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|Treasury Releases Final Debt/Equity Regulations|
Andrew M. Eisenberg, Joseph A. (Joe) Goldman, Edward T. (Ed) Kennedy, Scott M. Levine; Jones Day;
October 26, 2016, previously published on October 2016On October 13, 2016, the U.S. Treasury Department released final debt/equity regulations under section 385 of the Internal Revenue Code aimed primarily at preventing earnings stripping by U.S. corporations. These final regulations generally follow regulations first proposed on April 4, 2016, but...
|FINRA, SEC Renew Focus on Senior Investors in Immediate Aftermath of FINRA Submission of Proposed Rulemaking to SEC|
Bruce M. Bettigole, Clifford E. Kirsch, Brian L. Rubin, Sarah Razaq Sallis, Holly H. Smith; Sutherland Asbill & Brennan LLP;
October 25, 2016, previously published on October 25, 2016On October 22-23, members of the securities industry, academia, regulators, and public policy experts gathered in Washington, D.C., at the joint Financial Industry Regulatory Authority (FINRA) and Securities Industry and Financial Markets Association (SIFMA) Senior Investor Protection Conference....
|Comptroller of the Currency Issues Guidance, Best Practices, Relating to BSA/AML Compliance|
George A. LeMaistre; Jones Walker LLP;
October 19, 2016, previously published on October 13, 2016The Office of the Comptroller of the Currency (OCC) last week issued guidance relating to compliance with the Bank Secrecy Act, and with requirements for the adoption and implementation of effective anti-money laundering programs, for depository institutions supervised by the OCC that hold...
|U.S. Government Designates an International Payments Processing Network as Specially Designated Nationals, Continuing its Aggressive Use of Targeted Sanctions Against Non-U.S. Financial Firms that Allegedly Facilitate Unlawful Business Activities|
Carl A. Fornaris, Sandra K. Jorgensen, Renee A. Latour; Greenberg Traurig, LLP;
October 17, 2016, previously published on October 12, 2016On Sept. 22, 2016, the U.S. Department of the Treasury through its Office of Foreign Assets Control (OFAC) imposed sanctions against the PacNet Group (PacNet), a Canada-based international payments processor and money services business, and the entire PacNet operation, including a global network of...
|First it was Enron ...Then Big Banks .... Is the Nonprofit Next?|
Gary R. Pannone; Pannone Lopes Devereaux & West LLC;
October 14, 2016It has been more than a decade since the American Competitiveness and Corporate Accountability Act of 2002 ("Sarbanes-Oxley Act") was signed into law and we have now had another recession caused in large part by irresponsible lending by banks. It was the same type of actions by Enron,...
|In GAMCO v. Vivendi, the Second Circuit Affirms that Value Investors Can Rely on the Fraud-on-the-Market Presumption Unless Specific Facts Establish Non-Reliance|
Joel D. Rothman; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
October 13, 2016, previously published on October 11, 2016On September 27, 2016, the Second Circuit ruled against an opt-out action brought in the continuing Vivendi litigation. The recently issued opinion, however, does have positive implications for institutional investor class participants. First, the opinion confirms the availability of the...
|Canadian Appellate Court Confirms That Judges Must Consider Evidence From Both Parties when Deciding a Motion for Leave to Bring a Class Action|
John F. Nucci; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
October 13, 2016, previously published on October 5, 2016As detailed repeatedly in this space, the Canadian court system has issued a number of decisions which have altered the practice of bringing - or defending against - a securities class action for secondary market misrepresentation. In its recent decision in Mask v. Silvercorp Metals, Inc....
|New Regulations in Japan Concerning Margin
Requirements on Uncleared OTC Derivatives|
Makoto Koinuma, Koichiro Ohashi; Greenberg Traurig Horitsu Jimusho;
October 12, 2016, previously published on October 10, 2016Following the publication of the final report by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commission (IOSCO) in September 2013,1 which sets forth key principles for margin requirements for uncleared derivatives, the Financial Services Agency...
|Fraudulent Misrepresentation to Receivers and beyond: Meridian Credit Union Limited v Baig|
Evita Ferreira; Borden Ladner Gervais LLP;
October 6, 2016, previously published on September 28, 2016The Ontario Court of Appeal in Meridian Credit Union Limited v Baig1 made it clear that misinforming a receiver during the purchase of a property, even by omission, will not be tolerated. Purchasers in the context of a receivership have an obligation to ensure that the receiver is aware of all of...
|Changing Seasons of FDIC Shared-Loss Programs|
Duane Morris LLP;
October 6, 2016, previously published on September 22, 2016As we head into autumn, many of us change our seasonal wardrobes, replace the filters in our home heating/cooling systems, swap our summer screens for winter’s storm windows and ready our vehicles for winter. Bankers participating in a Federal Deposit Insurance Corporation (FDIC) shared-loss...