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|OSFI Issues Updated Incorporation Guidance For Bank And Trust Company Applicants|
Jeffrey S. Graham; Borden Ladner Gervais LLP;
July 14, 2015, previously published on July 8, 2015The Canadian Office of the Superintendent of Financial Institutions (OSFI) assesses applications for incorporation and makes recommendations to the Canadian Minister of Finance (Minister), who has the ultimate responsibility for approving the incorporation of a federally regulated financial...
|Entrepreneurship and Turkey’s 2015 SME Strategy and Action Plan|
Safak Herdem; HERDEM Attorneys At Law;
July 13, 2015OECD defines “entrepreneur” as someone who shapes new business opportunities and has the ability to allocate resources wisely.
|EU Bank Recovery and Resolution Directive|
Anastasios A. Antoniou; Anastasios Antoniou LLC;
July 13, 2015Public opinion became familiar with the term ‘bank resolution’ during the Cyprus banking crisis of 2013. The legal model that had been used in Cyprus, under which powers were vested in the Central Bank to resolve failing banks pursuant to the provisions of emergency national...
|Amendments to Singapore Companies Act Intended to Modernize Regulations|
Timothy Goh, Sushma Jobanputra, Darren Murphy; Jones Day;
July 13, 2015, previously published on July 2015The Companies (Amendment) Act 2014 ("Amendment Act") was passed by the Singapore Parliament and assented to by President Tony Tan Keng Yam in 2014. On April 15, 2015, the Accounting and Corporate Regulatory Authority of Singapore ("ACRA") announced that the amendments will be...
|Compliance Review of Derivative Dealers in Ontario to Start Soon|
Carol E. Derk, Julie Mansi; Borden Ladner Gervais LLP;
July 13, 2015, previously published on July 6, 2015After many speaking engagements where we discussed the need for comprehensive, firm-specific derivatives policies and procedures, on June 29, 2015, the Ontario Securities Commission announced its intention to review compliance with derivative trade reporting requirements during fiscal 2015/16. OSC...
|Vermont Department of Financial Regulation Addresses Price Optimization In Property and Casualty Ratemaking|
G. Donovan Brown; Colodny Fass, P.A.;
July 10, 2015, previously published on July 3, 2015In Bulletin 186 issued last week, the Vermont Department of Financial Regulation ("VDFR") addressed the issue of "price optimization" by reminding all property and casualty insurers issuing personal lines policies in Vermont that all ratemaking must conform to statutory...
|European Regulators Publish Second Consultation Paper on Margin for OTC Derivatives|
Brian Barrett, James M. Cain, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe; Sutherland Asbill & Brennan LLP;
July 7, 2015, previously published on July 6, 2015On June 10, the European Supervisory Authorities (ESA) published a second consultation paper on draft Regulatory Technical Standards (RTS) to implement the European Market Infrastructure Regulation (EMIR) requirement that persons classified under EMIR as “financial counterparties” (FCs)...
|The Consumer Financial Protection Bureau's cases against Sprint and Verizon for Mobile Cramming|
Brooks F. Bossong; Nexsen Pruet, LLC;
July 3, 2015, previously published on June 23, 2015Today we’re taking a look at the Consumer Financial Protection Bureau’s cases against Sprint Corporation (“Sprint”) and Cellco Partnership d/b/a Verizon Wireless (“Verizon”) for mobile cramming. For starters, what does “cramming” mean in the context...
|Treasury Department Publishes 2015 National Money Laundering Risk Assessment and National Terrorist Financing Risk Assessment|
Eric J. Dyas; Jones Walker LLP;
July 3, 2015, previously published on June 18, 2015On Friday, June 12, the United States Department of the Treasury published its 2015 National Money Laundering Risk Assessment ("NMLRA"). Drafted by Treasury's Office of Terrorist Financing and Financial Crimes ("TFFC"), and prepared by the TFFC in consultation with various...
|Long Wait for Dodd-Frank Diversity and Inclusion Standards Turns Out To Be Much Ado About Nothing|
H. Mark Adams; Jones Walker LLP;
July 1, 2015, previously published on June 2015"Much ado about nothing," is just one literary turn of phrase that comes to mind in considering the initial uproar over Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the long wait for the implementing regulations. Here’s some background to add some...