Kathleen A. Scott
Kathleen A. Scott is a senior counsel in the New York office representing some of the world's largest international financial institutions concentrating on a broad range of financial services regulatory, anti-money laundering and privacy matters.
Kathleen represents financial institution clients with respect to the bank regulatory aspects of mergers and acquisitions, establishment of new banking organizations and nonbanking affiliates, and other transactions.
Kathleen advises foreign and domestic banks and other financial institutions on a broad range of federal and state regulatory issues affecting all their operations and interacts routinely with federal and state banking regulators. She has expertise regarding U.S. federal and various other state banking laws and regulations regarding banks as well as nonbank financial companies that might require licensing at the state level.
Kathleen also counsels financial institutions facing enforcement or other supervisory actions or investigations by state and federal regulators on their compliance with federal consumer, privacy and anti-money laundering legislation and regulations. More specifically, she handles compliance with the Gramm-Leach-Bliley Act for banks and other financial institutions and related financial privacy and information security matters. She also advises financial institutions on a broad range of anti-money laundering compliance and enforcement issues.
Kathleen began her career as an attorney for the United States Department of Treasury and also served as an assistant counsel for the New York State Banking Department before going into private practice at two other major law firms in New York before joining Norton Rose Fulbright.
Since 2005, she has written a bi-monthly column on International Banking for the New York Law Journal. In addition, she routinely contributes to the Financial Services: Regulation Tomorrow blog, which provides insight and commentary on the global financial regulatory environment.
1982 - J.D., American University, Washington College of Law
1979 - B.A., cum laude, Villanova University
Financial Services Regulatory
- Led a global compliance project for an American multinational banking and financial services corporation
- Advised several non-U.S. banks on the Dodd-Frank Act's Volcker Rule implementation for non-U.S. banks
- Advised major non-U.S. banks on permissible activities in the United States transacted from outside the United States
- Obtained federal and state regulatory approvals for numerous clients regarding establishment of new banking institutions, bank holding company and financial holding company status, mergers, acquisitions, and new products, including obtaining financial holding company status for the first majority government-owned non-U.S. bank to elect that status
- Developed and implemented strategies for the U.S. expansion of a major non-U.S. bank, including obtaining all state and federal regulatory approvals
- Drafted federal and state legislation and regulations on a variety of regulatory issues
- Developed and implemented strategies regarding, and obtained regulatory approvals for, internal reorganizations for certain U.S. banking organizations, including preparation of all corporate documents and regulatory applications
- Drafting corporate governance documents relating to the establishment of new banks and non-bank financial institutions, their transactions, and their ongoing corporate matters
- Reviewing and revising bank policies for conformance with applicable laws and regulations
- Drafting financial institution inter-company agreements and advising on financial institution servicing agreements with third party vendors
- Provided information on U.S. anti-money laundering and U.S. financial privacy laws for a major European business conglomerate and a major non-U.S. financial institution
- Assisted with an ancillary privacy issue in a securities investigation for a multinational financial institution; review of privacy policies
- Advised a consultant to a regulatory agency on statutory confidentiality provisions and drafted policies and conducted training for the consultant's staff
- Negotiated major enforcement actions from both the private sector and public sector for U.S. banks and U.S. offices of non-U.S. banks, and assisted clients with enforcement action compliance
- Drafted significant number of federal regulations, particularly with respect to anti-money laundering laws
- Drafted significant amount of state legislation and regulations on financial matters, including the NY Banking Law regarding liquidations of New York State-chartered banks and state-licensed offices of non-U.S. banks, and the New York Banking law on the licensing and supervision of the U.S. offices of non-U.S. banks
- Extensive experience in bank liquidation matters, having assisted in the liquidation of the New York office of a major international bank and the liquidation of an uninsured "banker's bank" for the thrift industry, as day-to-day legal liaison between the New York State Banking Department and those conducting the liquidation, and supervisor of outside counsel and other consultants
- Represented the receiver of a failed New York bank, who under unique circumstances had been appointed to that position by the New York Superintendent of Banks
- District of Columbia State Bar
- New York State Bar License
Rankings and recognitions
- Chambers USA, Nationwide: Financial Services Regulation: Banking (Compliance), Chambers & Partners, 2014-2017
- New York Metro Super Lawyers, banking, Thomson Reuters, 2007, 2009 - 2011, 2014 - 2016
- Chambers Global, Latin America-wide: banking & finance, Chambers & Partners, 2012
- Chambers Latin America, banking & finance, Chambers & Partners, 2012
Kathleen routinely contributes to the Financial Services: Regulation Tomorrow blog, which provides insight and commentary on the global financial regulatory environment. Since 2005, she has written a bi-monthly column for the New York Law Journal on International Banking.
Other recent publications:
- Co-author, "EU v US intermediate financial holding company regimes," Norton Rose Fulbright Banking Reform Updater, January 5, 2017
- Co-author, "Putting management on the line: New York anti-money laundering and sanctions regulations look to senior management for written compliance findings," Norton Rose Fulbright-Legal Update, August 2016
- Co-author with Kayla Field, "Adapting global operations to the US anti-money laundering regulatory environment," Business ethics and anti-corruption: Asia Pacific insights, September 2015.
