A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets.
This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength.
Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations.
Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On January 19, 2016, the Federal Reserve Board approved an application by Union di Banche Italiene, S.p.A., a foreign bank headquartered in Italy, to establish a representative office in New York...
On January 19, 2016, the Federal Reserve Board approved an
application by Union di Banche Italiene, S.p.A., a foreign bank
headquartered in Italy, to establish a representative office in New
York under section 10(a) of the International Banking Act of 1978.
UBI is organized as a joint stock corporation under Italian law and
has total assets of approximately $108 billion. As part of its
evaluation under the IBA and Regulation K, the Federal Reserve
Board noted its previous determinations that other banks in Italy
were subject to comprehensive, consolidated supervision by the Bank
of Italy alone. However, UBI became subject to direct prudential
supervision by the European Central Bank pursuant to the Single
Supervisory Mechanism as of November 2014. This order appears to
represent the first Federal Reserve Board order under the IBA since
the SSM took effect, finding that a foreign bank is subject to
comprehensive, consolidated supervision by the ECB and a home
country supervisor (the Bank of Italy) acting through the SSM.
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