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
These enforcement actions by the NYAG should serve as an important reminder to digital asset market participants to pay close attention to state regulation of digital assets. Even while uncertainty remains regarding federal regulation of the digital asset space, have taken legislative and regulatory action (often in the context of state "money transmission" laws) to address digital assets such as virtual currencies. Furthermore, a unified regulatory approach to digital assets among the…
Coinbase's proposal is one of a number of approaches to digital asset regulation intended to address the exponential growth in the digital asset markets (see, e.g., the , the , and the ). While the likelihood of the proposal becoming law is quite slim, elements of the Coinbase approach may be useful to incorporate into the existing financial regulatory structure, and may serve to clear up the regulatory uncertainty that currently exists regarding digital assets.
That said, the raises…
Commissioner Stump's public statement is notable for two reasons.
First, she raises the important issue of regulatory authority in referring to the CFTC's application of the CEA's definition of "commodity" to stablecoins. Previously, Commissioner Stump in a publication attempting to the scope of the CFTC's regulatory authority and enforcement authority (see in particular points 3-4 and 7-9).
Second, these enforcement actions mark the second time that Commissioner Stump made…
Considering how swiftly digital asset markets are developing, , the advent of an industry working group for the standardization of digital asset derivatives documentation is timely. Moreover, it is strong evidence that digital asset markets are becoming more mainstream and institutionalized.
Mr. O’Malia identified a number of important issues that will be considered by the working group in its efforts to develop standardized documentation for digital asset derivatives, including…