Global Financial Market Watch : Global Financial Lawyer & Attorney : K&L Gates Law Firm : Government Enforcement, Investment Management

By: Diane E. Ambler, Philip M. Cedar, Daniel F. C. Crowley, Vanessa C. Edwards, Edward G. Eisert, David H. Jones, Steven M. Kaplan, Sean P. Mahoney, J. Matthew Mangan, Philip J. Morgan, Mary C. Moynihan, Anthony R.G. Nolan, Clair E. Pagnano, Lawrence B. Patent, Karishma Shah Page

Since June 17, 2009, when the Obama Administration unveiled its financial regulatory reform plan, there has been a flurry of executive branch and legislative branch activity.  The frenetic pace of the reform effort is expected to resume in the fall, as Congress works to resolve the many highly controversial issues presented by the plan.  The traditional August Congressional recess now underway provides an opportunity to take stock of this historic capital markets reform effort.  This alert provides an overview of the most significant developments so far, as well as the outlook moving forward.

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By: Rebecca H. Laird, Edward G. Eisert, Stanley V. Ragalevsky, Sean P. Mahoney, Daniel F. C. Crowley, Collins R. Clark

On July 22 and 23, 2009, the U.S. Department of Treasury released nine legislative proposals affecting banking institutions and their holding companies.  The various parts of this proposed legislation interact in a manner that, if enacted, will change the banking industry’s playing field in unprecedented ways.  These changes aim to end regulatory arbitrage and minimize systemic risk.

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By: Gordon F. Peery, Lawrence B. Patent, Anthony R.G. Nolan

 Activity in the U.S. House of Representatives in late July 2009 gave the financial services industry a glimpse of legislative initiatives that, if enacted into law, may dramatically transform the over-the-counter (“OTC”) derivatives market. Congress will debate the aggressive legislative initiatives detailed in this Alert soon after it reconvenes following its August recess. The initiatives go hand-in-hand with the rest of the Obama Administration’s Financial Regulatory Reform mandates. In order to understand the importance of the July 2009 initiatives, it is first necessary to briefly review industry, regulatory and legislative efforts to reform the OTC derivatives market earlier this year.

To view the complete alert online, click here.

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