Financial Institutions

A&O Shearman excels at collaborating with the financial services industry to drive results through innovation and manage risk amid market disruptions.

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As the volume and complexity of new global regulations continues to increase, businesses face a mounting challenge to stay ahead of their requirements. 

Together with increased scrutiny from regulators, investors and other stakeholders, it is essential for organizations to not only understand, implement and adeptly manage regulatory changes, but also to maintain compliance.

Leveraging our combined legal and regulatory consulting expertise, we are well-placed to advise our clients through every facet of the regulatory reform and enforcement landscape.

Track record of innovation

We have a long track record of advising on groundbreaking transactions and have robust working relationships with a broad spectrum of market participants.

We maintain a relentless focus on delivering innovative solutions for our clients, and seamlessly blend deep industry insight with fully integrated, multi-disciplinary capabilities to deliver competitive advantage.

Our clients include commercial and investment banks; insurers, reinsurers and intermediaries; asset and wealth managers; broker-dealers; financial sponsors; fintechs; market infrastructure providers and regulators; and neo and challenger banks.

Deep regulatory relationships

We also have entrenched relationships with regulators and enforcement agencies and are active members of, and advisers to, numerous industry associations including the International Swaps and Derivatives Association (ISDA). 

We are the only global law firm that combines multi-disciplinary legal expertise with an integrated bench of consultants comprising former regulators and industry leaders who advise boards, executive committees and senior managers on a range of regulatory compliance, governance and risk management matters, encompassing corporate purpose, culture and conduct. 

Our team provides strategic counsel to financial institutions on a range of issues and opportunities, including the implications of regulatory reform in key markets such as the U.S., EU, UK, and Asia-Pacific; regulatory capital requirements, including Basel III, CRD IV, Solvency II and U.S. capital rules including Dodd-Frank; and all types of financial services risk and enforcement issues, including anti-money laundering and FCPA disputes, and bank sector regulatory investigations;

In addition we advise our clients on the adoption of new technologies such as blockchain, digital assets and artificial intelligence; the protection and exploitation of intellectual property and data; the challenges and opportunities presented by the Net Zero agenda.

Our team has extensive experience of bank mergers, corporate restructuring and principal investments; capital raises in all forms, including debt and equity (inclusive of IPOs, high yield, and investment grade offerings); debt and structured financings and leveraged lending; and derivatives and structured product transactions across all major asset classes, including credit, equity, fixed-income, currency and commodity-linked instruments.

Representative matters

  • The Royal Bank of Canada on the $USD1.5bn acquisition of BlueBay Asset Management and the $USD10.2bn acquisition of HSBC Canada.
  • Glennmont Partners, one of Europe's largest fund managers, on an on-balance sheet securitisation in respect of a €EUR1b loan portfolio relating to sustainable infrastructure projects in Europe and the U.K.
  • China Ping An Insurance Overseas a member of the Ping An Insurance Group, on its co-investment in a fund sponsored by Vista Equity Partners as part of the CAD2.7bn acquisition of D+H Corp by Misys to create Finastra, one of the world’s largest fintech businesses.
  • The CEO of the EMEA business of a global financial institution in relation to the effectiveness of its governance framework, including how well the executive and risk committees were operating in practice. We provided a series of recommendations on how to improve operational efficiency.
  • Seven international banks, including Citi, Deutsche Bank and J.P. Morgan, in negotiating highly structured repurchase transactions with Banco Central de la República Argentina (BCRA). These transactions were crucial in bolstering the U.S. dollar reserves of BCRA at a critical time in Argentina’s history, increasing BCRA’s capacity to confront external shocks and minimizing potential disruption in the local market.
  • Deutsche Bank AG, as the PIPE placement agent to Lotus Technology Inc. (Lotus Tech), and Santander US Capital Markets LLC, as the capital markets advisor to L Catterton Asia Acquisition Corp. (LCAA), in connection with the business combination between Lotus Tech and LCAA. The business combination values Lotus Tech at $USD5.5bn on a pre-money equity value basis. 
  • Bank of America (as lead arranger, agent and letter of credit issuer) and certain other asset-based lenders who have provided Macy’s Inventory Funding LLC, a newly formed financing vehicle, with a $USD3.15bn asset-based inventory financing. The new asset-based credit agreement is secured by all assets and common equity of Macy’s Inventory Funding LLC, which has purchased the vast majority of Macy’s inventory, and which is the borrower under the new asset-based credit agreement is secured by all assets and common equity of Macy’s Inventory Funding LLC, which has purchased the vast majority of Macy’s inventory, and which is the borrower under the new asset-based credit agreement.
  • BofA Securities, Inc. and Citigroup Global Markets Inc. as co-placement agents on a $USD2.5bn PIPE transaction in connection with the de-SPAC combination between SPAC Churchill Capital Corp. IV and Lucid Motors, Inc., an electric car manufacturer. 
  • Danske Bank in investigations by DOJ, the SEC, and Danish criminal authorities arising from its former Estonian branch, resulting in a USD$2bn global settlement. This high-profile case, with media coverage of extensive money laundering activity, was resolved without money laundering charges.
  • Mubadala Investment Company PJSC in its acquisition of Fortress Investment Group (Fortress) from SoftBank Group Corp., and corresponding U.S. regulatory approvals.
  • Intercontinental Exchange, Inc. in its formation and financings of Bakkt Holdings, a new ecosystem for digital assets; its $USD11bn acquisition of Ellie Mae, a portfolio company of Thoma Bravo; its acquisition of a strategic minority stake in Euroclear plc from The Royal Bank of Scotland Group plc.; its acquisition of Black Knight, Inc. and related divestitures; the sale of its “Interactive Data Managed Solutions” business; and the sale of Trayport.
  • Major global banks in market-wide government investigations regarding U.S. treasuries, FX, interest rate swaps, credit default swaps, ISDAfix, stock lending, silver trading, SSA bonds, European government bonds, Mexican government Bonds, GSE bonds, odd-lot bonds, VRDO/municipal bonds, ICE LIBOR, BBA LIBOR, CDOR and BBSW.

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