Related Practices
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Covington advises both US and non-US financial institutions on laws and regulations governing international banking and financial activities. We counsel foreign banks regarding entry into the US market through branches, agencies, representative offices, and establishment of acquisition of subsidiaries, as well as regarding ongoing regulation of such banks and their activities under US banking regulations. We also advise US financial institutions regarding laws and regulations affecting their operations abroad.
In addition, we have broad expertise in handling advisory and enforcement matters involving US foreign trade controls, such as economic sanctions and asset-blocking measures. Our depth of experience in the substantive US legal constraints in this area is equally matched by our considerable policy experience with the key regulatory agencies. We regularly advise leading US and non-US financial institutions on the scope and applicability of these controls, and we routinely assist clients in the development and implementation of internal compliance programs, the conduct of internal investigations, and the design of remedial measures (including in-house training programs).
Representative Matters
- Assisting a non-US bank in structuring its US equities trading business to comply with Federal Reserve Board regulations governing the activities of foreign banking organizations.
- Advising a non-US bank regarding potential avenues for entry into the US market and the possible regulatory consequences to the bank’s existing US and non-US activities.
- Advising a US bank regarding permissibility of a minority investment in a European non-banking company.
- Representing major US and European financial institutions in advisory and enforcement matters before the Treasury Department’s Office of Foreign Assets Control on the impact of US asset-blocking measures.
- Assisting leading US banks in the development and implementation of internal compliance programs to address US and European anti-terrorism and asset-blocking measures.
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