Senior Associate
Norton Rose Fulbright US LLP
Sebastian Souchet focuses his practice on representing US and non-US banks, broker-dealers and “buy-side” market participants on bank regulatory matters and regulatory, transactional and compliance issues related to securities and derivatives.
More specifically, Sebastian has experience advising US and non-US banks, bank holding companies, and other financial market participants on various bank regulatory issues including capital requirements, licensing/chartering requirements, control issues, affiliate and insider transactions, and the Volcker Rule.
Sebastian also has experience representing US and non-US banks and broker-dealers on various requirements arising under the US securities laws and the Commodity Exchange Act, including requirements relating to trading, supervision, recordkeeping, reporting, capital, margin and communications/marketing, as well as SEC and CFTC regulatory requirements arising under Title VII of the Dodd-Frank Act.
Sebastian also advises clients on complex financial transactions and has experience drafting and negotiating securities and derivatives trading documentation, including prime brokerage agreements, ISDA Master Agreements and various other industry-standard and bespoke trading and financing contracts.
Recent Articles & Comments
Among the more technical (and potentially substantive) aspects of FSOC’s proposed revisions to its interpretive guidance on nonbank financial company determinations is the proposal’s discussion of cost-benefit analysis with respect to . In particular, FSOC states that Dodd-Frank does not require a cost-benefit analysis prior to the designation of a nonbank financial company under Section 113 because, among other things:
“costs and benefits of a designation are not listed considerations…The collapse of SVB and Signature Bank raised at least two prudential regulatory policy issues: (i) the merits of deposit insurance and the deposit insurance cap; and (ii) the degree to which “small” and “mid-size” banks pose systemic risk to the U.S. financial system.
Regarding the deposit insurance cap, recent indicates that the FDIC is going to undertake a “comprehensive review” of the U.S. deposit insurance system and will release a report in May 2023 that will “include policy…
The FDIC’s press release provides only some of the material facts of the First-Citizens acquisition. Looking at the related , the purchase agreement excludes: (i) any obligation for First-Citizens to purchase any Qualified Financial Contracts or other “derivative instructions” to the extent that First-Citizens has not acquired the underlying assets or liabilities; (ii) crypto assets and assets backed by cryptocurrency; and (iii) the German, Canadian, and Hong Kong branches of SVB, as well as…
Previously, the U.S. Court of Appeals for the Fifth Circuit ruled in October 2022 in that the CFPB’s funding mechanism violated the Constitution’s Appropriations Clause. With the latest ruling from the Second Circuit, there now formally exists a circuit split on the issue. This constitutional question will eventually be resolved (at least in part) by the Supreme Court, as the Supreme Court is the CFPB’s appeal of the Fifth Circuit ruling in its October term.
The Fifth Circuit had…