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.
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