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LIBOR Cessation: ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR
April 20, 2020 Download PDF
On April 15, 2020, the International Swaps and Derivatives Association, Inc. (“ISDA”) announced the preliminary results of its consultation with market participants regarding the implementation of pre-cessation fallbacks for derivatives contracts referencing the London Interbank Offered Rate (“LIBOR”). Based on its review of the initial results, ISDA found that “a significant majority of respondents are in favor of including both pre-cessation and permanent cessation fallbacks as standard language in the amended 2006 ISDA Definitions for LIBOR and in a single protocol for including the updated definitions in legacy trades.”[1]
For several years, ISDA has been working to identify fallback language for derivatives contracts that reference certain key Interbank Offered Rates (“IBORs”), including LIBOR, to account for the anticipated cessation of IBORs at the end of calendar year 2021 and to include such fallback language in an amended version of the 2006 ISDA Definitions. In conjunction with the amendment of the 2006 ISDA Definitions, ISDA intends to publish a protocol later this year to allow market participants to incorporate these amendments into existing derivatives contracts that reference IBORs. One of the issues ISDA needs to determine in connection with these amendments is whether fallbacks should apply only following the permanent cessation of an IBOR or following the occurrence of an earlier “non-representative”
pre-cessation event.[2]
ISDA’s 2019 consultation with market participants was “unable to find market consensus on how to implement pre-cessation fallbacks in derivatives contracts,”[3] and ISDA launched a new consultation in February 2020 to revisit the question. Although ISDA continues to analyze the results of the new consultation, it “currently expects to move forward on the basis that pre-cessation fallbacks based on a ‘non-representativeness’ determination and permanent cessation fallbacks would apply to all new and legacy derivatives referencing LIBOR that incorporate the amended 2006 ISDA Definitions.”[4] ISDA’s inclusion of pre-cessation fallbacks for LIBOR will further align modifications to legacy derivatives contracts with modifications to legacy cash products that have been recommended by the Alternative Reference Rate Committee (“ARRC”), a working group convened to help prepare for the cessation of the U.S. Dollar LIBOR.[5]
ISDA has announced that it will release a final report further analyzing the consultation results and providing information on next steps in the coming weeks.[6]
* * *
[1] ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR, available here.
[2] ISDA Launches New Consultation on Pre-cessation Fallbacks, available here.
[3] Id.
[4] ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR, available here. Note that ISDA expects to “continue to include permanent cessation fallbacks only” for definitions referencing IBORs other than LIBOR.
[5] The AARC has included pre-cessation triggers in its suggested fallback language. An overview of recommended fallback language for various contracts is available here.
[6] ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR, available here.
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Implications of the Federal Reserve’s Enforcement Action Against Wells Fargo
On February 2, 2018, the Federal Reserve Board issued an unprecedented enforcement action against Wells Fargo & Company, prohibiting its asset growth until improvements in board oversight and firmwide risk management systems are…
Second Circuit Vacates and Remands Judgment against Arab Bank in Antiterrorism Act Lawsuit
- Feb 12, 2018
- Publications
Second Circuit Vacates and Remands Judgment against Arab Bank in Antiterrorism Act Lawsuit
On February 9, 2018, the United States Court of Appeals for the Second Circuit handed down a decision recognizing important limitations on the scope of the Antiterrorism Act (“ATA”).
Treasury Department Releases Report Listing Russian Senior Political Figures and Oligarchs
- Feb 05, 2018
- Publications
Treasury Department Releases Report Listing Russian Senior Political Figures and Oligarchs
On January 29, 2018, the Treasury Department submitted to Congress a report pursuant to Section 241 of the Countering America’s Adversaries Through Sanctions Act (“CAATSA”).
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
- Jan 23, 2018
- Publications
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
Economic sanctions and anti-money laundering remain top U.S. regulatory priorities, with federal and state agencies imposing over $2.5 billion in penalties in 2017.
