James H. Freis, Jr., Director. Crimes Enforcement Network. Continued on page 2

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1 Published by the Institute of International Bankers Advancing the Interests of the International Banking Community in the United States August 4, 2008 May 4, 2010 INSTITUTE S ANNUAL AML SEMINAR TO BE HELD ON MAY 20 IN NEW YORK James H. Freis, Jr., Director, Financial Crimes Enforcement Network. An outstanding roster of governmental officials and leading banking lawyers, industry consultants and other private-sector experts will speak at the Institute s annual anti-money laundering program on Thursday, May 20th in New York for the international banking community. James H. Freis, Jr., Director of the Treasury Department s Financial Crimes Enforcement Network (FinCEN) will give the opening keynote address; Barbara Hammerle, Deputy Director of the Treasury Department s Office of Foreign Assets Control, will give the keynote luncheon address; and Frederick Reynolds, Trial Attorney in the Asset Forfeiture and Money Laundering Section of the Criminal Division at the Department of Justice, will be the featured afternoon speaker. Continued on page 2 IIB TO HOLD PROGRAM ON U.S., GLOBAL FINANCIAL REGULATORY REFORM The Institute will hold an all-day program on June 3 rd in New York addressing the key issues for internationally active banking organizations arising from the regulatory reforms underway in the United States and internationally in response to the financial crisis. The program will focus on major international efforts, including through the Financial Stability Board and the Basel Committee, in such key areas as new and heightened capital and liquidity standards as well as on financial regulatory reform legislation under consideration in the U.S. Congress. Continued on page 4 TREASURY ASSISTANT SECRETARY LAGO TO SPEAK AT MEMBERSHIP LUNCHEON PRECEDING ANNUAL GENERAL MEETING AND ELECTIONS ON JUNE 8 IN NEW YORK The Honorable Marisa Lago, Assistant Secretary of the Treasury for International Markets and Development, will speak at the membership luncheon preceding the Institute s Annual General Meeting and Elections on Tuesday, June Marisa Lago, Assistant 8th at the Waldorf-Astoria Hotel. Secretary of the Treasury Confirmed by the U.S. Senate in for International Markets February, 2010, Assistant Secretary Lago s responsibilities include leading Treas- and Development. ury s role on the Committee on Foreign Investment Continued on page 2 ANNUAL INSTITUTE TAX SEMINAR TO BE HELD ON JUNE The Institute s annual seminar on U.S. taxation of international banks will be held on Monday, June 21 st and Tuesday, June 22 nd (until 1:00 p.m.) in the Harold M. Proshansky Auditorium at the City University of New York Graduate Center, 365 Fifth Avenue (between 34 th and 35 th streets). This year s program will focus in particular on international enforcement issues. In addition, Ronald Ginsberg, Principal Fiscal Policy Analyst in the Office of Tax Policy and Analysis at the New York State Department of Taxation and Finance, will give the keynote luncheon address on Monday, June 21 st on New York s corporate tax reform initiative. Continued on page 3 ANNUAL WASHINGTON CONFERENCE Coverage of this year s Annual Washington Conference (February 28 -March 2) begins on page 5. The Institute s mission is to help resolve the many special legislative, regulatory and tax issues confronting internationally headquartered financial institutions that engage in banking, securities and/or insurance activities in the United States. 299 Park Avenue, 17th Floor, New York, N.Y Telephone: (212) Facsimile: (212) iib@iib.org Waldo Abbot, Chairman & Lawrence R. Uhlick, Chief Executive Officer

2 AML Seminar (continued from page 1) Other confirmed governmental speakers include: Nina A. Nichols, Assistant Director, Supervisory Enforcement Actions and Special Exams, in the Federal Reserve Board s Division of Banking Supervision and Regulation; Daniel P. Stipano, Deputy Chief Counsel at the OCC; Regina Stone, Deputy Superintendent, New York State Banking Department; Dennis P. Wood, Assistant Director, Compliance Outreach & Implementation, OFAC; Robert Otero, Examining Officer, Federal Reserve Bank of New York; Brigitte Lowe, BSA Compliance Specialist at the OCC; Michael Ruffino, Senior Vice President in Member Regulation at the Financial Industry Regulatory Authority (FINRA) and Michael P. Tuckett, Director of BSA/ AML Compliance, New York State Banking Department. The seminar will also feature a distinguished group of private-sector speakers, including (in alphabetical order): Kenneth L. Bachman, Partner, Cleary Gottlieb Steen & Hamilton LLP; Steven Beattie, Partner, Ernst & Young LLP; Derek M. Bush, Partner, Cleary Gottlieb Steen & Hamilton LLP; John