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|New Regime in Quebec for Security on Bank Deposits and Other Monetary Claims|
Michel Deschamps, Mathieu Dubord, Mary Jeanne Phelan; McCarthy Tetrault LLP;
May 22, 2015, previously published on May 15, 2015In our December 3, 2014 legal update, we reported on the tabling of a bill in Quebec to amend the Civil Code of Québec (the “CCQ”) in respect of hypothecs on bank deposits and other monetary claims as well as hypothecs granted in favour of multiple creditors. The bill was...
|Senate Regulatory Relief Proposal: Banking Committee Chairman Releases Discussion Draft of “The Financial Regulatory Improvement Act of 2015”|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 13, 2015Yesterday afternoon, Senate Banking Committee Chairman Richard Shelby (R-AL) released a discussion draft of “The Financial Regulatory Improvement Act of 2015” (the “Discussion Draft”). This proposed legislation would significantly amend certain aspects of the Dodd-Frank Wall...
|Department of Justice Announces Settlement to Resolve Discriminatory Indirect Lending Allegations: Department of Justice and Evergreen Bank Group Enter into Consent Order Requiring Implementation of Dealer Compensation Policy and Payment of $395,000 in Consumer Redress|
Darrell S. Cafasso, H. Rodgin Cohen, Mitchell S. Eitel, Robert J. Giuffra, Sharon L. Nelles; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 12, 2015On May 7, 2015, the Department of Justice (“DOJ”) announced that it had reached a settlement with Evergreen Bank Group of Oak Brook, Illinois (“Evergreen Bank” or the “Bank”) to resolve allegations of discriminatory lending practices relating to indirect...
|Restructuring: More Clarity for Delaware Directors When Considering Restructuring Transactions|
Francis J. Aquila, Audra D. Cohen, H. Rodgin Cohen, Andrew G. Dietderich, Mitchell S. Eitel; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 14, 2015In Quadrant Structured Products Co., Ltd. v. Vertin (May 4, 2015) (“Quadrant”), the Delaware Court of Chancery confirms - again - that ordinary corporate fiduciary duties govern the conduct of directors of an insolvent corporation, rather than a special duty to creditors. The Court also...
|Recent LMA LIBOR Related Changes - Their Possible Impact on Islamic Finance Documents|
Richard de Belder, Adam Pierce; Dentons Canada LLP;
May 19, 2015, previously published on March 31, 2015At the end of last year, the Loan Market Association (LMA) updated its facility agreements, including changes to the interest rate definitions and mechanics. Many Islamic finance transactions use a conventional interest rate benchmark, such as LIBOR, to calculate the profit or variable rental....
|MiFID, MiFID 2 Where Are You? We Got Some Work to Do Now|
Emma Radmore, Luca Salerno; Dentons Canada LLP;
May 19, 2015, previously published on March 31, 2015The current Markets in Financial Instruments Directive has been replaced by a new Directive (Revised MiFID) and Regulation (MiFIR). This is the MiFID 2 package. With limited exceptions, the changes take effect from 3 January 2017. Before then, governments and regulators have much work to do to...
|FINRA Proposes Rule Governing Offer and Sale of Securities to Military Personnel and Dependents on Military Premises|
Emily P. Gordy; Shulman, Rogers, Gandal, Pordy & Ecker, P.A.;
May 19, 2015, previously published on May 13, 2015Congress enacted the 2006 Military Personnel Financial Services Protection Act (“Military Act”), which amended Section 15A(b) of the Exchange Act by requiring self-regulatory organizations (“SROs”), including FINRA, to adopt certain rules governing the offer and sale of...
|Client Alert: Federal Reserve Board Amends "Small Bank Holding Company Policy Statement" to Cover BHCs and SLHCs with Total Consolidated Assets of Less Than $1 Billion|
Brandt T. Bowman; Rhoads & Sinon LLP;
May 18, 2015, previously published on April 2015On April 9, 2015, the Federal Reserve Board (the “Board”) adopted a final rule (the “Final Rule”) amending its Small Bank Holding Company Policy Statement (the “Policy Statement”), contained in Appendix C of the Board’s Regulation Y. The Final Rule raises...
|Michigan's Amended Periodic Garnishment Statute|
David A. Wolfe; Weltman, Weinberg & Reis Co., L.P.A.;
May 18, 2015, previously published on May 6, 2015Michigan allows judgment creditors to garnish funds owed to a judgment debtor through a periodic garnishment (which is typically sent to an employer), a non-periodic garnishment (which typically seeks to seize funds in a bank account) and a tax garnishment. Recently, Michigan amended its statute...
|Limitations on Foreign Exchange in Kazakhstan|
Aigoul Kenjebayeva; Dentons Canada LLP;
May 14, 2015, previously published on May 5, 2015On 16 March 2015 the Management Board of the National Bank of the Republic of Kazakhstan by its Resolution No 321 resolved to amend the Rules on Currency Operations in the Republic of Kazakhstan (Rules). The Rules inter alia regulate foreign exchange operations, the regime of foreign investments...