FCPA Enforcement and Anti-Corruption Developments: 2017 Year In Review
- Jan 19, 2018
- Publications
FCPA Enforcement and Anti-Corruption Developments: 2017 Year In Review
Despite significant FCPA enforcement activity in 2017, the Trump administration’s approach to enforcement remains elusive and not readily characterized. While actions against individuals were at the highest level in recent years,…
New York DFS Issues $11 Million Fine for AML Deficiencies
- Jan 05, 2018
- Publications
New York DFS Issues $11 Million Fine for AML Deficiencies
The New York Department of Financial Services recently announced a consent order and imposed an $11 million penalty against a major Korean bank, NongHyup Bank, and its New York branch for repeatedly failing to maintain an adequate…
Richard Elliott to Speak at ACI’s 4th National Forum on CFIUS & Team Telecom
- Jan 31, 2018
- Events
Richard Elliott to Speak at ACI’s 4th National Forum on CFIUS & Team Telecom
International trade counsel Richard Elliott will speak on a panel at the American Conference Institute’s (ACI) 4th National Forum on The Committee on Foreign Investment in the United States (CFIUS) & Team Telecom.
U.S. Sanctions Relating to Russia and Ukraine: Navigating the Current Landscape
- Dec 20, 2017
- Publications
U.S. Sanctions Relating to Russia and Ukraine: Navigating the Current Landscape
In light of the recent changes and increasing complexity in Russia/Ukraine-related sanctions, this memorandum provides an overview of the sanctions program as it exists today, focusing on both primary sanctions restrictions and…
Roberto Gonzalez and Karen King to Speak at 2017 Chinese Financial Institutions’ Anti-Money Laundering and Sanctions Compliance Forum in New York
- Dec 12, 2017
- Events
Roberto Gonzalez and Karen King to Speak at 2017 Chinese Financial Institutions’ Anti-Money Laundering and Sanctions Compliance Forum in New York
On December 12, Roberto Gonzalez and Karen King will be guest speakers at the 2017 Chinese Financial Institutions’ Anti-Money Laundering and Sanctions Compliance Forum, sponsored by Ernst & Young and the China General Chamber of…
President Trump Announces Intent to “De-Certify” Iran’s Compliance with the Joint Comprehensive Plan of Action
- Oct 13, 2017
- Publications
President Trump Announces Intent to “De-Certify” Iran’s Compliance with the Joint Comprehensive Plan of Action
President Trump announced that he will not certify Iran’s compliance with the Joint Comprehensive Plan of Action, the multi-lateral commitment under which the United States, European Union, and five other countries agreed to lift…
President Trump Signs Executive Order Authorizing Sweeping Secondary Sanctions on Entities Involved in North Korean Trade
- Sep 26, 2017
- Publications
President Trump Signs Executive Order Authorizing Sweeping Secondary Sanctions on Entities Involved in North Korean Trade
On September 21, President Trump signed an executive order authorizing the Treasury Department to impose secondary sanctions against individuals and entities, including non-U.S. financial institutions, for conducting or facilitating…
New York DFS Pursues $630 Million Fine Against Bank for Alleged Anti-Money Laundering and Sanctions Compliance Failures
- Aug 30, 2017
- Publications
New York DFS Pursues $630 Million Fine Against Bank for Alleged Anti-Money Laundering and Sanctions Compliance Failures
The New York State Department of Financial Services (DFS) recently announced that it seeks to impose a nearly $630 million civil penalty against a non-U.S. bank and its New York branch for alleged persistent anti-money laundering and …
ISDA Publishes T+2 Settlement Protocol
- Aug 08, 2017
- Publications
ISDA Publishes T+2 Settlement Protocol
Recently, the International Swaps and Derivatives Association published the ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol, the newest installment of ISDA’s mechanism aimed at facilitating the multilateral and…
Roberto Gonzalez, Michael Gertzman and Richard Elliott Publish Article on OFAC Sanctions Developments in Law360
- Jul 31, 2017
- Publications
Roberto Gonzalez, Michael Gertzman and Richard Elliott Publish Article on OFAC Sanctions Developments in Law360
Law360 published an article by litigation partners Roberto Gonzalez and Michael Gertzman and counsel Richard Elliott titled “OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a…
