White Paper on the Separate Entity Doctrine as Applied to the U.S. Branches of Foreign Headquartered (Non-U.S.) Banks

The attached White Paper, prepared by Cleary Gottlieb Steen & Hamilton LLP, Davis Polk & Wardwell LLP and Sullivan & Cromwell LLP, discusses the application of the separate entity doctrine to the U.S. branches of foreign banks. The historic hybrid treatment of such branches has become particularly relevant because of interpretive and policy issues raised by certain provisions of the Dodd-Frank Act. Decisions as to how and when to apply the doctrine in light of these provisions could have significant implications for the operations of foreign banking organizations in the United States.