Regulators have made clear their view that responsibility for the culture of a bank sits at the top; if senior management create the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis banks’ senior management have come under increasing regulatory scrutiny and in some jurisdictions proposals have been put forward to make it easier to make them accountable for their actions. To help you keep up to date with current developments, we have produced a comparative analysis of how senior management responsibility in banks is being treated in

Initial Coin Offerings, or ICOs, have been the hot topic of 2017, gaining significant media attention and attracting substantial amounts of investor capital. The speed and growth of ICOs has been remarkable, from raising US$26 million in 2014 to raising US$1.27 billion in the first 6 months of 2017. But what are they and why are investors flocking to them?

Welcome to issue 9 of Norton Rose Fulbright’s International arbitration report. In this issue, we feature the exciting topic of innovation and disruption in international arbitration. We review the procedural and technological advances that are, or soon will be, changing international arbitration and dispute resolution more generally. Our lawyers track the global trends, risks and opportunities in this changing landscape. In our jargon-busting guide, we outline the most-hyped legal technologies such as Artificial Intelligence, Blockchain Technology and Smart Contracts.

The United States Supreme Court denied a petition for certiorari filed by Farnum Place, LLC (“Farnum”), on October 3, handing Brown Rudnick client Kenneth Krys, as liquidator and foreign representative of Fairfield Sentry Limited (in liquidation) (“Sentry”), a definitive final victory after five-plus years of litigation in courts in the British Virgin Islands (“BVI”) and United States concerning Farnum’s attempt to force consummation of a proposed asset sale that was not in the interest of Sentry’s stakeholders and had not been approved under Section 363 of the Bankruptcy Code.

The Federal Reserve and the Federal Deposit Insurance Corporation (the “Agencies”) yesterday announced that Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs Group, JP Morgan Chase, Morgan Stanley, State Street Corporation and Wells Fargo are not required to file their next resolution plans until July 1, 2019, rather than July 1, 2018. Click here for more..

The Board of Governors of the Federal Reserve System released today a Final Rule Establishing Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations (“QFC Rule”).

The global retail sector is struggling. Throughout the world, previously successful and storied retailers and brands are facing increasing pressure from the “online” retailers. Some are succumbing to these pressures and becoming insolvent, including filing for Chapter 11 protection in the U.S. The U.S. retailers source products globally. AlixPartners 2017 North American restructuring experts survey reports that 67% of respondents said the retail industry would be the most likely to see distress in 2017, taking the top spot from the oil and gas industry in 2015 and 2016.

Highlights: • Increased US risk for non-US businesses dealing with Russia. • Greater disconnects between US and European Union sanctions. • Targeted restrictions against certain deals, anywhere in the world, involving several specific Russian oil companies. Last week, President Trump signed the "Countering America’s Adversaries Through Sanctions Act" (HR 3364), which expands existing sanctions against Russia and adds new measures to the existing sanctions against Iran and North Korea.

Highlights: • Increased US risk for non-US businesses dealing with Russia. • Greater disconnects between US and European Union sanctions. • Targeted restrictions against certain deals, anywhere in the world, involving several specific Russian oil companies. Last week, President Trump signed the "Countering America’s Adversaries Through Sanctions Act" (HR 3364), which expands existing sanctions against Russia and adds new measures to the existing sanctions against Iran and North Korea.

A recent ruling in the ongoing Lehman Brothers bankruptcy case[1] serves as an important reminder about the risks of deferred compensation. The ruling, issued by Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York, involved employee claims for payment of deferred compensation under the Lehman Brothers’ (formerly known as Shearson Lehman Brothers) deferred compensation plan. The plan provided that employee claims would be subordinate to those of all other present and future creditors of the plan sponsor.