President Trump Signs Sanctions Legislation Targeting Russia, North Korea and Iran, Creating New Compliance Risks for U.S. and Non-U.S. Companies
- Aug 03, 2017
- Publications
President Trump Signs Sanctions Legislation Targeting Russia, North Korea and Iran, Creating New Compliance Risks for U.S. and Non-U.S. Companies
President Trump recently signed into law H.R. 3364, the “Countering America’s Adversaries Through Sanctions Act.” The law significantly expands U.S. sanctions targeting Russia and restricts President Trump’s ability to lift them…
OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a Sanctioned Country
- Jul 28, 2017
- Publications
OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a Sanctioned Country
On July 27, 2017, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $12 million settlement with two Singapore-based companies over their use of U.S. dollar payments in connection with providing…
CFPB Adopts a Ban on Arbitration Clauses that Prevent Class Action Litigation
- Jul 19, 2017
- Publications
CFPB Adopts a Ban on Arbitration Clauses that Prevent Class Action Litigation
In a sweeping new rule published today in the Federal Register, the CFPB barred providers of consumer financial products and services from entering into or enforcing contracts that include arbitration clauses precluding class action…
The OCC Issues “Lessons Learned” Review of Its Supervision of Sales Practices at Wells Fargo
- Apr 21, 2017
- Publications
The OCC Issues “Lessons Learned” Review of Its Supervision of Sales Practices at Wells Fargo
The Office of the Comptroller of the Currency (OCC) recently released a review of its supervision of Wells Fargo's sales practices aimed at identifying any gaps and lessons learned to improve the OCC’s supervisory processes. Echoing…
Lessons Learned from the Wells Fargo Sales Practices Investigation Report
- Apr 18, 2017
- Publications
Lessons Learned from the Wells Fargo Sales Practices Investigation Report
A committee of independent directors of Wells Fargo recently released an investigative report on the root causes of improper sales practices at Wells’ Community Bank. The report will likely be studied by regulators, congressional…
Roberto Gonzalez to Speak on the Future of Consumer Finance Regulation at Annual Central Banking and Financial Regulation Conference
- Mar 24, 2017
- Events
Roberto Gonzalez to Speak on the Future of Consumer Finance Regulation at Annual Central Banking and Financial Regulation Conference
Litigation partner Roberto Gonzalez will speak at the Second Annual Conference on Central Banking and Financial Regulation, “Financial Reform: Where Now?”
Client Alert: The Regulatory and Enforcement Outlook for Financial Institutions in 2017
- Feb 22, 2017
- Publications
Client Alert: The Regulatory and Enforcement Outlook for Financial Institutions in 2017
Economic sanctions, anti-money laundering and cybersecurity remain at the forefront of U.S. regulatory priorities. In this memorandum, we survey major developments and trends in these areas in 2016 and early 2017 and provide an…
The CFPB Issues Guidance on Effective Compliance Oversight Over Sales and Other Incentives
- Dec 01, 2016
- Publications
The CFPB Issues Guidance on Effective Compliance Oversight Over Sales and Other Incentives
The Consumer Financial Protection Bureau recently published a bulletin outlining a demanding compliance standard for companies that use incentive programs as part of employees' compensation arrangements. In light of the bulletin and…
Michael Gertzman and Roberto Gonzalez Address NY DFS's New Sanctions/Anti-Money Laundering Rule
- Nov 01, 2016
- Events
Michael Gertzman and Roberto Gonzalez Address NY DFS's New Sanctions/Anti-Money Laundering Rule
Litigation partners Michael Gertzman and Roberto Gonzalez discussed the impact and compliance demands of the New York Department of Financial Services' new Part 504 rule at a CLE program.
Litigation Partners Co-Author Article on the D.C. Circuit’s Decision on CFPB’s Constitutionality
- Oct 31, 2016
- Publications
Litigation Partners Co-Author Article on the D.C. Circuit’s Decision on CFPB’s Constitutionality
Firm chair Brad Karp and litigation partners Roberto Gonzalez, Susanna Buergel, Jane O'Brien and Elizabeth Sacksteder co-authored an article entitled, "D.C. Circuit Finds Single-Director Structure of the CFPB Unconstitutional."
