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|Judgment Debtor in Garnishment Action Has No Vested Right to Compel Strict Compliance With Service of Process Requirements on Garnishee|
Armando Nozzolillo, Michael S. Waskiewicz; Rogers Towers, P.A.;
December 29, 2014, previously published on November 18, 2014Garnishments are one of the most effective tools at a creditor’s disposal for collection purposes. The rules and requirements for initiating a garnishment action are laid out in Chapter 77, Florida Statutes. Garnishment actions are generally ancillary to the main action brought by a creditor...
|Usury in Florida: Exceptions to Civil Penalties|
Scott Jonathan Kennelly, Janet C. (Jacy) Owens; Rogers Towers, P.A.;
December 29, 2014, previously published on November 13, 2014When a lender “willfully” charges interest in excess of statutory limits, civil usury penalties may apply. However, Florida’s usury statutes provide for two exceptions to the application of civil usury penalties.
|Operation Choke Point|
Adam Keith Butman Brandon; Rogers Towers, P.A.;
December 29, 2014, previously published on November 21, 2014As part of a coordinated, multi-agency initiative known as “Operation Choke Point,” the Federal Deposit Insurance Corporation (FDIC) has warned financial institutions that they might be liable for maintaining banking relationships with certain “high risk” businesses and...
|Proposed Changes to Quebec Secured Transactions Regime Incorporate UCC Concepts|
Michel Deschamps, Mathieu Dubord, Richard O'Doherty; McCarthy Tétrault LLP;
December 23, 2014, previously published on December 3, 2014On November 26, Quebec's Finance Minister tabled a bill intended to amend the provisions of the Civil Code of Quebec (CCQ) concerning hypothecs (security interests). This update provides a summary of the proposed changes.
|Switzerland Narrows Advance Notice to Account Holders of Treaty Requests: Americans with Unreported Accounts Impacted|
Mark D. Allison, Mark E. Matthews, Scott D. Michel; Caplin & Drysdale, Chartered;
December 23, 2014, previously published on December 16, 2014Switzerland will now more liberally permit disclosure of bank account information to the U.S. government without advance notice to the account owner. Under prior law, if U.S. authorities requested that a Swiss bank identify an American with an account, the account holder almost always received...
|FATCA: Why all Cayman Islands Domiciled Investment Entities should Act before the Registration Deadline of 31 December 2014|
Loeb Smith Brady;
December 18, 2014Registration with the IRS The broad scope of the Foreign Account Tax Compliance Act (“US FATCA ”) introduced by the United States (“US”) and the implementation of that broad scope of application into Cayman Islands law means that it is very important for Cayman Islands...
|FINRA Regulatory Notice to Members 14-40 ("NTM 14-40")|
Stephen D. Councill, Dan F. Laney, Brett A. "Ben" Rogers, Robert H. "Rob" Snyder, Jeffrey W. Willis; Rogers & Hardin;
December 16, 2014, previously published on November 2014Last month the Financial Industry Regulatory Authority (“FINRA”) issued a two-part Regulatory Notice to Members 14-40 (“NTM 14-40”). The notice “reminds” member firms that it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of...
|New York Puts Assets in Foreign Bank Branches Beyond the Reach of Judgment Creditors|
Lee A. Armstrong, Sevan Ogulluk; Jones Day;
December 16, 2014, previously published on November 2014Two weeks ago, the New York Court of Appeals issued a decision of great importance to global financial institutions. For the first time, the state's highest court confirmed that New York common law prevents a court from freezing a civil judgment debtor's assets held in foreign bank accounts....
|Change is Coming: Migration to EMV Chip Technology and the Fraudulent Purchase Liability Shift to Merchants|
Varner Brandt LLP;
December 10, 2014, previously published on October 24, 2014American Express, Discover, MasterCard and Visa have all announced their plans to move to a chip-based payments infrastructure (known as “EMV”) in the United States. Effective October 2015, merchants, card issuers and payment processors must comply with new technical requirements set...
|Concentration Limits on Large Financial Companies: Federal Reserve Approves Final Rule Implementing Dodd-Frank’s Financial Sector Concentration Limit|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
December 4, 2014, previously published on November 12, 2014Last week, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) approved a final rule (the “Final Rule”) implementing Section 622 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), which establishes a...