Knox McIlwain’s practice focuses on the regulation, resiliency and resolution of financial institutions, particularly global systemically important banks.

With experience in a broad array of financial company resolution regimes and related regulatory frameworks in the U.S., Europe and elsewhere, Knox helps clients with global business models navigate divergent and at times conflicting local regimes. He advises clients on a wide range of topics, from the structure of TLAC bonds and global resolution strategies to the rights of creditors and evolving regulatory requirements.

Knox frequently works with clients on effective engagement with regulators, including responding to regulatory proposals and advocating for regulatory changes.

Knox joined the firm in 2007 and became counsel in 2017.

Notable Experience

  • The International Swaps and Derivatives Association on all aspects of the ISDA Resolution Stay Protocols.

  • Credit Suisse, HSBC, Mitsubishi UFG, Toronto-Dominion Bank, UBS and other major banks on U.S. and global resolution strategies and the preparation of their U.S. resolution plans.

  • The Institute of International Bankers on its advocacy efforts regarding the Federal Reserve’s total loss-absorbing capacity (TLAC) rules for non-U.S. banks and related tax guidance issued by the Internal Revenue Service.

  • Major banks and buyside entities on the stays on the exercise of contractual early termination rights imposed under various special resolution regimes in the U.S., Europe and elsewhere, including related regulations on the terms of such early termination rights.

  • Bank of America, Credit Suisse, HSBC, Toronto-Dominion, UBS and other internationally active banks on operational continuity issues, including the development of service companies, inter-company service agreements and licensing arrangements.

  • The Clearing House Association (TCH), the Securities Industry and Financial Markets Association (SIFMA) and major dealer banks on U.S. recordkeeping requirements for swaps and other qualified financial contracts (QFCs).

  • Citi, Credit Suisse, HSBC and other global banks on matters related to the Federal Reserve’s TLAC rule, including the issuance of TLAC-compliant capital markets debt, issuances of internal TLAC and “clean holding company” requirements.

  • The Association for Financial Markets in Europe on the development of standardized language enabling bonds and other liabilities of EU financial institutions issued under non-EU law to comply with the requirements of Article 55 of the EU Bank Recovery and Resolution Directive.

  • The Clearing House Association on the development of FMU playbooks.

  • Major global banks on interactions with FMUs and FMIs during recovery and resolution.

  • Major non-U.S. banks on compliance with Article 55 of the EU Bank Recovery and Resolution Directive.

  • Various major asset managers on creditors’ rights and regulatory compliance issues related to swaps transactions with global dealer banks and investments (eg, purchases of TLAC instruments) in such banks.

  • Dealer and buyside market participants on creditors’ rights and financial company insolvency matters regarding the Orderly Liquidation Authority provisions of the Dodd-Frank Act, the Federal Deposit Insurance Act, the Bankruptcy Code, the New York State “ring fence” and the European Bank Recovery and Resolution Directive.

  • Spearheaded the firm’s efforts to develop innovative information technology systems to support the firm’s lawyers and clients in tracking and analyzing U.S. and EU regulatory reform efforts.

See More

Selected Activities

  • Regular guest lecturer, Columbia University Law School 
  • Advised the U.S. Government Accountability Office in the preparation of its 2013 report on Financial Company Bankruptcies

  • Commission Research Fellow, Advisory Committee on Financial Contracts, Derivatives, and Safe Harbors, ABI Commission to Study the Reform of Chapter 11
  • Former Vice Chair, Insolvent Financial Institutions Subcommittee, International Bar Association
  • Editor in Chief, NYU Journal of Legislation and Public Policy, New York University School of Law

Publications

Events