The regulation of financial services has received unprecedented scrutiny throughout the G-20 in the wake of the financial crisis and the ensuing global recession. Asset bubbles, poor credit standards, insufficient prudential supervision, overly leveraged investment strategies and the incentives created by large bonus payments have all come under the microscope since the collapse of Lehman Brothers.

This has resulted in an ambitious and internationally coordinated effort to implement regulatory reform. Our European financial services lawyers complement the expertise and leading role of their US-based colleagues to offer insight and advice on financial services regulation and its reform in the EU, Germany and the UK.

We closely monitor and advise on developments such as the proposed EU directive on regulation of hedge funds and private equity; new rules on the transparency and trading of derivatives; and the revised structure of and coordination among financial services regulators in Europe. We also guide clients through the rules that apply to banks and other institutions that have received state aid during the financial crisis and must reduce the scope of their activities to compensate.

Closely related, we counsel and represent financial services clients, particularly in the banking sector, in transactions and financing rounds, including acquisitions, disposals and securities offerings. We provide a one-stop service in Germany that includes compliance counseling and government relations support in regard to applicable licensing and regulatory requirements.

WilmerHale’s financial services lawyers draw on expertise and experience that spans the areas of financial institutions regulation, transactions, debt finance and securitization, corporate governance, securities regulation and enforcement, consumer credit, insurance, restructuring and government relations. Due to the international and multidisciplinary nature of our team, we are well positioned to support our clients in realizing their objectives.

We advise and represent both national and international financial services providers, including medium-sized und major globally operating banking and insurance groups, savings banks as well as investment banks, mutual funds, fund managers and ratings agencies, on a variety of regulatory and other legal issues at EU and national levels in Germany and the UK. In addition, we work on a fully integrated basis throughout our offices to provide international clients with comprehensive advice on multi-jurisdictional matters. For information concerning our global Financial Services expertise, click here.

In particular, we advise clients on matters including the following:

  • Compliance with the Financial Conglomerates Directive, including the criteria that apply to determination of an EU coordinator for a major third-country financial group.
  • The evolution of EU and national regulatory requirements applicable to alternative fund managers, including hedge funds and private equity funds, as well as the regulation of traditional asset management and investment funds, particularly related to marketing rules.
  • Risk-based solvency requirements for insurance conglomerates under the recently agreed Solvency II Directive.
  • Formation, sale and purchase of financial institutions, financial services providers and banks as well as branch office transfers.
  • Restructuring of financial institutions and savings banks.
  • Banking license requirements as well as other banking regulatory issues (e.g., rules on capital requirements, risk management).
  • Other compliance issues (e.g., data protection, anti-money laundering)
  • Consumer credit rules and credit card regulation, from a consumer protection, financial services (SEPA), and competition law (interchange) perspective.
  • Information, reporting and (ad-hoc) disclosure requirements (e.g., under the German Securities Trade Act and the applicable stock exchange regulations).
  • Public securities acquisitions and takeover regulations.
  • State aid compliance in the financial services sector, both for recipients of aid and their competitors.

The regulation of financial services has received unprecedented scrutiny throughout the G-20 in the wake of the financial crisis and the ensuing global recession. Asset bubbles, poor credit standards, insufficient prudential supervision, overly leveraged investment strategies and the incentives created by large bonus payments have all come under the microscope since the collapse of Lehman Brothers.

This has resulted in an ambitious and internationally coordinated effort to implement regulatory reform. Our European financial services lawyers complement the expertise and leading role of their US-based colleagues to offer insight and advice on financial services regulation and its reform in the EU, Germany and the UK.

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Contacts

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Duvernoy, Christian

Christian Duvernoy

Partner-in-Charge, Brussels Office

+32 2 285 49 06 (t)

christian.duvernoy@wilmerhale.com

Crones, Christian

Dr. Christian Crones

Partner

+49 69 27 10 78 207 (t)

christian.crones@wilmerhale.com

Pollard, Stephen

Stephen Pollard

Partner

+44 (0)20 7872 1006 (t)

stephen.pollard@wilmerhale.com

Seyfarth, Martin

Martin Seyfarth

Partner

+49 30 20 22 64 30 (t)

martin.seyfarth@wilmerhale.com

White, Thomas W.

Thomas W. White

Partner

+1 202 663 6556 (t)

thomas.white@wilmerhale.com

Kimmitt, Robert M.

Ambassador Robert M. Kimmitt

Senior International Counsel

+1 202 663 6250 (t)

robert.kimmitt@wilmerhale.com

Publications & News

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August 14, 2012

Regulators Issue Final Rules and Interpretations Further Defining Swap-Related Terms

After much anticipation, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) (together, the Commissions) on July 10 adopted joint final rules and interpretations further defining the terms “swap,” “security-based swap,” “security-based swap agreement” (SBSA), and “mixed swap” pursuant to Title VII of the Dodd-Frank Act (DFA).

March 1, 2010

Global Competition Review and Practical Law Company Recognize WilmerHale’s Antitrust and Competition Practice Group

January 6, 2010

Law360 Names WilmerHale “Firm of the Year” for Competition and Securities Defense

July 24, 2009

You Always Meet Twice: European Commission Prescribes Restructuring of Banks that Have Received State Aid to Survive Financial Crisis

May 13, 2009

WilmerHale Recognized in Inaugural Edition of Best Lawyers in Belgium 2009

November 13, 2008

WilmerHale UK Lawyers and Practices Receive Top Rankings in Chambers UK 2009

Chambers UK: A Client’s Guide to the UK Legal Profession 2009 ranked seven WilmerHale lawyers and three of the firm’s practices for exceptional work and reputation.

October 24, 2008

New EU Commission Notice on Remedies in Merger Cases

Events

October 11, 2013

Council on Foreign Relations Meeting

Washington, DC

November 16-17, 2010

Global Competition Review: 2010 Competition Law Review

Brussels, Belgium

September 8, 2010

Julius Kühn-Institut: German Plant Protection Conference

Berlin, Germany