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|The FASB to Hold First Meeting of Loan Impairment Advisory Panel in Private|
Peter J. Rivas; Jones Walker LLP;
July 23, 2015, previously published on July 16, 2015The Financial Accounting Standards Board ("FASB") plans to convene a Transition Resource Group ("TRG") for its forthcoming standard on recognizing credit losses. Unlike a similar panel formed for the board's revenue recognition standard, this credit losses group will meet in...
|Volcker Agencies Provide Seeding Period Guidance for BDCs, RICs and FPFs in New FAQ|
Brian Barrett, Steven B. Boehm, Harry S. Pangas, John Allen Zumpetta; Sutherland Asbill & Brennan LLP;
July 22, 2015, previously published on July 21, 2015On July 16, 2015, the agencies responsible for implementing the Volcker rule (Agencies) issued FAQ 16, which provides guidance on the circumstances under which a seed investment would not cause (i) a registered investment company (RIC), (ii) a business development company (BDC) that has elected to...
|ISDA Publishes EMIR Classification Letter|
Brian Barrett, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
July 21, 2015, previously published on July 20, 2015On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their regulatory obligations under the European Market Infrastructure Regulation...
|CFC Requests Waiver Under FCC's Financing Rules|
Sutherland Asbill Brennan LLP;
July 20, 2015, previously published on July 17, 2015The National Rural Utilities Cooperative Finance Corporation (CFC) asked the Federal Communications Commission (FCC) to grant it an exception to allow the CFC to issue letters of credit to its members that are selected for projects under the FCC Rural Broadband Experiment program. The letters of...
|The U.S. and Other Nations Reach Historic Nuclear Deal with Iran|
Cheryl I. Aaron, Mark D. Herlach, Beverly J. Rudy; Sutherland Asbill & Brennan LLP;
July 16, 2015, previously published on July 15, 2015On July 14, the P5+1 (China, France, Russia, the United Kingdom, the United States and Germany) reached a historic nuclear agreement with Iran, following almost two years of negotiations. Under the Joint Comprehensive Plan of Action (the JCPOA or the Plan of Action), Iran will scale back its...
|CFPB Releases Spring 2015 Rulemaking Agenda|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
July 15, 2015, previously published on July 7, 2015The CFPB recently released its spring 2015 rulemaking agenda as required by the Regulatory Flexibility Act. It described the following upcoming rulemakings:
|Legal Update Regarding Mortgage Insurance|
Simon R. Fitzpatrick; McCarthy Tetrault LLP;
July 14, 2015, previously published on June 22, 2015Canada’s regulatory and supervisory framework of its residential mortgage market has undergone significant change in the aftermath of the financial crisis
|FinCEN Issues Second South Florida GTO in Less Than Three Months|
Jared E. Dwyer, Carl A. Fornaris; Greenberg Traurig, LLP;
July 14, 2015, previously published on July 13, 2015Today, the Financial Crimes Enforcement Network (FinCEN), working in conjunction with U.S. Internal Revenue Service - Criminal Investigation (IRS-CI) and the United States Attorney’s Office for the Southern District of Florida, issued a Geographic Targeting Order (GTO) for Miami-Dade and...
|Amendments To Regulations Under The Proceeds Of Crime (Money Laundering) And Terrorist Financing Act|
Stephen J. Redican, Christopher Savo; Borden Ladner Gervais LLP;
July 14, 2015, previously published on July 10, 2015On July 4th, 2015, the Canadian government published proposed amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (the Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). The proposed Regulations are subject to a...
|Comptroller of the Currency Releases Semiannual Perspective on Bank Risk|
George A. LeMaistre; Jones Walker LLP;
July 14, 2015, previously published on July 9, 2015On June 30, the Office of the Comptroller of the Currency released its Semiannual Risk Perspective, based on bank financial data as of year-end 2014.