Roberto Gonzalez to Lead Regulators Discussion at C5’s Economic Sanctions and Financial Crime Forum in London
- Nov 15, 2016
- Events
Roberto Gonzalez to Lead Regulators Discussion at C5’s Economic Sanctions and Financial Crime Forum in London
Litigation partner Roberto Gonzalez will lead a panel discussion with OFAC and European regulators at C5's annual Economic Sanctions and Financial Crime Forum.
Richard Tarlowe Presents Cyber Theft Case Study at ABA Business Law Section’s Annual Meeting
- Sep 08, 2016
- Events
Richard Tarlowe Presents Cyber Theft Case Study at ABA Business Law Section’s Annual Meeting
Litigation counsel Richard Tarlowe was a presenter for a program entitled "Bangladesh Central Bank: A Case Study in Cyber Theft" at the American Bar Association Business Law Section's annual meeting.
Client Alert: Treasury and Federal Banking Agencies Clarify BSA/AML and Sanctions Enforcement Standards for Foreign Correspondent Banking Relationships
- Sep 01, 2016
- Publications
Client Alert: Treasury and Federal Banking Agencies Clarify BSA/AML and Sanctions Enforcement Standards for Foreign Correspondent Banking Relationships
On August 30, 2016, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of…
Roberto Gonzalez Quoted in Law360 Article on CFPB Arbitration Rule
- Aug 19, 2016
- Publications
Roberto Gonzalez Quoted in Law360 Article on CFPB Arbitration Rule
Litigation partner Roberto Gonzalez was quoted in a Law360 article, titled "Industry Gears Up to Battle CFPB Arbitration Rule," which discusses the legal challenges that may await a Consumer Financial Protection Bureau…
Litigation Partners Author Article on New York’s New AML and Sanctions Requirements
- Jul 10, 2016
- Publications
Litigation Partners Author Article on New York’s New AML and Sanctions Requirements
Firm chair Brad Karp and litigation partners Roberto Gonzalez, Michael Gertzman, Jessica Carey and Roberto Finzi co-authored a client memorandum that was featured on the Harvard Law School Forum on Corporate Governance and…
Client Memo: A Guide to the Supreme Court’s Notable Decisions this Term
- Jun 28, 2016
- Publications
Client Memo: A Guide to the Supreme Court’s Notable Decisions this Term
The Supreme Court's 2015-2016 Term will be remembered for the unexpected death of Justice Antonin Scalia on February 13, 2016.
Taking Stock of CFPB’s Frenzied Agenda
- Jun 06, 2016
- Publications
Taking Stock of CFPB’s Frenzied Agenda
Litigation partner Roberto Gonzalez authored an article in the June 3 issue of The National Law Journal.
Client Alert: United States Recommends That the Supreme Court Deny Review in Midland Funding v. Madden
- May 26, 2016
- Publications
Client Alert: United States Recommends That the Supreme Court Deny Review in Midland Funding v. Madden
In its decision last year in Madden v. Midland Funding, LLC, the Second Circuit held that, after a national bank sells its loans to a third party, the National Bank Act no longer preempts state usury laws that would otherwise…
Litigation Partners Contribute Article on CFPB Arbitration Proposal to Harvard Law School Forum on Corporate Governance and Financial Regulation
- May 24, 2016
- Publications
Litigation Partners Contribute Article on CFPB Arbitration Proposal to Harvard Law School Forum on Corporate Governance and Financial Regulation
Firm chair Brad Karp and litigation partners Roberto Gonzalez, Elizabeth Sacksteder, Jay Cohen and Jane O'Brien co-authored a client memorandum that was featured on the Harvard Law School Forum on Corporate Governance and…
Client Alert: FinCEN Issues Sweeping New Requirements on Collection of Beneficial Ownership Information and Customer Due Diligence
- May 10, 2016
- Publications
Client Alert: FinCEN Issues Sweeping New Requirements on Collection of Beneficial Ownership Information and Customer Due Diligence
