Systemic Risk Council Appoints Allen & Overy as Legal Advisor
20 January 2015
The Systemic Risk Council (the “Council”) has announced that it has retained Allen & Overy to assist in monitoring and analyzing financial regulatory developments in the United States and around the world.
The Council is a private sector, non-partisan body of former government officials and financial and legal experts committed to addressing regulatory and structural issues relating to systemic risk in the United States. It was formed to provide a strong, independent voice for reforms considered necessary to protect the public from financial instability. The Council monitors and encourages regulatory reform of U.S. capital markets focused on systemic risk. Since its inception, the Council has produced numerous comment letters and releases on a variety of key issues, including money market funds, bank capital requirements, and the designation and supervision of systemically important financial institutions.
Sheila Bair, Chairman of the Council and former Chairman of the Federal Deposit Insurance Corporation remarked: “The Systemic Risk Council has recently expanded its membership to include former senior policymakers and financial experts from the United Kingdom and Continental Europe. We are pleased that Heath Tarbert and his colleagues at Allen & Overy will be providing analytical and technical support to our efforts to promote a stable financial sector that meets the needs of the global economy.”
Heath Tarbert, a partner in Allen & Overy’s Washington, D.C. office and head of the firm’s U.S. bank regulatory group explained: “We are delighted to serve as legal advisor to the Council as it expands its mission of identifying and mitigating sources of systemic risk in the United States and around the world.”
Allen & Overy’s global financial institutions practice includes nearly 600 lawyers, of whom more than 80 are dedicated banking regulatory lawyers. Since the financial crisis, Allen & Overy’s regulatory experts have been intimately involved in the development of the most important banking regulatory laws, rules, and policies in the United States, the European Union, the Middle East, and Asia.