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Don Waack

Financial Regulation Partner, Washington, D.C.

I advise globally active financial services firms on their most challenging regulatory, transactional, and enforcement matters.

Overview

Professional experience

Education and qualifications

Overview

Donald S. Waack devotes his practice to advising U.S. and non-U.S. banks, bank holding companies and other financial institutions on complex strategic and regulatory matters, including regulatory control determinations; investment authority issues and activities restrictions; governance; fund formation; fintech partnerships and investments; regulatory capital; affiliate transactions; vendor management issues; and proprietary trading and private fund restrictions arising under the Volcker Rule. He is regarded as having a “strong reputation in the market across a range of […] Dodd-Frank compliance work, as well as [on] M&A activity.” (The Legal 500 U.S., 2019)

Don assists financial services clients with structuring significant investments and provides strategic advice and regulatory support for mergers and acquisitions and other complex transactions. He also counsels hedge funds, private equity funds, and other firms regarding investments in the commercial banking sector and transactions with banks and other regulated counterparties. In connection with his regulatory counseling practice, Don works frequently with the staffs of the major federal and state bank regulatory agencies.

Don also advises domestic and non-U.S. financial services firms regarding sensitive internal investigations and similar matters. He counsels financial services clients on internal regulatory compliance reviews and has represented clients in connection with a broad range of regulatory inquiries and investigations, including federal and state enforcement matters.
 
Work highlights

Highlights of Don's experience include advising:

  • a large foreign banking organization before the Federal Reserve Board in connection with its review and remediation of Bank Holding Company Act (BHCA) compliance issues, including the restructuring and divestiture of non-conforming assets
  • multiple U.S. hedge funds in connection with bank and savings and loan holding company investments and related regulatory and supervisory inquiries initiated by the Federal Reserve Board and various state authorities
  • a major non-U.S. bank trade association before the Federal Reserve Board in connection with advocacy efforts on key regulatory initiatives, including the FBO tailoring proposal and the proposal to amend BHCA control rules
  • several major international banking organizations on the development and implementation of global Volcker Rule conformance plans, including analyzing investment and trading activities in U.S. and non-U.S. jurisdictions and developing global compliance programs
  • a large non-U.S. banking group regarding legal authority and structuring issues related to U.S. real estate-related activities and investments
  • a large foreign banking organization in connection with the acquisition of a U.S. asset manager and expansion of a U.S. private wealth platform

    Professional experience

    • Recommended, Investment fund formation and management: Alternative/hedge funds, The Legal 500 U.S. (2021)
    • Member, Banking Editorial Advisory Board, Law360 (2020)
    • Rising Star, Financial Services Regulation, IFLR1000 (2018, 2019)
    • Member, Federal Bar Association Executive Council of the Banking Law Section

    Education and qualifications

    Donald holds a Juris Doctor from Boston University School of Law and obtained his undergraduate degree from Yale University.