W. Campbell, Partner, PricewaterhouseCoopers LLP; Elizabeth T. Davy, Partner, Sullivan & Cromwell LLP; Michael Dawson, Managing Director, Promontory Financial Group LLC; David DiBari, Partner, Clifford Chance US LLP; Connie Friesen, Partner, Sidley Austin LLP; John Graetz, Principal, Deloitte & Touche LLP; William B. Hoffman, Partner, Davis Polk & Wardwell LLP; Teresa Pesce, Principal, KPMG LLP; Paul Pilecki, Partner, Kilpatrick Stockton LLP; Stephen C. Strombelline, Managing Director and Head of Ethics and Compliance, BNP Paribas; James Wistman, Director, ICS Compliance; and Ellen Zimiles, Chief Executive Officer, Daylight Forensic & Advisory LLC. This comprehensive full-day program provides a forum for international bankers and their legal and compliance advisers to hear the latest developments in such key areas as private banking, correspondent banking, trade finance, OFAC compliance standards, and recent experience with BSA/AML examinations. Accordingly, we urge all member institutions to be represented at this important event. The seminar is also open to representatives of U.S.-headquartered institutions. June Membership Luncheon (continued from page 1) in the United States as well as international financial services regulation, trade, banking and securities, development, technical assistance and climate finance. Prior to joining the Treasury Department, she served as President and Chief Executive Officer of Empire State Development. She was previously Global Head of Compliance for Citigroup s corporate and investment bank and earlier headed the Office of International Affairs at the Securities and Exchange Commission. The luncheon will begin with a reception at 12:00 noon in the Hilton Room (1 st floor) followed by lunch beginning promptly at 12:30 p.m. and ending no later than 2:00 p.m. All interested representatives of member institutions and Professional Liaison Committee firms are encouraged to attend the luncheon and to invite their business customers and other colleagues as guests. Tables of ten may also be reserved in the name of member institutions and member firms of the Professional Liaison Committee. An online registration form with credit card payment option is available on the Institute s web site at All representatives of member banks are also encouraged to remain after the luncheon for the Annual General Meeting and Elections, which will last for approximately half an hour. In addition, the Institute is filing with the New York State Continuing Legal Education Board an application for accreditation of the seminar. In the event accreditation is granted, seminar attendees who are subject to the New York continuing legal education requirement will be eligible to receive CLE credit (transitional CLE credit for newly admitted attorneys and non-transitional credit for experienced attorneys) as authorized by the Board (in this connection, a copy of the Institute s financial assistance policy is available from the Institute on request). The seminar will be held at the CUNY Graduate Center (365 Fifth Avenue, between 34 th and 35 th Streets), beginning with a continental breakfast at 8:30 a.m. and ending at 5:15 p.m. The seminar program and registration form are available at 2

3 Annual Tax Seminar (continued from page 1) This seminar is the Institute s most important event of the year on tax issues, bringing together government officials and private-sector experts (including representatives of Institute member banks and member firms of our Professional Liaison Committee), who will provide a detailed and authoritative review of the key tax issues and developments affecting internationally headquartered banking/financial institutions operating in the United States. Given the importance of these tax issues to bottom-line results, we urge all member institutions to be represented. Topics to be covered at this year s seminar will include: legislative and regulatory developments; the Foreign Account Tax Compliance Act (FATCA) Provisions and compliance with Report of Foreign Bank and Financial Accounts (FBAR) requirements; information reporting, withholding and documentation issues; international bank issues; FIN 48: the IRS version; New York State and City issues and audit controversy; international banking issues arising in the aftermath of the financial crisis; and state and local issues and controversies. While the seminar is designed for tax specialists, all interested professionals from both the U.S. operations and head offices of our member institutions are encouraged to register. Attendees at the seminar who are licensed accountants in either New York or New Jersey will be eligible for Continuing Professional Education (CPE) credits. In addition, the Institute is filing with the New York State Continuing Legal Education Board an application for accreditation