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|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May 19, 2015, previously published on March 31, 2015The current Markets in Financial Instruments Directive has been replaced by a new Directive (Revised MiFID) and Regulation (MiFIR).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...
|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....
|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...
|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...
|CDFI Fund Opens FY 2015 Bank Enterprise Award|
Craig N. Landrum, Neal C. Wise; Jones Walker LLP;
May 14, 2015, previously published on May 7, 2015On May 4, the Community Development Financial Institutions ("CDFI") Fund opened up the fiscal year 2015 application round for the Bank Enterprise Award Program ("BEA Program"). Like last year, the CDFI Fund made $18 million available to eligible FDIC-insured banks. The deadline...
|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...
|What Next for Bank Capital and the IRB Approach?|
Michael Wainwright; Dentons Canada LLP;
May 14, 2015, previously published on April 21, 2015Financial Services analysis: Could changes to the internal ratings based (IRB) regulatory framework result in substantial burdens for banks and national regulators? Michael Wainwright, partner in Dentons' Financial Services and Funds practice, comments on the European Banking Authority's (EBA)...
|New Local Currency Regulations Issued in Indonesia|
Mae Shan Chong, Sushma Jobanputra, Steven Potter; Jones Day;
May 13, 2015, previously published on May 1, 2015The end of March 2015 saw the Republic of Indonesia's central bank, Bank Indonesia, issue new regulations to supplement and clarify Indonesia's 2011 Currency Law and to further seek to stabilize Indonesia's currency, the rupiah.
|Amendments To Québec Law Concerning Hypothecs; Québec Adopts New Rules|
Pierre Côté, Joëlle Girard; Borden Ladner Gervais LLP;
May 12, 2015, previously published on May 07, 2015The Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016 (the "Act") was adopted by the Québec National Assembly on April 20, 2015 and received assent the next day, on April 21, 2015. We have already shared our...