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|FCA MiFID II Conference Summary|
Harvey Knight, Kirsten Lapham; Withers Bergman LLP;
September 25, 2014, previously published on September 24, 2014On 18 September, the Financial Conduct Authority (FCA) held a conference which addressed the agenda for Markets in Financial Instruments Directive (MiFID) II. Among other key speakers, David Lawton, the FCAs director of markets, and Maggie Craig, acting head of savings and investments, talked about...
|German Federal Court of Justice Clarifies "Opt-in" Rules Under the German Bonds Act|
Olaf Benning, Volker Kammel, Ulf Kreppel, Claudia Leyendecker, Karsten Müller-Eising; Jones Day;
September 24, 2014, previously published on September 2014On September 15, 2014, the German Federal Court of Justice (Bundesgerichtshof) published a landmark decision clarifying that holders of bonds issued prior to August 5, 2009, under the old German Bonds Act of 1899 may opt in to, and take advantage of the benefits of, the provisions of the new German...
|“Totality of the Circumstances” Standard Used to Sanction Mortgagee for Lack of “Good Faith” Negotiation in Foreclosure Matter|
Edward W. Chang, Francis X. Crowley, Margaret Anne Hill, Kevin C. Rakowski; Blank Rome LLP;
September 24, 2014, previously published on September 2014Action Item: While engaged in court-ordered mediation in NY foreclosure cases, mortgagees and servicers must insure prompt and thorough review of loan mod applications and provide consistent responses to those applications to prevent sanctions for bad faith negotiation.
|Edgeworth: Commercial Reasonableness in Receivership Proceedings|
Seema Aggarwal, Jane Dietrich, Shayne Kukulowicz; Cassels Brock & Blackwell LLP;
September 24, 2014, previously published on September 17, 2014Recently, the Ontario Superior Court of Justice released a decision regarding amending a receivership order and re-allocating the proceeds of sale in a receivership proceeding (Romspen v Edgeworth, 2014 ONSC 4340). The effect of the decision is to confirm that, notwithstanding any final orders made...
|Bank Resolution and Capitalization: Anticipated TLAC Proposal: Impact on Banks’ Balance Sheet Structures and Resolution Plans|
Sullivan Cromwell LLP;
September 24, 2014, previously published on September 23, 2014It appears increasingly likely that the Financial Stability Board (the “FSB”), followed by the Board of Governors of the Federal Reserve System (the “Federal Reserve”) (and other national regulators, possibly including other U.S. banking agencies), will soon issue proposals...
|Proposed Margin Requirements for Uncleared Swaps Under Dodd-Frank: Federal Reserve Board, OCC, FDIC, Farm Credit Administration and Federal Housing Finance Agency Repropose Rules for Minimum Margin and Capital Requirements for Certain Dealers and Major Participants in Swaps and Security-Based Swaps|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 10, 2014 On September 3, 2014, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (“OCC”), the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Prudential Regulators”) issued a proposed rule to...
|No Market Interest Rate and No Make Whole: Momentive Performance Court Rejects Lender Arguments Against Confirmation|
Ingrid Bagby, Mark C. Ellenberg, Michael A. Stevens; Cadwalader, Wickersham & Taft LLP;
September 23, 2014, previously published on September 17, 2014On August 26, 2014, Judge Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York ruled that (i) the debtors could satisfy the cramdown requirements of section 1129(b) of the Bankruptcy Code by issuing to certain secured noteholders replacement notes with...
|North Carolina Supreme Court Upholds Enforceability of Waiver of ECOA Claim|
Jessica K. Burr; Spilman Thomas Battle PLLC;
September 23, 2014, previously published on September 18, 2014Last month, the North Carolina Supreme Court issued an important opinion for lenders in this state. The opinion reversed the North Carolina Court of Appeals’ decision in RL REGI N.C., LLC v. Lighthouse Cove, LLC, which found that a waiver of claims contained in a forbearance agreement could...
|Basel III Liquidity Framework: Federal Reserve Approves Final Rule Implementing Basel III Liquidity Coverage Ratio for Large U.S. Banks|
Sullivan Cromwell LLP;
September 23, 2014, previously published on September 9, 2014 On Wednesday, September 3, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency (the “OCC”) and the Federal Deposit Insurance Corporation (the “FDIC” and, together with the Federal Reserve and...
|Another Court Rules That Availability of Make-Whole Premiums in Bankruptcy Depends on Governing Documents|
Eric R. Blythe, Kevin J. Walsh; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
September 23, 2014, previously published on September 15, 2014In a recent bench decision in In re MPM Silicones, LLC et al., Case No. 14-22503-RDD (Bankr. S.D.N.Y. August 26, 2014), the Bankruptcy Court considered bondholders’ right to recover make-whole premiums (premiums paid for early repayment of debt) upon the payment of accelerated debt following...