- Author, "Know your customer' rules and credit providers," Norton Rose Fulbright - Legal Update, June 2015
- Co-author, "CFPB proposes amendments for some GLB privacy notices," Norton Rose Fulbright - Legal update, May 15, 2014
- Co-author, "Volcker Rule deadline for CLOs extended: FRB to give CLO holders more time to comply," Norton Rose Fulbright - Legal update, April 21, 2014
- Author, "Non-U.S. Banks Operating in the United States: The Federal Reserve as Gatekeeper," Journal of Taxation and Regulation of Financial Institutions, March/April 2014
- Co-author, "Implications of the Volcker Rule for Foreign Banking Entities," Norton Rose Fulbright - Legal update, March 31, 2014
- Author, "Enhanced Prudential Standards for Non-U.S. Banks," The Oklahoma City University School of Law's Consumer Finance Law Quarterly Report, Vol. 67: Nos. 3&4, 2013
- Author, "State Regulation of Foreign Banks," chapter in Regulation of Foreign Banks & Affiliates in the United States, 7th edition, Thomson Reuters Westlaw, 2013 (co-author with Elizabeth Tibbals Davy in some previous editions)
- Author, "Banks and Capital Standards - Retooling the Engine to Keep the Financial System Running More Efficiently," Journal of Taxation and Regulation of Financial Institutions, March/April 2012
- Author, "Introductory Note to Recent Publications by Group of Twenty and Group of Thirty," International Legal Materials, 48 ILM 413 June 2009
New York Law Journal recent columns:
- Author, "Treasury 'Core Principles' Report: Will Non-U.S. Banks Be Able to Benefit Too?," New York Law Journal, July 12, 2017
- Author, "Trump Deregulation: What's in it for Non-U.S. Banks," New York Law Journal, March 13, 2017
- Author, "Report on U.S. Anti-Money Laundering Compliance," New York Law Journal, Jan. 10, 2017
- Author, "Work Continues on Addressing Correspondent Banking Decline," New York Law Journal, Sept. 16, 2016
- Author, " Measuring Up to International Capital Standards," New York Law Journal, July 13, 2016
- Author, "International Guidance for Money Transmitters and Their Supervisors," New York Law Journal, March 18, 2016
- Author, "Revised Proposed Changes to Capital Requirements," New York Law Journal, January 13, 2016
- Author, "'Total Loss-Absorbing Capacity' Proposal Comes to the United States," New York Law Journal, November 13, 2015
- Author, "International Guidelines On Addressing Bank Weakness," New York Law Journal, September 15, 2015
- Author, "Affiliate Transactions Involving Non-U.S. Banks," New York Law Journal, May 29, 2015
- Author, "Standards Mandating More Consistency in Regulatory Disclosures," New York Law Journal, March 11, 2015
- Author, "Basel Committee Proposes Changes to Standardized Approach Capital Rules," New York Law Journal, Jan. 14, 2015
- Author, "OCC Approach to Supervision of U.S. Offices of Non-U.S. Banks," New York Law Journal, Nov. 12, 2014
- Author, "Proposed Identification of 'Beneficial Owners' of Legal Entities," New York Law Journal, Sept. 11, 2014
- Author, "Counterparty Credit Limits – U.S. Regulations, Basel Standards," New York Law Journal, July 9, 2014
- Author, "Federal Reserve Finalizes Non-U.S. Bank Prudential Standards," New York Law Journal, March 18, 2014
- Author, "'Solely Outside the United States' Volcker Rule Exemption," New York Law Journal, January 22, 2014
Kathy was an adjunct professor at the New York Law School and co-taught a seminar on The Bank Holding Company Act. She is also a frequent CLE presenter for Lawline and the National Academy of Continuing Legal Education on bank regulatory issues.
Her recent presentations include:
- Panelist, "Government by Executive Order and Presidential Memoranda," Norton Rose Fulbright's Financial services 40-minute briefings, March 2, 2017
- Panelist, "Fintech: Smart contracts and regulating for innovation," Norton Rose Fulbright's Financial services 40-minute briefings, January 5, 2017
- Panelist, "Compliance 2016: Hot Button Regulatory Issues and Enforcement Actions," New York Bankers Association 2016 Financial Services Forum, October 18, 2016
- Panelist, "Virtual Currency & Cryptocurrency Issues," New York State Bar Association Business Law Section Fall Meeting, Tarrytown, New York, October 3, 2015
- Speaker, U.S. bank regulatory matters, Annual Australian Financial Institution Symposium, Sydney, May 4-6, 2015
- "Entry into the U.S. Market by Non-U.S. Banks: 2014 Update," Lawline, New York, May 19, 2014
- "Introduction to Banking Law: 2014 Update," Lawline, New York, May 19, 2014
Memberships and activities
- New York State Bar Association - Banking Law Committee, chair (2013-2016)
- New York State Bar Association - Business Law Section, First Vice Chair
- American Bar Association - Banking Law Committee, member
- New York City Bar Association - Banking Law Committee, chair (2006 -2009)
- New York Appleseed, Board of Directors, chairperson (2016-present)
- ARIVA - Board of Directors, chairperson (2013 - present)
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