federalist Society’s 2013 National Lawyers Convention in Washington DC. The discussion addressed the many important legal and policy issues related to the Too Big to Fail problem that remain unanswered post-Dodd-Frank as the economy struggles to return to normal.
REGULATION OF FOREIGN BANKS AND AFFILIATES IN THE UNITED STATES – 7TH EDITION
We are pleased to announce the publication of the most recent edition of Regulation of Foreign Banks and Affiliates in the United States by Westlaw. Randall D. Guynn, head of Davis Polk's Financial Institutions Group, served as editor and several Davis Polk partners contributed chapters to the 7th edition. This publication contains authoritative coverage of federal and state laws governing the regulation of foreign banks in the United States and the international operations of domestic banking institutions. It covers every aspect of the field – from entry requirements to permissible activities to taxation, and includes an extended analysis of the impact of Dodd-Frank and its implementing regulations, reflecting the profound changes that are reshaping the banking industry.
For more information about the book and downloadable PDFs of Davis Polk's chapters:
View the book on Westlaw's website: Regulation of Foreign Banks and Affiliates in the United States (7th edition)
Chapter 7, “Foreign Bank Acquisitions of U.S. Banks and Thrifts,” authored by Luigi L. De Ghenghi, John L. Douglas, Randall D. Guynn, William L. Taylor and Cristina V. Regojo
Chapter 11, “Foreign Banks as U.S. Financial Holding Companies,” authored by Luigi L. De Ghenghi, Randall D. Guynn and Margaret E. Tahyar
DODD-FRANK ENHANCED PRUDENTIAL STANDARDS FOR FOREIGN BANKING ORGANIZATIONS
On December 14, 2012, the Federal Reserve proposed a tiered approach for applying U.S. capital, liquidity and other Dodd-Frank enhanced prudential standards to the U.S. operations of foreign banking organizations with total global assets of $50 billion or more (“Large FBOs”). Most Large FBOs would have to create a separately capitalized top-tier U.S. intermediate holding company (“IHC”) that would hold all U.S. bank and nonbank subsidiaries. The IHC would be subject to U.S. capital, liquidity and other enhanced prudential standards on a consolidated basis. Although the U.S. branches and agencies of a Large FBO’s foreign bank would not be required to be held beneath the IHC, they would be subject to liquidity, single counterparty credit limits and, in certain circumstances, asset maintenance requirements under the proposal. Large FBOs not required to form an IHC would also be subject to many of the new enhanced prudential standards.
Davis Polk has prepared a memorandum that provides an overview of key aspects of the Federal Reserve’s proposal along with diagrams and tables for a visual representation of the proposed new requirements.
Read more >
SOLVING THE "TOO BIG TO FAIL" PROBLEM: RESOLUTION AUTHORITY VS. CHAPTER 14
On June 20, 2012, Davis Polk lawyers Randall Guynn and John Douglas spoke on a teleforum entitled, “Solving the ‘Too Big to Fail’ Problem: Resolution Authority vs. Chapter 14.” The event was hosted by The Federalist Society for Law and Public Policy Studies’ Financial Services & E-Commerce Practice Group, and explores the Too Big to Fail problem in the post-Dodd-Frank era.
WHITE PAPER ON THE SEPARATE ENTITY DOCTRINE AS APPLIED TO THE U.S. BRANCHES OF FOREIGN HEADQUARTERED (NON-U.S.) BANKS
On April 19, 2012, Davis Polk, in conjunction with Cleary Gottlieb and Sullivan & Cromwell authored a white paper on the separate entity doctrine as applied to the U.S. branches of foreign headquartered banks. The hybrid treatment of the U.S. branches of foreign headquartered banks has become a subject of focus in the wake of the financial crisis and in light of the enactment of the Dodd-Frank Act. The white paper provides a summary of the regulatory treatment of U.S. branches of foreign headquartered banks under various U.S. legal regimes, and highlights the hybrid nature of such branches.
INTERACTIVE IMPLEMENTATION TIMELINE
Our unified Implementation Timeline shows, in interactive graphical form, regulators' announced plans for implementing Dodd-Frank as of July 21, 2011. Regulatory Tracker subscribers can access a version that is updated regularly with new developments.
The Regulatory Tracker is our proprietary resource for understanding and tracking the implementation of the Dodd-Frank Act. Subscribers can sort and search through the Dodd-Frank Act's provisions, read a plain-language summary and view regulatory developments. The Regulatory Tracker is updated daily and includes an interactive calendar of upcoming events and deadlines. Tracker subscribers receive a daily email alert of the previous day's regulatory activity, including rulemaking, commentary and hearings. For more information on the Tracker, email firstname.lastname@example.org.
The Regulatory Hub is our online Dodd-Frank implementation platform. Products available on the Hub include Swap Dealer Rulemaps, which break down proposed and final rules into their requirements and extract the tasks applicable to swap dealers; the Volcker Rulemap, which breaks down the proposed Volcker Rule into individual requirements; our Table of Title VII Self-Effective provisions, which clarifies the status of more than 200 Title VII provisions given regulatory guidance and temporary relief; and our Swap Dealer Summary Memorandum, a narrative explanation of relevant rules, updated on a regular basis. For more information, email email@example.com.
DAVIS POLK CORPORATE GOVERNANCE BLOG – DODD-FRANK SECTION
The Davis Polk Corporate Governance Blog – Dodd-Frank Section collects real-time observations and opinions from senior Davis Polk lawyers on the most important and pressing practical implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This site is a companion to the more substantive memoranda and updates that Davis Polk regularly publishes and that are available in the Dodd-Frank Resource Center on Davis Polk’s public website.