On May 6, 2016, the U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") released a final rule codifying new and existing customer due diligence ("CDD") requirements under the Bank Secrecy Act ("BSA") for covered …
Client Alert: CFPB Proposes a Ban on Arbitration Clauses That Prevent Class Action Litigation
- May 09, 2016
- Publications
Client Alert: CFPB Proposes a Ban on Arbitration Clauses That Prevent Class Action Litigation
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) released a 377-page notice of proposed rulemaking that would prohibit, going forward, banks and a variety of other companies from including in contracts arbitration…
Client Alert: Resistance Is Not Always Futile: The D.C. District Court Deals FSOC a Significant Blow by Rescinding MetLife’s Designation
- Apr 11, 2016
- Publications
Client Alert: Resistance Is Not Always Futile: The D.C. District Court Deals FSOC a Significant Blow by Rescinding MetLife’s Designation
On March 30, the D.C. District Court issued an order rescinding the Financial Stability Oversight Council's (FSOC's) designation of MetLife, Inc., as a systemically important nonbank financial company. The Court's opinion was…
Client Alert: The CFPB Enters the Cybersecurity Arena with Its First Enforcement Action
- Mar 04, 2016
- Publications
Client Alert: The CFPB Enters the Cybersecurity Arena with Its First Enforcement Action
On March 2, the Consumer Financial Protection Bureau entered an enforcement order against online payment platform Dwolla, Inc. for deceiving consumers about its data security practices and the safety of its online payment system.
…Roberto Gonzalez to Speak on "Effective Strategies with State and Federal Officials" at HNBA Conference
- Mar 17, 2016
- Events
Roberto Gonzalez to Speak on "Effective Strategies with State and Federal Officials" at HNBA Conference
Litigation partner Roberto Gonzalez will participate in a panel discussion at the HNBA Corporate Counsel Conference.
Roberto Gonzalez and Jessica Carey Co-Author Article on AML Enforcement in The National Law Journal
- Feb 22, 2016
- Publications
Roberto Gonzalez and Jessica Carey Co-Author Article on AML Enforcement in The National Law Journal
Litigation partners Roberto Gonzalez and Jessica Carey co-authored an article in the February 22 issue of The National Law Journal.
Client Alert: Understanding the Changes to the Iran Sanctions Regime: OFAC Issues Guidance, General Licenses on JCPOA Implementation Day
- Jan 20, 2016
- Publications
Client Alert: Understanding the Changes to the Iran Sanctions Regime: OFAC Issues Guidance, General Licenses on JCPOA Implementation Day
On January 16, 2016, international inspectors verified that Iran had complied with the initial nuclear requirements of the Joint Comprehensive Plan of Action (the "JCPOA"), and the Secretary of State confirmed that verification.
Elizabeth Sacksteder to Speak at Directors Roundtable Event
- Jan 06, 2016
- Events
Elizabeth Sacksteder to Speak at Directors Roundtable Event
Litigation partner Elizabeth Sacksteder participated in a panel discussion at a Directors Roundtable event honoring Joseph Wayland, general counsel of ACE Group.
Awards & Recognition
Seven Paul, Weiss Partners Named Law360 MVPs
- Oct 04, 2020
- Awards
Seven Paul, Weiss Partners Named Law360 MVPs
Partners Matthew Abbott, Scott Barshay, Susanna Buergel, Karen Dunn, Harris Freidus, Marco Masotti and Jordan Yarett have been honored with Law360 2020 MVP Awards, which recognize an elite slate of attorneys who have distinguished…
Sixteen Paul, Weiss Partners Included in Benchmark Litigation's “Top 10 Women in Litigation,” “Top 250 Women in Litigation” and “40 & Under Hot List"
- Aug 19, 2020
- Awards
Sixteen Paul, Weiss Partners Included in Benchmark Litigation's “Top 10 Women in Litigation,” “Top 250 Women in Litigation” and “40 & Under Hot List"
Sixteen litigation partners have been recognized by Benchmark Litigation in its 2020 “Top 10 Women in Litigation,” “Top 250 Women in Litigation” and “40 & Under Hot List – Northeast.”