of the seminar. In the event accreditation is granted, seminar attendees who are subject to the New York continuing legal education requirement will be eligible to receive CLE credit (transitional CLE credit for newly admitted attorneys and non-transitional credit for experienced attorneys) as authorized by the Board (in this connection, a copy of the Institute s financial assistance policy is available from the Institute on request). BREAKFAST REGULATORY DIALOGUE SET FOR OCTOBER 11 IN WASHINGTON The Institute will hold its annual Breakfast Regulatory Dialogue with Government Officials on Monday, October 11 during the IMF/World Bank meetings in Washington, D.C. Representatives of our member institutions from head offices, U.S. and other operations who will be in Washington during the IMF/World Bank meetings are encouraged to attend this important Institute event. Further details, including information about speakers, will be provided in the near future. ANNUAL IIB RISK MANAGEMENT AND REGULATORY EXAM/COMPLIANCE SEMINAR TO BE HELD ON OCT The Institute will hold its annual seminar on risk management and regulatory examination/ compliance issues affecting international banks on Tuesday, October 19th and Wednesday, October 20th in the Proshansky Auditorium at the City University of New York Graduate Center (365 Fifth Avenue, between 34 th and 35 th streets). This once-a-year program is recognized by the regulatory community as facilitating the risk management and compliance efforts of our member banks by providing them with definitive and timely information on key examination and supervision issues as well as best practices. No bank can afford to fall behind in this important area. Detailed information about the program will be distributed later but we urge you to reserve these dates on your calendars. This year s seminar is being co-chaired by Melissa Heise (Royal Bank of Scotland) and Eric Atkerson (TD Securities) and is being organized in conjunction with the Institute s professional staff, Tax Committee Chairman Andrew Barkin (The Bank of Tokyo-Mitsubishi UFJ, Ltd) and Yaron Reich (Cleary Gottlieb Steen & Hamilton LLP), the Institute s Tax Counsel. The seminar program and registration form are available at 3

4 Financial Regulatory Reform Program (continued from page 1) Pending U.S. and international proposals would involve meaningful changes to the way systemically significant institutions are supervised and regulated and conduct business across borders. The proposals also are expected to change supervisory and regulatory standards that apply to other institutions that are not deemed to be systemically significant. As a result, it has become increasingly important for internationally active banks to have a fundamental understanding of the reform proposals that are being considered in the United States and internationally. Accordingly, all interested representatives of member institutions are encouraged to attend the June 3 rd program. The Institute s program will include public sector speakers and private sector experts addressing a range of policy-oriented and practical issues relevant to internationally active banking organizations, including: New and heightened capital and liquidity standards, including Basel III proposals, potential contingent capital requirements and implications for business lines and capital-raising techniques. Planning for expected changes in risk management and corporate governance standards, including the implications of new living will requirements (as well as structural changes to banking organizations and continuing international supervisory interest in subsidiarization approaches). Enhanced regulation of OTC derivatives activities. New U.S. and international supervisory standards relating to executive and employee compensation and the implications of pending governmental inquiries into these matters. INSTITUTE/CSBS U.S. REGULATORY/ COMPLIANCE ORIENTATION PROGRAM SCHEDULED FOR JULY IN N.Y. The Institute and the Conference of State Bank Supervisors (CSBS) will co-host our annual U.S. regulatory/compliance orientation program for head office and recently arrived officers of international banks on July (until 12:30 p.m.) at the Association of the Bar of the City of New York (42 West 44th St.). The orientation program is designed to provide a broad, explanatory overview of the regulatory and compliance requirements applicable to the U.S. operations of internationally headquartered banks, together with practical insights regarding preparing for and dealing with the examination process. In addition to officers from the head office and those who have recently arrived in the U.S., the program would be especially helpful to all personnel of our member banks who would benefit from a more thorough understanding of the U.S. regulatory/compliance system. The Institute is grateful to Cleary Gottlieb Steen & Hamilton for its assistance with the development of this program and to Clifford Chance for hosting the Institute s program in its offices. The program will be held at 31 West 52 nd Street, beginning with a continental breakfast at 8:30 a.m. and ending at 5:30 p.m. An agenda and online registration form with credit card payment option are available on the Institute s web site at Proposals to adopt a bank tax or other special taxation regime to fund government assistance programs either after-the-fact or to fund future requirements. 4

