Today, the Federal Reserve and the FDIC announced they are seeking public comment on revised resolution plan guidance (the “Proposed Guidance”) for the eight largest, most complex U.S. banks. The Proposed Guidance would apply beginning with the July 1, 2019 resolution plan submissions from the firms. Click here for more.

On May 17, 2018, the U.S. Bankruptcy Court for the District of Connecticut held that a trademark licensee retains the right to use licensed trademarks following a debtor-licensor’s rejection of the license. See In re SIMA Int’l, Inc Debtor, No. 17-21761, 2018 WL 2293705 (Bankr. D. Conn. May 17, 2018).

On June 4, 2018, the U.S. Department of Justice announced that Société Générale S.A. (“Société Générale”) and its wholly-owned subsidiary, SGA Société Générale Acceptance, N.V. (“SGA”), have agreed to pay over $1 billion in total penalties to U.S. and French authorities in connection with bribe payments to Libyan officials and manipulation of the London Interbank Offered Rate (“LIBOR”). SGA pled guilty on June 5 to conspiracy to violate the U.S. Foreign Corrupt Practices Act’s (“FCPA”) anti-bribery provisions.

Below are links to a full month’s worth of posts from the Cleary Cybersecurity and Privacy Watch blog. To receive notifications as new articles are posted, please subscribe at here.

• CONSENT Act: Proposed Legislation a Sign of Potential U.S.

U.S. government agencies have recently been responding to the growth of cryptocurrency trading with vigorous oversight. The U.S. Department of Justice (DOJ) and Commodity Futures Trading Commission (CFTC) are aggressively directing their enforcement resources to combat against digital currency traders in the UK and greater EMEA. Therefore, counsel located in the region need to be aware of the risks involved with this new-found aggression and how to prepare for any U.S.-driven regulatory inquiries or subpoenas.

The President today signed into law a bi-partisan bill that provides regulatory relief from certain requirements of the Dodd-Frank Act of 2010. The Economic Growth, Regulatory Relief, and Consumer Protection Act leaves the architecture and core features of Dodd-Frank intact, but significantly recalibrates the size thresholds for certain requirements, reducing regulatory burden particularly for mid-size and smaller institutions. While the changes mandated by the Act are significant, it also places substantial discretion for further changes in the hands of the Federal Reserve Board.

On May 22, 2018, the Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing to mark up its draft proposed amendment to the Foreign Investment Risk Review Modernization Act (“FIRRMA”).

On May 8, 2018, President Trump announced that the United States would cease implementing the Joint Comprehensive Plan of Action (“JCPOA”), triggering a re-imposition of certain previously suspended sanctions on Iran. Much of the immediate impact of this change in U.S. policy will be on non-U.S. companies that will now need to be concerned with the re-imposition of secondary sanctions applicable to non-U.S. persons. Significantly, this change in U.S. policy returns U.S. and non-U.S. companies doing business globally back to the challenging compliance environment beginning in 2010 – after U.S.

Welcome to issue 10 of Norton Rose Fulbright’s International arbitration report. With 2018 being the 60th anniversary of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 (New York Convention), the theme for this issue is enforcement. Lawyers from across our global firm review various trends and developments in this area, including current approaches to enforcing awards that have been set aside at the seat and the use of the public policy exception as a bar to enforcement.

Below are links to a full month’s worth of posts from the Cleary Enforcement Watch blog.