Venable advises foreign entities about U.S. regulatory constraints on acquiring control of various forms of U.S. financial institutions, limits on interactions of such institutions with entities under common control, and supervisory expectations for domestic and foreign operations of such organizations, such as under the Bank Holding Company Act, International Banking Act, Foreign Bank Supervision Enhancement Act, Foreign Corrupt Practices Act, Bank Secrecy Act, OFAC, and U.S. anti-money-laundering laws.
Our experience is extensive. Over the years, we have advised numerous state banking associations, whose members include foreign-owned banks, on proposed legislation, tax issues, and regulatory developments. We also have provided counsel to several European Union banks regarding establishment U.S. subsidiaries, branches, and offices.
Venable attorneys recently assisted a South American owner of a U.S. national bank, in the context of a transfer of its own shares to another foreign entity, about avoiding a violation of the Bank Holding Company Act through use of a divestiture trust. We also represented the Ministry of Foreign Relations of the French Republic in an investigation of a state-owned financial institution.