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|Proposed Amendments to TSX Company Manual Regarding Closed-end Funds, Exchange Traded Products and Structured Products|
Andrew Armstrong, Michael J. Eldridge, Jonathan R. Grant, Wendi A. Locke; McCarthy Tétrault LLP;
April 7, 2015, previously published on January 28, 2015On January 15, 2015, the Toronto Stock Exchange (TSX) published proposed amendments (Amendments) to the TSX Company Manual which will introduce formal listing requirements for Closed-end Funds, Exchange Traded Products and Structured Products. The Amendments that relate to matters other than...
|Priority in Security Interests: Lessons for Secured Creditors|
M. Sandra Appel; Davis LLP;
April 7, 2015, previously published on January 20, 2015In the opening paragraph of his decision in CFI Trust v. Royal Bank of Canada 2013 BCSC 1715, Supreme Court Justice Elliot Myers drew a parallel to the dark comedy Fargo, but this case was no laughing matter to the two creditors involved, who were left fighting over the remains after the fraudulent...
|Recent Developments in BSA/AML and Sanctions: New Sanctions Targeting Persons in Venezuela and Expansion of Sanctions Addressing the Situation in Ukraine; DOJ Reaches First Criminal Settlement in “Operation Choke Point”; and FinCEN Proposes Special Measures Against an Andorran Bank Under Section 311 of the USA PATRIOT Act|
Nicolas Bourtin, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
April 6, 2015, previously published on March 18, 2015Last week, there were several important developments in the areas of U.S. Bank Secrecy Act/anti-money laundering (“BSA/AML”) and U.S. economic sanctions. On Monday, March 9, 2015, the President issued Executive Order 13692, implementing, for the first time, sanctions under the Venezuela...
|UK Finance Act 2015 -- Royal Assent Received|
Duane Morris LLP;
April 2, 2015, previously published on March 30, 2015Following the draft clauses of December 2014, a final version of the UK Finance Bill 2015 was published on 24 March 2015. Since there is a general election in the UK this May, the Bill received Royal Assent on 26 March to become the Finance Act 2015. A further finance bill is likely after the...
|Volcker Rule: Agencies Release New Volcker Rule FAQ with Critical Guidance for Foreign Banking Entities and Fund Sponsors; Clarify That U.S. Marketing Restriction Under “SOTUS” Covered Fund Exemption Does Not Apply to Third Parties|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
April 1, 2015, previously published on February 27, 2015Earlier today, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission (collectively, the...
|EGRPRA Regulatory Review Process Continues|
Eric J. Dyas; Jones Walker LLP;
March 30, 2015, previously published on February 26, 2015The Economic Growth and Regulatory Paperwork Reduction Act of 1996 ("EGRPRA") requires that the federal banking agencies (the "Agencies") and the Federal Financial Institutions Examination Council review regulations prescribed by them at least once every ten years in order to...
|Registered E-Mail System of MASAK under the Law on Prevention of Financing of Terrorism|
HERDEM Attorneys At Law;
March 30, 2015The Financial Crimes Investigation Board (MASAK), which is a main service unit of the Ministry of Finance, having the mission of making policies and carrying out investigation and research to convey the information and the results to relevant authorities has issued a regulation on registered...
|OCC Continues Focus on BSA/AML|
Katharine F. Musso; Jones Walker LLP;
March 30, 2015, previously published on March 5, 2015The Office of the Comptroller of the Currency ("OCC") announced a civil money penalty of $1.5 million against a large community bank on February 27. The OCC found the bank had willfully failed to file suspicious activity reports ("SARs") and, as a result, hampered law...
|Securities Law Considerations in Cross-Border Restructurings|
Marie Elena Angulo, Pedro A. Jiménez, Jessica Mendoza; Jones Day;
March 30, 2015, previously published on March 2015Non-U.S. companies in the process of restructuring debt that includes one or more series of U.S. bonds must ensure that their restructuring plan and any securities issued as part of such plan comply with the requirements of U.S. securities law, in particular the registration requirements of the...
|CFPB Proposal to Expand Mortgage Lending in Rural and Underserved Areas|
Craig N. Landrum; Jones Walker LLP;
March 30, 2015, previously published on February 5, 2015In the several mortgage rules issued in 2013, the CFPB incorporated a variety of provisions affecting small creditors, including those that operate predominately in rural or underserved areas. For instance, Qualified Mortgage status may be granted to loans that small creditors (defined as $2...