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Shearman & Sterling LLP

599 LEXINGTON AVENUE, NEW YORK, NY 10022-6069, USA
Tel:
Work +1 212 848 4000
Fax:
Fax +1 212 848 7179
Email:
Web:
www.shearman.com

Russell Sacks

Tel:
Work +1 212 848 7585
Email:
Web:
www.shearman.com/en/people/s/sacks-russell-d
Shearman & Sterling LLP

Work Department

Financial Institutions Advisory & Financial Regulatory

Position

Partner 

Career

Russell provides advice to market participants on a worldwide basis with respect to regulatory, transactional, trading and markets issues, with particular emphasis on U.S. regulation of securities broker-dealers, alternative trading systems, clearing agencies, and exchanges.

Languages

English

Member

Member, American Bar Association: (a) Committee on Federal Regulation of Securities, Subcommittee on NASD Corporate Finance Rules; and (b) Committee on State Regulation of Securities

Member, Securities Industry Association, Legal and Compliance Division

Education

University of Toronto, Faculty of Law, LL.B., with Honors 
Columbia College, B.A., 1994, magna cum laude


United States: Finance

Financial services regulation

Within: Financial services regulation

Led on the broker-dealer front by Russell Sacks, and on bank regulatory matters by Reena Agrawal Sahni,  Shearman & Sterling LLP provides an 'incredibly responsive service' to an impressive array of clients, including Bank of America Merrill Lynch, Credit Suisse, ICE and Qatalyst Partners. As well as his work for individual trading clients and market infrastructure entities, Sacks regularly advises SIFMA across a range of regulatory issues affecting the broker-dealer firmament, including recently helping coordinate the industry’s comments on, reaction to and implementation of new rules relating to block trading and prohibitions against front-running. Sahni's broad-ranging bank regulatory expertise runs the gamut from advice on Volcker Rule and enhanced prudential standards, through to financial services M&A regulatory guidance and the representation of foreign entities seeking to expand their operations into the US market. Benefiting from in-house experience, as well as time spent at the Federal Reserve, counsel Tim Byrne is able to provide strategic and nuanced advice across a raft of bank regulatory matters for domestic and international clients. Counsel Jennifer Morton is also recommended on the broker-dealer front. All named attorneys are based in New York.

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Legal Developments worldwide

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  • CommuniquĂ© on Equity Crowdfunding Is Officially Published

    By way of background, in January 2019, the Capital Markets Board (“ CMB ”) had issued an announcement on its website on the Draft CommuniquĂ© on Equity Crowdfunding [1] . The CMB has now officially published the CommuniquĂ© on Crowdfunding No. III-35/A (“ CommuniquĂ© ”), on October 3, 2019. The CommuniquĂ© entered into force as of October 3, 2019.
  • Beneficial Ownership Concept new interpretation from the Russian federal tax service

    The recent interpretative letter issued by the Russian Federal Tax Services (“FTS”) on 08th August 2019, has provided further guidance as to the application of the Beneficial Ownership Concept, further to the letter initially provided on the 12th of April 2018 which adopted a strict approach of the concept. 
  • Cyprus and Netherlands Double Tax Treaty Update

    Cyprus has concluded the negotiations for the avoidance of double taxation with the Netherlands. The double tax treaty was agreed at technocratic level in Hague. It is expected to be signed by the end of 2019 or early in 2020.
  • Vacancy - Senior Corporate Lawyer

    The Senior Corporate Lawyer, who will be reporting to Partners, will be working with both the firm’s legal team as well as the financial services team. The successful candidate will be requested to show initiative, take on certain responsibilities within the firm, work in a multinational environment and will immediately be given the opportunity to further advance their career within the law firm.
  • CJEU RULED ON THE APPLICATION OF THE BENEFICIAL OWNERSHIP CONCEPT

    The judgment of the Court of Justice of the European Union (CJEU) on February 26, 2019, in the “Danish Beneficial Ownership Cases”, can be perceived as a landmark on the interpretation of the Beneficial Ownership concept under the Interest and Royalties Directive (IRD) and the Parent-Subsidiary Directive (PSD).
  • Court of Justice rules on source of income for Derivative Residence applications

    On 2 October 2019, the Court of Justice delivered its judgment in Bajratari v Secretary of State for the Home Department (Directive 2004/38/EC) Case C-93/18 which concerns Chen applications and the source of funds for self-sufficiency. 
  • End of the ‘centre of life test’ in Surinder Singh cases?

    In the recent case of  ZA (Reg 9. EEA Regs; abuse of rights) Afghanistan   [2019] UKUT 281 (IAC ), the Upper Tribunal found that there is no basis in EU law for the centre of life test, as set out in Regulation 9(3)(a) of the Immigration (European Economic Area) Regulations 2016 (the “Regulations”). It further found that it is not to be applied when Judges assess  Surinder Singh  cases that appear before them.
  • ITALIAN RULES ON JOINT VENTURES IN PUBLIC PROCUREMENT AND CONCESSIONS

    Italian rules on jointventures concerning public procurement and concession contracts are set out inlight of the European legal framework provided for in Directive 2014/23/EU and 2014/24/EU of the European Parliament and of the Council. The European rules aim to ensurethe best use of public money so that EU citizens benefit from strategicinvestments and services at fair prices. In this context, public procurementand concessions represent key instruments that need to be regulated and standardisedin order to ensure free movement of goods, freedom of establishment and freedomto provide services.
  • Terms of employment as a sole representative

    In this article we examine the working arrangements of sole representatives, looking at the terms and conditions of employment that the Home Office will expect a sole representative to have in order to qualify as a representative of an overseas business.  
  • Can Sole Representatives Be Shareholders?

    The Immigration Rules require that an applicant for a  sole representative visa  is not “a  majority shareholder in the overseas business”.