5 SENIOR POLICYMAKERS AND LEADING PRIVATE-SECTOR EXPERTS ADDRESSED IIB S ANNUAL WASHINGTON CONFERENCE ON MARCH 1-2 Over 250 representatives of member institutions as well as other interested professionals and invited governmental guests heard senior policymakers and top private-sector experts discuss financial regulatory reform proposals in the U.S. and internationally, competitive strategies in the U.S. and global wholesale financial markets, the financial crisis in Greece and the implications for the euro zone and other key issues at the Institute s Annual Washington Conference (March 1-2, 2010). Many of the excellent presentations from this year s conference are available on the Institute s web site at The first day of the conference program featured the following governmental speakers: The Honorable Spencer Bachus, Ranking Republican Member of the House Financial Services Committee, who gave the keynote luncheon address; The Honorable John Dugan, Comptroller of the Currency; Jeffrey M. Lacker, President of the Federal Reserve Bank of Richmond; The Honorable Richard H. Neiman, Superintendent, New York State Banking Department; The Honorable Gary Gensler, Chairman of the Commodity Futures Trading Commission; and Henry Hu, Director of the Division of Risk, Strategy and Financial Innovation, Securities and Exchange Commission. Continued on page 6 WELCOMING RECEPTION The Institute s welcoming reception for conference attendees, sponsored by Cleary Gottlieb Steen & Hamilton LLP, was held on Sunday evening at the Four Seasons Hotel From left: Rafiq Bengali, Regional Chief Executive, Americas Region, National Bank of Pakistan, and Chairman of the Institute s Membership Committee; Waldo M. Abbot, Chief Executive Officer, BNP Paribas Fortis Americas, and Chairman of the Institute; Carol Uhlick; and Ernest Patrikis, Partner, White & Case LLP. Richard Ferguson, Managing Director and Treasurer of the Americas, Deutsche Bank AG, and Secretary of the Institute, and Diana Ferguson. From left: Derek Bush, Partner, Cleary Gottlieb Steen & Hamilton LLP; Christopher Davies, Senior Executive Vice President and Head of Commercial Banking North America, HSBC Bank USA; and Michael McVicker, Managing Director and Head of Governance North America, Standard Chartered Bank. From left: Connie Friesen, Partner, Sidley Austin LLP; C.K. Krishnan, Regional Manager, U.S. and North American Operations, Doha Bank; and William Ghazar, First Vice President, Arab Bank plc. 5

6 Annual Washington Conference (continued from page 5) Private-sector speakers included: Gerard Lyons, Chief Economist and Group Head of Global Research, Standard Chartered Bank; Sanoke Viswanathan, head of McKinsey & Company s Corporate and Investment Banking Practice in North America; Desmond Lachman, Resident Fellow, American Enterprise Institute; and political analyst Charlie Cook. The Monday portion of the conference program concluded with a panel of Staff Directors from the House and Senate banking committees, who discussed financial regulatory reform legislation. Speaking on the panel were Jeanne Roslanowick, Staff Director and General Counsel of the House Financial Services Committee; Larry Lavender, the Committee s Republican Chief of Staff; and Ed Silverman, Staff Director of the Senate Banking Committee. The Tuesday portion of the program consisted of panel discussions of key tax and regulatory developments of importance to internationally headquartered financial institutions. Participating on the tax panel were: John Harrell, Senior Counsel, Office of Tax Policy, Department of the Treasury; Michael Plowgian, Attorney-Advisor, Office of the International Tax Counsel, Treasury Department; Bryon Christensen, Attorney Advisor, Office of Tax Policy, Treasury Department; Steven A. Musher, Associate Chief Counsel (International), Internal Revenue Service; Michael J. Gaffney, Tax Partner, PricewaterhouseCoopers LLP; and Yaron Z. Reich, Partner, Cleary Gottlieb Steen & Hamilton LLP, the Institute s outside tax counsel. Continued on page 7 RECEPTION FOR THE WASHINGTON COMMUNITY The Institute s reception for the Washington community, sponsored by Ernst & Young LLP, was held Monday evening at the National Museum