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|The Final Version of Guideline E-22 — Margin Requirements for Non-Centrally Cleared Derivatives — What’s New?|
Arthur Nahas, Stephen J. Redican; Borden Ladner Gervais LLP;
April 14, 2016, previously published on March 21, 2016On February 29, 2016, the Office of the Superintendent of Financial Institutions (OSFI) published the final version of Guideline E-22 — Margin Requirements for Non-Centrally Cleared Derivatives. The purpose of the Guideline is to provide clear and comprehensive guidance to all...
|Madden 2016: U.S. Supreme Court Calls for the Views of the Solicitor General in Case with Significant Implications for the Consumer Debt Market|
Traci L. Lovitt, Matthew A. Martel, Anthony M. (Tony) Masero, Joseph B. Sconyers; Jones Day;
April 12, 2016, previously published on March 2016On March 21, 2016, the U.S. Supreme Court announced that it has called for the views of the Solicitor General in connection with the certiorari petition in Madden v. Midland Funding, LLC, 786 F.3d 246 (2d Cir. 2015), a decision restricting non-bank loan purchasers from benefitting from the National...
|UK Payment Systems Regulator Issues Guidance Setting Credit and Debit Interchange Caps|
Brian M. Murphy, Robert J. Pile, Marc A. Rawls; Sutherland Asbill & Brennan LLP;
April 1, 2016, previously published on March 31, 2016On March 24th, the United Kingdom’s Payment Systems Regulator (PSR) issued final guidance establishing interchange fee caps on credit and debit card transactions where the point of sale is located in the United Kingdom. The guidance was issued pursuant to European Union legislation adopted in...
|Interagency Guidance: CIP Requirements Apply to Certain Prepaid Cards|
Brian Barrett, Brian M. Murphy, Robert J. Pile, John Allen Zumpetta; Sutherland Asbill & Brennan LLP;
March 30, 2016, previously published on March 29, 2016On March 21, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network (collectively, the...
|Proposed FBAR Changes: One Step Forward, Two Steps Back|
Sutherland Asbill Brennan LLP;
March 28, 2016, previously published on March 25, 2016On March 10, 2016, the Financial Crimes Enforcement Network (“FinCEN”), a division of the U.S. Department of Treasury, proposed significant changes to the Report of Foreign Bank and Financial Accounts (“FBAR”) regulations. Under current law, a “U.S. person,”...
|Legal Liability of Banks as Trustworthy Institutions|
Eda Uludere; Erdem Erdem Law Office;
March 24, 2016, previously published on March 10, 2016A bank is an institution of trust whose fields of activity, foundation, management, internal auditing systems, financial reporting, equity, capital sufficiency ratios and auditing is determined by Banking Law numbered 5411 (“Banking Law” or “BL”). The legal liability of...
|Bank Liable for Allowing Continued Access to Electronic Banking Facilities, After Notice of Breach of Trust|
Martin Sclisizzi; Borden Ladner Gervais LLP;
March 9, 2016, previously published on February 16, 2016The Ontario Court of Appeal (Simmons, van Rensburg and Hourigan JJ.A.) released its decision in Carriere Industrial Supply Limited v. Toronto-Dominion Bank, on December 7, 2015. The decision, on appeal from the decision of Wilton-Siegel J., considered the doctrines of knowing assistance in a breach...
|Court Upholds Securities Commissions’ Power to Compel and Share Evidence|
Andrew Pozzobon; Borden Ladner Gervais LLP;
March 8, 2016, previously published on February 18, 2016In April 2012, the Alberta Securities Commission (ASC) issued an investigation and a Summons to a Witness (the "Summons") pursuant to section 42 of the Securities Act, requiring Scott Beaudette, the CEO and sole employee of Sunpeaks Ventures Inc., to attend for examination at the ASC and...
|Codere S.A. Surety Bonds - Gambling with Unfunded Commitments|
Adam Colman, Tawnee Harker, Louisa Watt; Cadwalader, Wickersham & Taft LLP;
March 8, 2016, previously published on March 02, 2016Mr Justice Robin Knowles CBE handed down his judgment on 29 January 2016 in GSO Credit - A Partners L.P. (and other GSO funds) v Barclays Bank PLC and HCC International Company PLC  EWHC 146 (Comm) concerning the application of the Loan Market Association (“LMA”) Standard Terms...
|Further Loosening of Cuban Sanctions to Expand Access to Finance, Trade and Travel|
Ira Gonzalez; Adams and Reese LLP;
March 4, 2016, previously published on February 1, 2016The Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce announced new amendments to Cuban policy to "further implement the new direction toward Cuba" announced by President Obama in December 2014.