M&A

Lessons Learned: Why Some Banks Are Better Acquirers Than Others

American Banker M&A Symposium

June 16, 2011, The Harvard Club, New York, NY | Register Now

Weil’s Derrick Cephas, head of the firm’s Financial Institutions Regulatory practice, will participate in a panel titled “Lessons Learned: Why Some Banks Are Better Acquirers Than Others.” The panel will discuss best practices on how banks can achieve success via acquisitions. The session will run from 1:15 pm to 2:15 pm.

“Banking and Insurance Department Merger: Former Regulators’ Views on the Upcoming Consolidation”

Insurance Federation of New York, Inc.

June 10, 2011, New York, NY | Register Now

Weil’s Derrick Cephas, head of the firm’s Financial Institutions Regulatory practice, will participate in the Insurance Federation of New York’s “Breakfast With…” series, imparting his perspective as a former regulator on the major consolidation trends in the financial services industry. Mr. Cephas served as the Superintendent of Banks for the State of New York from 1991 to 1994.

CPDcast.com, an online provider of continuing professional development based in the UK, has posted a podcast (“Highlights of the Dodd-Frank Act”) featuring Weil’s Heath Tarbert and Peter King. The program provides an overview of the major areas of the Dodd-Frank Act, with a focus on the provisions related to systemic risk, the regulation of financial institutions, the Volcker Rule and the changes expected to affect hedge funds and private equity funds. It also discusses the differences and similarities between Dodd-Frank and the relevant European and UK legislation.

On November 16th, the Federal Reserve Board (“Fed”) issued a proposed rule (the “Proposed Rule”) relating to the conformance periods for section 619 of Dodd-Frank, more commonly known as the “Volcker Rule.” The Volcker Rule prohibits banking entities from investing in, sponsoring, or having certain relationships with a hedge fund or private equity fund, subject to certain exceptions.  Nonbank financial companies that are supervised by the Fed that engage in such activities may be subject to additional capital requirements, quantitative limits, or other restrictions, but they are not precluded, as are banking entities, from investing in, or sponsoring, a hedge fund or private equity fund. As explained further below, the Volcker Rule does not immediately come into effect and, even when it does, there may be extended periods before full compliance with the Volcker Rule is mandatory.  These potential “conformance periods” are the sole subject of the Proposed Rule.

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The Banking Law Journal has published an article (“Bank M&A in the Wake of Dodd-Frank”) authored by Heath Tarbert and Weil Corporate partner Michael Aiello. The article examines Dodd-Frank’s key provisions governing bank M&A transactions as well as those critical aspects of the legislation most likely to drive future consolidation within the banking industry.