Glen R. Cuccinello
Biography
Overview
Glen is a counsel in the Financial Services Regulatory practice in New York.
Glen has extensive experience advising US and non-US banking organizations as to the impact of US banking laws and regulations on their direct and indirect activities and investments, the establishment by non-US banking organizations of US banking offices and acquisitions of US bank and non-bank subsidiaries, and the provision by non-US banking organizations of financial services on a cross-border basis (including relevant US licensing requirements). Glen regularly advises US and non-US banking organizations in structuring fund investments and other non-controlling investments to comply with exemptions under the Bank Holding Company Act, as well as regarding non-banking expansion applications and proposals in the United States.
His practice also includes advising on the regulatory aspects of mergers and acquisitions, the Dodd-Frank requirements for the operations of US and non-US banks (including the preparation of resolution plans), financial holding company authority and activities and related non-compliance issues, corporate governance requirements for US national banks, beneficial ownership reporting requirements under the Corporate Transparency Act, and New York Banking Law matters.
Additionally, Glen counsels financial institutions on matters involving securities-related activities by banking organizations, regulatory issues affecting financing transactions (including margin regulations, anti-money laundering requirements, anti-tying requirements and other regulatory matters), affiliate transaction restrictions under Sections 23A/23B and Regulation W, fiduciary and custody activities, and insolvencies of depository institutions and securities intermediaries (including the impact of UCC Article 8).
Experience
Select experience includes advising:
- a leading Asian sovereign wealth fund, and several major Asian and European banks, on structuring fund investments for Bank Holding Company Act compliance;
- several major US banking organizations in structuring non-controlling equity investments or convertible debt investments in non-banking companies;
- a major European bank with regard to the US banking law aspects of an investment in hybrid capital instruments;
- a Chinese bank in acquiring a US subsidiary bank (the first transaction of its kind);
- Chinese and Taiwanese banks in establishing branches and upgrading existing offices in the United States;
- an Asian private equity organization in connection with the impact of the Federal Deposit Insurance Act and FDIC regulations and procedures on the organization's ability to receive repayment of funds deposited at an offshore branch of a US bank that had subsequently gone into receivership;
- several major Chinese banks in connection with a range of US federal and New York banking law issues affecting their US operations or regarding expansion proposals;
- European and Asian banks in connection with their securities-related activities in the United States, including the provision of M&A advisory services on a cross-border basis from their home countries;
- a private equity fund in connection with proposed acquisitions of equity stakes in US banks;
- a European bank and its domestic bank holding company subsidiary in connection with the US regulatory aspects of bank acquisitions and mergers;
- a European bank in structuring a financing transaction in light of the New York Banking Law's insolvency provisions;
- a domestic bank holding company in issuances of subordinated debt and trust preferred stock;
- an Asian bank in connection with the US regulatory aspects of its merger with another Asian bank, including the establishment of multiple branches in the United States;
- an Asian bank in a US supervisory enforcement matter;
- an Asian bank in connection with the liquidation of its New York trust company subsidiary;
- an Asian bank in connection with the downgrading of its US branch to representative office status, and a South American bank in connection with the closing of its US representative office; and
- a US investment adviser in establishing a New York trust company subsidiary.
"Regulators' Preemption Scuffle Offers Opportunities for Financial Services," Bloomberg Law, August 2020
"Regulators begin Volcker Rule review, signaling potential for needed clarifications," November 2017
"Valuations in European Real Estate Finance – regulatory compliance in a global environment," June 2017
"US Terminates Burma Sanctions Program, Accompanied by Limited FinCEN Relief," October 2016
"Federal Reserve Board Proposes to Include Legal Entity Identifiers in Certain Banking Organization Reporting," March 2015
"Federal Bank Supervisory Agencies May Change Guidance Without Notice-and-Comment Rulemaking," March 2015
"Clarification of the Marketing Restriction under the Volcker Rule 'SOTUS' Covered Fund Exemption," March 2015
"ICBC's Agreement to Acquire a Controlling Stake in a US Bank Is a Major Development for the US and Chinese Banking Markets," February 2011
"FDIC Adopts Final Policy On Private Equity Investments In Failed Banks," August 2009
"FDIC Proposes Stringent New Rules For Private Equity Investors In Failed Depository Institutions," July 2009
"The Troubled Asset Relief Program: Issues for Financial Institutions and Other Entities Covered by the TARP," October 2008
