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|Is Your Baby Your Buyer’s Collateral?|
Michael J. Mozes; Foley & Lardner LLP;
September 9, 2014, previously published on September 4, 2014Even before dealing with the intricacies of nondisclosure agreements, employment offer letters, stock restriction agreements, and incentive plans, it is not unusual for founders to have already dreamt of an IPO or sale event. In fact, it is crucial for founders to consider when and how to make that...
|US Banking Regulators Adopt Final Rule to Impose Liquidity Coverage Ratio on Large US Banking Institutions|
Scott A. Anenberg, J. Paul Forrester, Carol A. Hitselberger; Mayer Brown LLP;
September 9, 2014, previously published on September 5, 2014The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC—and, together with the FRB and FDIC, Agencies), have each adopted a final rule (the Final Rule) to impose a quantitative...
|The Crucial Distinction Between Carrots and Sticks: Incentives and Penalties in the Interpretation of the Interest Act|
Timothy Froese; McCarthy Tétrault LLP;
September 9, 2014, previously published on September 3, 2014Do incentives for prompt payment in a mortgage, which would be lost on default, run afoul of the prohibition against penalties for non-performance contained in s.8 of the Interest Act? The Alberta Court of Appeal recently split over this question, with the majority saying no. This case could affect...
|Summary of Prudential Regulators’ Re-Proposed Margin Rules|
Steven Lofchie, Nihal S. Patel, Jeffrey L. Robins; Cadwalader, Wickersham & Taft LLP;
September 8, 2014, previously published on September 4, 2014On September 3, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Prudential...
|CFPB Announces New Senior Management and Advisory Board and Council Members|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
September 5, 2014, previously published on September 3, 2014The CFPB also announced the appointment of new consumer finance experts from outside the federal government to the CFPB's Consumer Advisory Board, Community Bank Advisory Council and Credit Union Advisory Council. The Consumer Advisory Board is charged with advising and consulting the CFPB's...
|Gains and Losses on Equity Holdings May Be Marked at Fair Value and Included in Net Income|
Peter J. Rivas; Jones Walker LLP;
September 4, 2014, previously published on August 28, 2014On July 30, 2014, the Financial Accounting Standards Board ("FASB") voted five to two to require publicly traded companies to fair value most gains and losses on equity securities and include such gains and losses in net income. However, the FASB made an exception for equity holdings that...
|Structured Finance Alert: SEC Adopts Final Regulation AB II Rules|
Andrew M. Faulkner, Richard F. Kadlick, David H. Midvidy, James S. Stringfellow, Eva N. Valik; Skadden, Arps, Slate, Meagher & Flom LLP;
September 4, 2014, previously published on August 29, 2014On August 27, 2014, the Securities and Exchange Commission ("SEC") adopted final rules ("ABS Final Rules") that significantly revise the existing regulations that govern disclosure requirements, offering processes and periodic reporting for asset-backed securities (commonly...
|SEC Adopts Regulation AB II|
Cheryl D. Barnes, Joseph W. Beach, David Burkholder, Michael S. Gambro, Anna H. Glick; Cadwalader, Wickersham & Taft LLP;
September 2, 2014, previously published on August 28, 2014Yesterday morning the Securities and Exchange Commission in an open meeting voted to adopt long-awaited final rules (the "Final Rules") implementing a series of changes to the registration and offering process for asset-backed securities (“ABS”) and expanded disclosure and...
|New York State Department of Financial Services Proposes Comprehensive Bitcoin Regulations|
Robert W. Gaffey, Harold K. Gordon, Henry Klehm, Howard F. Sidman, Jayant W. Tambe; Jones Day;
September 2, 2014, previously published on August 2014The New York State Department of Financial Services ("DFS") recently became the first state regulator to propose a regulatory framework for the bitcoin virtual currency industry. DFS posted its "Regulation of the Conduct of Virtual Currency Business" on its website, as well as...
|Court Finds Settlement Obligations to Pay Mortgagor Are Not Discharged By Sending Co-Payable Check to Insured|
Martin Disiere Jefferson Wisdom L.L.P.;
September 2, 2014, previously published on August 12, 2014Last Thursday, in Viewpoint Bank v. Allied Property and Cas. Ins. Co., 2014 WL 3867810 (Tex.App.-Dallas August 7, 2014), the Dallas Court of Appeals examined the insurer’s duty to pay a mortgage company in relation to the settlement of an insurance claim arising out of Hurricane Ike. Allied...