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|Delaware Bankruptcy Court Reaffirms the Viability of Class Proofs of Claim in PacSun Bankruptcy|
Kevin C. Maclay, Todd E. Phillips, Sally J. Sullivan; Caplin & Drysdale, Chartered;
August 1, 2016, previously published on July 18, 2016On June 22, 2016, the Bankruptcy Court for the District of Delaware allowed a putative creditor class to file a class proof of claim in the In re Pacific Sunwear of California, Inc., et al., bankruptcy proceedings.1 In granting the motion, the bankruptcy court applied its discretion to certify a...
|New York’s New BSA/AML Rule Imposes Monitoring, Filtering and Certification Requirements|
Brian Barrett, Kristin Ward Cleare; Sutherland Asbill & Brennan LLP;
July 29, 2016, previously published on July 28, 2016On June 30, 2016, the New York Department of Financial Services (DFS) adopted a new anti-terrorism and anti-money laundering (AML) regulation (Final Rule) that builds on federal anti-money laundering requirements to address what the DFS called “shortcomings” in current practices...
|NYS Department of Financial Services Adopts Final Rule Imposing Enhanced BSA/AML Compliance Standards on Financial Institutions|
Michael A. Berlin, Carl A. Fornaris, Harold N. Iselin, William B. Mack, Niall E. O'Hegarty; Greenberg Traurig, LLP;
July 28, 2016, previously published on July 11, 2016On June 30, 2016, the New York State Department of Financial Services (DFS or the Department) announced its adoption of the final version of its new regulation (the Final Rule) setting forth the required elements of “Transaction Monitoring and Filtering Programs” maintained by New York...
|Loss Payee Versus Lender’s Loss Payee: One Word Can Make All The Difference|
Niel Alden; Burr & Forman LLP;
July 26, 2016, previously published on June 2016When a lender makes a loan secured by personal property, it will perfect its interest in the collateral under applicable law. To further protect the value of the collateral supporting its loan, the lender will also require proof of insurance and obtain an endorsement on the borrower’s...
|U.S. Aims to Increase Transparency in Order to Combat Offshore Abuses in Wake of Release of Panama Papers|
Duane Morris LLP;
July 23, 2016, previously published on May 6, 2016On May 5, 2016, the Obama administration announced a series of proposals that will be sent to Congress designed to combat the disguising of international financial dealings through the use of anonymous financial corporations in the United States. The proposals are a signal to both domestic and...
|1MDB, BSI and the Potential Perils of Ignoring Money Laundering Risks in Singapore|
Duane Morris LLP;
July 22, 2016, previously published on May 25, 2016This week, for the first time in more than 30 years, the Monetary Authority of Singapore (known as the MAS) has shut down an international bank’s operations in Singapore. BSI Bank Limited (BSI) was also fined SGD 13.3 million and six members of its senior management (including its former CEO)...
|Further Clarification from OFAC Relating to the Lifting of Certain U.S. Sanctions Under Joint Comprehensive Plan of Action on Implementation Day|
Duane Morris LLP;
July 22, 2016, previously published on June 9, 2016On June 8, 2016, in an effort to provide further clarity on the scope of the lifting of sanctions that occurred on Implementation Day on January 16, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) added certain guidance relating to financial and banking...
|SEC Issues Guidance on Business Continuity Planning for Registered Investment Companies|
Cynthia R. Beyea, Steven B. Boehm, Michael B. Koffler, Cynthia M. Krus, Lisa A. Morgan; Sutherland Asbill & Brennan LLP;
July 15, 2016, previously published on July 15, 2016On June 27, the staff of the Securities and Exchange Commission’s (Commission or SEC) Division of Investment Management (IM) issued a Guidance Update on business continuity planning for registered investment companies (funds).1 The Guidance Update provides the staff’s view on what funds...
|EU-U.S. Privacy Shield Adopted|
Sutherland Asbill Brennan LLP;
July 14, 2016, previously published on July 12, 2016The European Commission has adopted the EU-U.S. Privacy Shield data transfer procedure, which replaces the safe harbor arrangement that was struck down by the European Court of Justice in October 2015. The Privacy Shield provides for additional protection of personal data, including dispute...
|Current Expected Credit Losses Methodology|
Craig N. Landrum; Jones Walker LLP;
July 12, 2016, previously published on June 23, 2016The Current Expected Credit Losses Methodology (CECL) for estimating allowances for credit losses, unlike poor Cecil the lion, lives. On June 16 after much contentious debate, the Financial Accounting Standards Board (FASB) issued ASU (No. 2016-13) Financial Instruments - Credit Losses (Topic 326):...