The Banking Regulation Review - Edition 7

Jan Putnis
  • Editor:
  • Jan Putnis
  • Slaughter and May

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Nearly eight years after the collapse of Lehman Brothers it might have been expected that fundamental questions about the business models, governance and territorial scope of large banks would have been answered clearly, but that is not yet truly the case. Debates rage on in many countries about ‘too big to fail’, management accountability in banks, resolution planning and conduct issues in the banking sector. What is the ‘safest’ form of international banking and what might shareholders in banks reasonably expect as a long-term rate of return on their investment? When is all this uncertainty going to end? Perhaps it never will for so long as large banks remain as important to the global economy as they are and the political classes throughout the world remain divided on whether this is a good thing. It is also worth remembering that the reform agenda that was born in the financial crisis of 2007–2009 established a very long implementation period – to 2019 and beyond – for many of the regulatory changes agreed upon by the G20 and the Basel Committee. So we are still in the midst of what will no doubt be seen in decades to come as the ‘post-crisis’ period in banking regulation.

Looking forward then, what can we see beyond the implementation of the post-crisis reforms? That depends, of course, in part on whether there is another cross-border banking crisis. It is worth noting in this context that localised banking failures remain commonplace, and with more countries around the world introducing specialised bank resolution regimes there will be further opportunities to test the uses and pitfalls of bail-in and other resolution powers.

The continuing debate about the impact of technology on banks has increased significantly in volume in much of the world in the past year. Forecasts of the eventual eclipse of banks by technology firms seem wide of the mark in the short to medium term, although there is clearly an ‘adapt or die’ threat to many banks in the longer term. One adaptation of sorts that we may well see more of in the next few years is banks acquiring technology firms (or otherwise entering into strategic partnerships with them).

Many of the largest cross-border regulatory investigations into past conduct in the banking sector have drawn to a close over the past year. While for some that signalled the close of a painful and costly chapter in the post-crisis development of the banking sector, it remains difficult to conclude that the threat of further such investigations has gone away.

About the Editor

Jan Putnis has been a partner at Slaughter and May in London since 2003. His practice focuses on financial regulation, with particular emphasis on international corporate and commercial transactions. Mr Putnis acts for a broad range of financial institutions, including banks, insurance groups and asset managers, on strategic regulatory matters and investigations, cross-border and domestic mergers and acquisitions, and outsourcings. His work involves extensive advice on regulatory capital and on capital structures of new businesses, as well as capital structures to facilitate acquisitions and group reorganisations. Mr Putnis qualified as a solicitor in 1996. In a previous life, he graduated with a degree in physics from Oxford University in 1992.

Acknowledgements

The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:

International Initiatives

  • Jan Putnis
  • Slaughter and May

Argentina

  • Santiago Carregal and Diego A Chighizola
  • Marval O'Farrell & Mairal

Australia

  • Hanh Chau, Adam D’Andreti, Peter Feros, Paula Gilardoni, Deborah Johns, Louise McCoach, Duncan McGrath and Peter Reeves
  • Gilbert + Tobin

Barbados

  • Sir Trevor Carmichael QC
  • Chancery Chambers

Belgium

  • Anne Fontaine and Pierre De Pauw
  • NautaDutilh

Brazil

  • Tiago A D Themudo Lessa, Rafael José Lopes Gaspar and Gustavo Ferrari Chauffaille
  • Pinheiro Neto Advogados

Cambodia

  • Bun Youdy
  • Bun & Associates

Canada

  • Scott Hyman, Carol Pennycook, Derek Vesey and Nicholas Williams
  • Davies Ward Phillips & Vineberg LLP

Colombia

  • Luis Humberto Ustáriz González
  • Estudio Jurídico Ustáriz & Abogados

Denmark

  • Morten Nybom Bethe
  • Gorrissen Federspiel

European Union

  • Jan Putnis, Timothy Fosh and Helen McGrath
  • Slaughter and May

Finland

  • Janne Lauha and Hannu Huotilainen
  • Castrén & Snellman Attorneys Ltd

France

  • Olivier Saba, Samuel Pariente, Mathieu Françon, Jessica Chartier and Béna Mara
  • Bredin Prat

Germany

  • Thomas Paul, Sven H Schneider and Jan L Steffen
  • Hengeler Mueller - Partnerschaft von Rechtsanwälten mbB

Hong Kong

  • Peter Lake
  • Slaughter and May

Hungary

  • Péter Köves and Szabolcs Mestyán
  • Lakatos, Köves and Partners

India

  • Cyril Shroff and Ipsita Dutta
  • Cyril Amarchand Mangaldas

Indonesia

  • Yanny M Suryaretina
  • Ali Budiardjo, Nugroho, Reksodiputro

Ireland

  • William Johnston, Robert Cain and Sarah Lee
  • Arthur Cox

Italy

  • Giuseppe Rumi and Andrea Savigliano
  • BonelliErede

Japan

  • Hirohito Akagami and Wataru Ishii
  • Anderson Mōri & Tomotsune

Latvia

  • Armands Skudra
  • Skudra & Ūdris

Luxembourg

  • Josée Weydert, Jad Nader and Milos Vulevic
  • NautaDutilh

Malaysia

  • Rodney Gerard D’Cruz
  • Adnan Sundra & Low

Mexico

  • Federico De Noriega Olea and Juan Carlos Galicia Orozco
  • Hogan Lovells BSTL, S.C.

Netherlands

  • Mariken van Loopik and Maurits ter Haar
  • De Brauw Blackstone Westbroek

New Zealand

  • Guy Lethbridge and Debbie Booth
  • Russell McVeagh

Norway

  • Terje Sommer, Richard Sjøqvist, Markus Nilssen and Steffen Rogstad
  • Advokatfirmaet BA-HR DA

Panama

  • Mario Adolfo Rognoni
  • Arosemena, Noriega & Contreras

Philippines

  • Rafael A Morales
  • SyCip Salazar Hernandez & Gatmaitan

Poland

  • Tomasz Gizbert-Studnicki, Tomasz Spyra and Michał Torończak
  • T. Studnicki K. Płeszka Z. Ćwiąkalski J. Górski SKP

Portugal

  • Pedro Ferreira Malaquias and Hélder Frias
  • Uría Menéndez – Proença de Carvalho

Singapore

  • Francis Mok and Wong Sook Ping
  • Allen & Gledhill LLP

Slovenia

  • Simon Žgavec
  • Law Firm Rojs, Peljhan, Prelesnik & Partners o.p., d.o.o.

South Africa

  • Ina Meiring
  • Werksmans Attorneys

Spain

  • Juan Carlos Machuca and Joaquín García-Cazorla
  • Uría Menéndez

Sweden

  • Fredrik Wilkens and Helena Håkansson
  • Advokatfirman Vinge

Switzerland

  • Shelby R du Pasquier, Patrick Hünerwadel, Marcel Tranchet, Maria Chiriaeva and Valérie Menoud
  • Lenz & Staehelin

United Arab Emirates

  • Amjad Ali Khan and Stuart Walker
  • Afridi & Angell

United Kingdom

  • Jan Putnis, Nick Bonsall and Edward Burrows
  • Slaughter and May

USA

  • Luigi L De Ghenghi
  • Davis Polk & Wardwell LLP

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