The practitioners within the Banking, Finance and Major Projects Practice Group advise financial institutions acting as global custodians, local custodians of all types, and sub-custodians for securities and cash held in cross-border custody for institutional investors including mutual funds, pension funds, corporate trusts and governments. The group advises custodians on all issues relating to the safe custody of assets, clearance and settlement of trades, the collection of income, the settlement of transactions and related tax issues. Also reviewing issues of liability, timing and efficiency and credit risk, the Banking, Finance and Major Projects Practice Group provides a full range of advice regarding the establishment of foreign custody arrangements to ensure compliance with applicable U.S. securities laws and other regulatory regimes affecting assets held in foreign custody. The group has been substantially involved in drafting and negotiating custody agreements, reviewing negotiated agreements for compliance with applicable regulations, and preparing annual reports containing information on certain aspects of foreign law. The Banking, Finance and Major Projects Practice Group also advises global custodians, institutional investors, master trusts, insurance companies and other financial institutions with respect to foreign and domestic regulations applicable to their securities lending programs.

Representative transactions include:

• Representation of a major U.S. computer company concerning custody agreements.
   
• Representation of a major French bank in connection with title transfer issues in respect of its securities lending program with Japanese corporate counterparts.
   
• Representation of a major international insurance company concerning securities lending agreements with a U.S. bank.
   
• Representation of several major U.S. banks with legal updates of over 100 jurisdictions regarding local laws applicable to certain country-risk issues affecting sub-custody arrangements.
   
• Representation of major U.S. banks on the holding of Japanese government bonds through a Japanese sub-custodian. This advice concerned legal issues, including the rights and obligations of the parties with respect to the custody of letters of transfer for such bonds signed in blank by the transferor.
   
• Representation of a major Canadian bank with respect to its proposed sub-custodian arrangements in Ukraine with a wholly-owned Ukrainian subsidiary of a major French bank.
   
• Representation of a major Canadian bank with advice on its proposed sub-custody arrangements in Israel, Botswana, Ghana, Kenya, Zambia and Zimbabwe.
   
• Representation of a major U.K.-based bank with legal updates from 30 jurisdictions regarding local laws applicable to certain country-risk issues affecting sub-custody arrangements.
   
• Representation of a major international insurance company with respect to their selection of a U.S. custodian for their assets and preparation of a model Global Custody Agreement for holding of its assets with a global custodian.