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|Foreclosure Does Not Preclude Filing a Lawsuit on the Underlying Note|
Andrew C. Voorhees; Weltman, Weinberg & Reis Co., L.P.A.;
November 17, 2014, previously published on October 30, 2014Any creditor that obtains a mortgage on property pursuant to a note or some other debt instrument will inevitably have to use the legal process to enforce the instrument. The initial strategy decision is whether to foreclose on the secured property, file a complaint for monetary damages on the...
|Eurasian Economic Union|
Victoria Simonova; Dentons Canada LLP;
November 17, 2014, previously published on October 8, 2014On 29 May 2014, the presidents of Kazakhstan, Russia and Belarus signed an agreement (the "Treaty") in Astana on the Eurasian Economic Union (the "EaEU" or the "Union"). The Treaty will enter force on 1 January 2015. According to the Treaty, the Union is an...
|Consumer Finance Update: New Ginnie Mae minimum net worth, liquidity and demonstrated participation Requirements for Issuers approved for certain Ginnie Mae programs|
John Holahan, Richard Horn, Matthew S. Yoon; Dentons Canada LLP;
November 17, 2014, previously published on October 23, 2014Ginnie Mae has announced several new requirements in response to the continued transformation of the housing market and the growing number of entities that are granted Issuer approval, yet fail to actively participate in a Ginnie Mae MBS program. In the new year, Ginnie Mae will (1) adjust its...
|Recent Judgment Handed Down in Swaps Litigation|
Richard Caird, Sam Coulthard, Alexandra Doucas; Dentons Canada LLP;
November 17, 2014, previously published on October 1, 2014In the continuing march of swaps litigation, each new judgment handed down represents a fresh carcass over whose bones those involved in such litigation inevitably pick for insights as to how future cases are likely to be decided. The recent judgment in the Crestsign litigation may well prompt the...
|Clearing Becoming Clearer: ESMA Publishes Final Draft RTS on Interest Rate Derivatives and Consultation Paper on FX|
Rosali Pretorius; Dentons Canada LLP;
November 17, 2014, previously published on October 8, 2014ESMA published two documents on 1 October 2014 as the implementation of mandatory clearing of certain over-the-counter (OTC) derivatives gathers pace.
|Visa and MasterCard Voluntarily Commit to Reduce their Credit Card Fees|
Susan Kacaba, Anna I. MacMillan; Davis LLP;
November 15, 2014, previously published on November 6, 2014On November 4, 2014, Canada’s Minister of Finance, Joe Oliver, announced that Visa Canada Corporation and MasterCard Canada, Inc. had submitted separate and individual voluntary proposals to reduce their net consumer credit card interchange rates to an average effective rate of 1.50% for a...
|US Securities and Exchange Commission Adopts Amendments to Money Market Fund Rule (Rule 2a-7)|
Leslie S. Cruz, Peter M. McCamman, Amy Ward Pershkow; Mayer Brown LLP;
November 15, 2014, previously published on October 27, 2014On July 23, 2014, the US Securities and Exchange Commission (“SEC”) by a 3-2 vote, adopted amendments to Rule 2a-7 under the Investment Company Act of 1940 (“1940 Act”), as amended (“Rule 2a-7” or the “Rule”).1 Rule 2a-7 imposes quality, liquidity,...
|Derivatives Reporting Commences in Canada|
Michael Brown, Brian P. Koscak; Cassels Brock & Blackwell LLP;
November 15, 2014, previously published on November 06, 2014Effective as of October 31, 2014, securities legislation in each of Ontario, Québec and Manitoba came into force that requires “local counterparties” which engage in derivative transactions to report certain derivatives transaction data to a designated trade repository. OSC Rule...
|Bank Capital Plans and Stress Tests: Federal Reserve Issues Instructions and Guidance for the 2015 Comprehensive Capital Analysis and Review Program|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 29, 2014On October 16, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued its summary instructions and guidance (the “CCAR 2015 Instructions”) for its supervisory Comprehensive Capital Analysis and Review program for 2015 (“CCAR 2015”)...
|New York’s Highest Court Endorses Application of “Separate Entity Rule” to International Banks: Landmark Ruling by Court of Appeals Confirms that Service of Asset Freeze Order on New York Branch of International Bank Does Not Reach Overseas Branches|
Bruce E. Clark, Justin J. DeCamp, Robert J. Giuffra, Sharon L. Nelles, Bradley P. Smith; Sullivan & Cromwell LLP;
November 14, 2014, previously published on October 23, 2014In Motorola Credit Corporation v. Standard Chartered Bank, the New York Court of Appeals confirmed that the separate entity rule, which has existed for nearly 100 years, remains a valid rule of law. Specifically, the Court of Appeals held that “a judgment creditor’s service of a...