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|EU Disclosure Requirements for Structured Finance Instruments|
John Ahern, Neil J. Hamilton, Ulf Kreppel, Drew Salvest, Michelle Taylor; Jones Day;
October 23, 2014, previously published on October 2014The European Commission has adopted a final regulation that sets out wide-ranging disclosure requirements for structured finance instruments ("SFIs") in circumstances where the issuer, originator or sponsor is established in the European Union ("EU").
|Canadian Back-to-Back Loan Proposals|
Nigel P.J. Johnston, Gabrielle M.R. Richards; McCarthy Tétrault LLP;
October 22, 2014, previously published on October 15, 2014The 2014 federal budget included measures (Budget Measures) intended to eliminate the use of back-to-back loans to avoid the thin capitalization rules and/or withholding tax on interest paid to non-arm’s length non-residents so as to protect the Canadian tax base from erosion by limiting the...
|West Virginia Modifies As-Extracted Collateral Filing Requirements|
Julia A. Chincheck, Sandra M. Murphy; Bowles Rice LLP;
October 22, 2014A new law passed by the West Virginia legislature and signed by the governor on April 1, 2014, clarifies that a secured party's lien on as-extracted collateral will last as long as a deed of trust, filed as a financing statement covering as-extracted collateral, remains enforceable. The new law,...
|Consumer Compliance Risks in Social Media|
E. Andrew Keeney; Kaufman & Canoles A Professional Corporation;
October 22, 2014, previously published on Fall 2014Recently, the Federal Financial Institutions Examination Council (FFIEC), which includes NCUA, released new guidelines to help financial institutions, “understand and successfully manage the potential risks regarding the use of social media.” It is important for credit unions, including...
|Views from the Footprint - Banking, Collateral, Default and Foreclosure Question|
Angela D. Herdman, Nathaniel C. Hunter, Travis A. Knobbe, Victoria D. Summerfield; Spilman Thomas & Battle, PLLC;
October 22, 2014, previously published on October 7, 2014In this issue of Community Banking Excellence, we pose a question to Spilman’s banking law professionals throughout the firm’s geographical footprint, focusing on Virginia, Pennsylvania, North Carolina and West Virginia. The answers vary based on individual state laws.
|To Stay or Not to Stay...|
Katie L. Becker; Banner & Witcoff, Ltd.;
October 22, 2014, previously published on October 10, 2014The Federal Circuit recently decided its second case on the issue of staying a district court patent infringement litigation pending Covered Business Method (CBM) review. In Benefit Funding Systems v. Advance America Cash, Case No. 2014-1122 (Fed Cir. Sept. 25, 2014), the Federal Circuit affirmed...
|Derivatives Sound Practices - Draft Guideline Released for Federally - Regulated Financial Institutions in Canada|
Carol E. Derk, Sienne Lam; Borden Ladner Gervais LLP;
October 21, 2014, previously published on October 9, 2014On October 1, 2014, the Office of the Superintendent of Financial Institutions (OSFI) released draft Guideline B-7 Derivatives Sound Practices (Guideline). The Guideline applies to federally-regulated financial institutions (FRFIs). OSFI first set out its expectations for FRFIs regarding their...
|Be Careful What You Ask for: Selecting Forums for Arbitration|
Devin C. Dolive; Burr & Forman LLP;
October 21, 2014, previously published on October 6, 2014On October 2, 2014, the United States Court of Appeals for the Eleventh Circuit rendered its decision in Inetianbor v. CashCall, Inc. Although this case did not involve a non-compete agreement, the Eleventh Circuit’s guidance regarding contractual arbitration provisions may have implications...
|ISS Proposes 2015 Policy Updates: No Proposal on Unilateral Bylaw Amendments; U.S. Policy Changes Would Introduce Uncertainty for Independent Chair Shareholder Proposals and Implement a Scorecard for Equity Plan Proposals|
Sullivan Cromwell LLP;
October 19, 2014, previously published on October 16, 2014Yesterday, Institutional Shareholder Services, the proxy advisory firm, published proposed changes to its proxy voting guidelines for the 2015 proxy season. The proposals applicable to U.S. companies are limited and do not include any proposed change relating to unilateral bylaw amendments. ISS had...
|VAT Groups: Potential VAT Costs for Financial Groups as ECJ Recognises Intra-Entity Supplies between US Head Office and VAT-Grouped Branch|
Sullivan Cromwell LLP;
October 19, 2014, previously published on October 10, 2014The European Court of Justice has decided that IT services provided by Skandia America Corporation to its Swedish branch should be recognised for VAT purposes because the Swedish branch was part of a VAT group.