U.S. Banking and Capital Markets Developments for Canadian Issuers

07/29/2014 11:45 a.m. - 03:00 p.m.

Banking + Financial Services, Corporate Finance | Capital Markets, Investment Management, and Financial Institutions + Financial Services

The Fairmont Royal York
100 Front Street West
Toronto, ON M5J 1E3

Oliver I. Ireland and James Schwartz

James Schwartz and Oliver I. Ireland


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On July 29, 2014 we will present three complimentary sessions addressing key issues for Canadian firms doing business in the United States:

  • Session 1: Key Developments for Canadian Banks in U.S. Bank Regulation
  • Session 2: Canadian Banks Accessing the U.S. Capital Markets
  • Session 3: Dodd-Frank Title VII Developments

We describe these sessions in more detail below.

Key Developments for Canadian Banks in U.S. Bank Regulation

Canadian banks have extensive U.S. operations.  In this session, we will discuss some of the key recent banking regulatory developments that have changed and will change foreign bank practices.  Topics include:

  • The Intermediate Holding Company requirement.
  • Capital Issues for Foreign Banks.
  • The Volcker Rule and Foreign Banks.
  • The Consumer Financial Protection Bureau.

Canadian Banks and the U.S. Capital Markets: Opportunities and Issues

Canadian banks have used a variety of techniques and programs to offer securities in the Unites States.  In this session, we will discuss the principal methods that they use to do so, the legal considerations that are involved, and the advantages and disadvantages of each.  Topics include:

  • How Rule 144A and Regulation D Offerings Are Conducted in the United States.
  • How the SEC’s Expected “General Solicitation Rules” Will Impact These Offerings.
  • Rule 144A and Bank Note Programs for Canadian Banks.
  • Canadian Banks and Registration Under the Federal Securities Laws.
  • Offering Covered Bonds in the U.S. Market.

Current Issues in Implementing Dodd-Frank Title VII

While the CFTC has made much progress in finalizing its rules for swaps, significant work remains to be done both by regulators and market participants.  In this session, we focus both on the existing final regulations under Title VII and what is expected to happen next.  Topics include:

  • Latest CFTC developments, including  the CFTC’s cross-border guidance and prospects for inter-jurisdictional harmonization.
  • Swap execution facilities and the implementation of the trade execution requirement.
  • Status of CFTC rules vs. SEC rules for security-based swaps.
  • Expected rules regarding margin for uncleared swaps.

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