of Women in the Arts From left: Salvatore Restivo, Partner, Ernst & Young LLP; The Honorable Richard Neiman, New York State Superintendent of Banks; Donald Vangel, Advisor, Regulatory Affairs, Office of the Chairman, Ernst & Young; and Christos Kalyvas, Partner, Ernst & Young. Susan Baker, Deputy Director, Office of International Banking and Securities Markets, Department of the Treasury, and Peter Kerstens, Counselor, Economics and Finance, U.S. Delegation of the European Commission. Jacques Busquet (left), Senior Managing Director and Chief Risk Officer, Natixis North America Inc., and Jean-Claude Gruffat, Chief Country Officer and Market Manager, France, Belgium and Luxembourg, Citigroup. From left: Marci Abbot; Waldo M. Abbot, Chief Executive Officer, BNP Paribas Fortis Americas, and Chairman of the Institute; Richard Neiman, New York State Superintendent of Banks; Lawrence R. Uhlick, Chief Executive Officer of the Institute; and Carol Uhlick. 6

7 Annual Washington Conference (continued from page 6) Participating on the regulatory panel were: Jack Jennings, Associate Director, Division of Banking Supervision and Regulation, Federal Reserve Board; Regina Stone, Deputy Superintendent, Foreign and Wholesale Banks, New York State Banking Department; Delora Jee, Deputy Comptroller, International Banking Supervision, Office of the Comptroller of the Currency; Linda Sundberg, Senior Special Counsel, Division of Trading and Markets, Securities and Exchange Commission; and Donald T. Vangel, Office of the Chairman, Advisor, Regulatory Affairs, Ernst & Young LLP. The program sponsor for this year s conference was Standard Chartered Bank. The Sunday evening welcoming reception at the Four Seasons was sponsored by Cleary Gottlieb Steen & Hamilton. The Monday luncheon program was sponsored by Swiss Re. The Monday evening reception for conference attendees and the Washington community at the National Museum of Women in the Arts was sponsored by Ernst & Young LLP. We are grateful to all the sponsors for their generous support. Monday Evening Reception (continued from page 7) Geoffrey Milton (left), Partner, C.I.S. LLC, and Wilson Mitchell, Partner, Weiser LLP. From left: John F. White, CEO, ICS Compliance; Lisa Nilsson Levin; Danielle Leveen Bellanger, First Vice President, Tax, Legal and Finance, Credit Industriel et Commercial; and Rafiq Bengali, Regional Chief Executive, Americas Region, National Bank of Pakistan, and Chairman of the Institute s Membership Committee. Paul Pilecki, Partner, Killpatrick Stockton LLP, and Gabrielle Falger, General Counsel, UniCredit Group. Mark Cahaney (left), Managing Director, General Counsel & Head of Risk, Americas, nabcapital, National Australia Bank, and Robert Hand, General Counsel, Mitsubishi UFJ Financial Group Inc. David Sahr (left), Partner, Mayer Brown LLP, and Masahiko Oshima, General Manager, Planning Department Americas Division, Sumitomo Mitsui Banking Corporation. 7

8 SCHEDULE OF EVENTS THROUGH OCTOBER 2010 All interested officers of member institutions are urged to put these dates on their calendars. Thursday, May 20, :30 a.m. - 5:30 p.m. Thursday, June 3, :30 a.m. 5:30 p.m. Tuesday, June 8, :00 noon Monday, June 21 - Tuesday June 22 (until 1:00p.m.) Tuesday, July 20 - Wednesday, July 21, 2010 Monday, October 11, :30 a.m. October 2010 (date to be announced) Tuesday, October 19 - Wednesday, October 20, 2010 Institute s Annual International Banking Anti- Money Laundering Seminar, at the CUNY Graduate Center, 365 Fifth Avenue. Institute Program on U.S. and International Regulatory Reform Proposals Affecting Internationally Active Banking Organizations, 31 West 52nd Street, NYC (offices of Clifford Chance). Institute s Annual General Meeting/Elections and Membership Luncheon, at the Waldorf-Astoria. The luncheon speaker will be The Honorable Marisa Lago, Assistant Secretary of the Treasury for International Markets and Development Institute s Annual Seminar on U.S. Taxation of International Banks, at the CUNY Graduate Center, 365 Fifth Avenue. This comprehensive program provides a detailed and authoritative review of the key tax issues and developments affecting internationally headquartered financial institutions operating in the U.S. Joint Institute/CSBS U.S. Regulatory/Compliance Orientation Program, at the Association of the Bar of the City of New York (42 West 44th St). Breakfast Regulatory Dialogue with Government Officials at the Four Seasons Hotel, during the IMF/World Bank meetings in Washington,. Institute s Fall Membership Luncheon, at the Waldorf-Astoria Hotel. Annual Institute Seminar on Risk Management and Regulatory Examination/Compliance Issues Affecting International Banks, at the CUNY Graduate Center. Dates for additional seminars, workshops and other events will be provided in the near future 8