Covington & Burling LLP | Industry

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 or 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 the Securities Industry Financial Markets Association (SIFMA) and its parent, the Global Financial Markets Association (GFMA), on international capital issues arising from deliberations of the Basel Committee on Banking Supervision and the Financial Stability Board.
Advising a foreign government entity with respect to compliance with Federal Reserve Board regulations governing the ownership of banks operating in the US.
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 the International Monetary Conference, a private organization that annually brings together the chief executives of the world’s largest financial institutions from thirty countries, along with central bankers and regulators, to discuss international financial issues.
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.
Advising a US bank with respect to an investment in a foreign bank.
Advising a US bank with respect to purchase of a foreign bank’s US branches.

Accolades

Chambers USA, Securities: Regulation (2012)
- Advisory: Keir Gumbs and David Martin
- Enforcement: Bruce Baird and David Kornblau
Chambers USA, Financial Services Regulation (2011-2012)
- Banking (Compliance): John Dugan, Mark Plotkin, and Stuart Stock
- Banking (Enforcement & Investigations): Stuart Stock and D. Jean Veta
Best Lawyers in America (2011)
- Banking: Mark Plotkin, David Rosinus, Stuart Stock, and D. Jean Veta
Washington Super Lawyers (2010)
- Banking: Mark Plotkin