Law360 Recognizes Two Paul, Weiss Practice Groups Among the Year’s Best
- Jan 15, 2020
- Awards
Law360 Recognizes Two Paul, Weiss Practice Groups Among the Year’s Best
Paul, Weiss was recognized by Law360 with “Practice Group of the Year” awards in the Banking and Mergers & Acquisitions categories.
Claudia Hammerman, Amran Hussein and Loretta Lynch Named Notable Women in Law by Crain’s New York Business
- Dec 18, 2019
- Awards
Claudia Hammerman, Amran Hussein and Loretta Lynch Named Notable Women in Law by Crain’s New York Business
Litigation partners Claudia Hammerman and Loretta Lynch and corporate partner Amran Hussein have been named to Crain’s New York Business’s 2020 “Notable Women in Law” list.
Paul, Weiss Partners Receive Law360 Distinguished Writing Award
- Feb 26, 2019
- Awards
Paul, Weiss Partners Receive Law360 Distinguished Writing Award
Firm chairman Brad Karp, corporate partner Mark Bergman and litigation partners Susanna Buergel, Roberto Gonzalez, Jane O’Brien and Elizabeth Sacksteder have been selected to receive the Law360 Distinguished Writing Award at the 2019…
Susanna Buergel and Elizabeth Sacksteder Named Notable Women in Law by Crain’s New York Business
- Jan 03, 2019
- Awards
Susanna Buergel and Elizabeth Sacksteder Named Notable Women in Law by Crain’s New York Business
Litigation partners Susanna Buergel and Liz Sacksteder were recognized by Crain’s New York Business as 2019 “Notable Women in Law.”
Brad Karp Named “Attorney of the Year” by the New York Law Journal
- Oct 10, 2018
- Awards
Brad Karp Named “Attorney of the Year” by the New York Law Journal
Firm chair Brad Karp was named the 2018 New York Law Journal “Attorney of the Year.”
Susanna Buergel, Claudia Hammerman and Michele Hirshman Named to Benchmark’s Top 250 Women in Litigation
- Jul 19, 2018
- Awards
Susanna Buergel, Claudia Hammerman and Michele Hirshman Named to Benchmark’s Top 250 Women in Litigation
Litigation partners Susanna Buergel, Claudia Hammerman and Michele Hirshman were named to Benchmark Litigation’s annual "Top 250 Women in Litigation."
Brad Karp Named “Litigator of the Year” by The American Lawyer
- Dec 21, 2017
- Awards
Brad Karp Named “Litigator of the Year” by The American Lawyer
Firm chair Brad Karp was named a 2017 “Litigator of the Year” by The American Lawyer.
Jessica Carey and Roberto Gonzalez Receive Law360 Distinguished Writing Award
- Mar 28, 2017
- Awards
Jessica Carey and Roberto Gonzalez Receive Law360 Distinguished Writing Award
Litigation partners Jessica Carey and Roberto Gonzalez have been selected to receive the “Law360 Distinguished Writing Award” at the 2017 Burton Awards.
Richard Rosen and Udi Grofman Selected for Distinguished Legal Writing Award
- Apr 05, 2016
- Awards
Richard Rosen and Udi Grofman Selected for Distinguished Legal Writing Award
Litigation partner Richard Rosen and corporate partner Udi Grofman were recognized among the finest law firm writers of 2016 with Burton Awards for their article, "Political Intelligence and U.S. Insider Trading Regulations."
Sal Gogliormella and Roberto Gonzalez Named Rising Stars by Law360
- Mar 31, 2016
- Awards
Sal Gogliormella and Roberto Gonzalez Named Rising Stars by Law360
Real estate partner Salvatore Gogliormella and litigation partner Roberto Gonzalez have been named to Law360's Rising Stars for 2016 in the Real Estate and Banking categories, respectively.
Roberto Gonzalez Named to Hispanic Bar Association’s “Top Lawyers Under 40”
- Feb 04, 2016
- Awards
Roberto Gonzalez Named to Hispanic Bar Association’s “Top Lawyers Under 40”
Litigation partner Roberto Gonzalez has been named to the Hispanic National Bar Association's (HNBA) 2016 list of the twenty "Top Lawyers Under 40."