The Biden administration is pursuing an ambitious agenda to tackle several wide-ranging socio-economic challenges, anchored by a commitment to address climate change, social equity, and racial injustice. Proposed financial services policy solutions focus on consumer protection, shareholder rights, ESG considerations, and systematic risk to the financial system, most notably from climate change. However, the scope of legislation is being tempered by the historically narrow margins of Democratic control of Congress.
Accordingly, much of the Biden agenda is being advanced through executive actions, rulemaking, and enforcement, as well as omnibus legislative packages such as budget reconciliation bills. Opportunities for bipartisanship will arise primarily in the oversight context and perhaps on policies in relation to investments in Chinese companies, financial inclusion, and retail investor access to market opportunities. Importantly, the Biden administration is committed to renewed international cooperation on a range of issues, most notably including sustainable finance. New bilateral and multilateral relationships will likely depend on comparable regulatory regimes, resulting in an international dimension to domestic policymaking.
Based in major financial policy centers, our global Financial Services Policy practice represents clients from across the financial services spectrum, from banks to fintech, from investment companies to cryptocurrencies, on emerging financial policy and regulatory reform issues. Combining a leading financial services legal and regulatory practice with a large and experienced public policy team, we are uniquely positioned to advise on and favorably influence legislative and regulatory changes for the benefit of our clients.
A number of publications, including the 2020 editions of Chambers USA and Legal 500, have ranked us as one of the premier policy practices in the nation. We are also consistently ranked among the top law firms in The National Law Journal’s Influence 50 survey. Several members of the global Financial Services Policy practice have been recognized in these and other publications for their outstanding client service, depth of knowledge, and lifetime achievement. Our lawyers are also valued for their knowledge, not only of laws, but of their clients’ businesses. We are keenly aware of how global financial systems work, including the associated technology, costs, and commercial realities clients face.
Because of the integrated nature of our firm, the global Financial Services Policy practice can provide unrivaled services and insights on domestic and international regulatory reform efforts. With financial services regulation regaining an international dimension, we are well positioned to advocate for our clients before regulators and legislative bodies in the leading jurisdictions.
- In the United States, we work regularly with congressional leadership and key members of the committees of jurisdiction, as well as the White House, the Treasury and Labor Departments, and federal agencies including Consumer Financial Protection Bureau, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Federal Reserve Board, Financial Stability Oversight Counsel, Department of Housing and Urban Development / Federal Housing Administratio, Financial Crimes Enforcement Network, Office of Foreign Assets Control, Office of the Comptroller of the Currency, Securities and Exchange Commission, and other regulators including Financial Industry Regulatory Authority, Municipal Securities Rulemaking Board, and Public Company Accounting Oversight Board.
- In the European Union, we provide substantive and strategic counsel with regard to the European Commission, the Council of the European Union, and the European Parliament, as well as agencies such as Basel Committee on Banking Supervision, Euro Banking Association (BCBS), European Insurance and Occupational Pensions Authority, European Securities and Markets Authority, and Federal Security Service.
- In the United Kingdom post-Brexit, we continue to guide clients in policy matters involving regulatory agencies and standard-setting bodies and such as the Bank of England, Financial Conduct Authority, and ICE Benchmarks Administration and their new relationship to European Union institutions.
- Globally, we provide strategic advice and substantive counsel in regard of multilateral agencies such as BCBS, International Association of Insurance Supervisors, and International Organization of Securities Commissions. Since January 2018, we have managed the Trans-Atlantic Business Council (TABC), the only transatlantic business association representing both European and American companies on international trade, investment, and regulatory issues affecting transatlantic business environment.
The K&L Gates Regulatory Action Detection Response (R.A.D.A.R.) keeps our clients up to date by providing a comprehensive guide on financial regulatory developments and tracking new proposals, regulations, and laws in Europe, the United Kingdom, the United States and major international regulators. Whether clients simply require insight and understanding or seek to proactively influence proposed legislation, regulatory changes, or agency interpretations, K&L Gates has the experience to help our clients achieve their objectives.