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|Tax Avoidance Schemes: The Balance Between Avoidance and Evasion|
Tessa Lorimer; Withers Bergman LLP;
November 28, 2014, previously published on November 5, 2014Tax avoidance schemes have been plastered all over the press of late. Almost on a daily basis hither to much loved pop stars and television personalities have been ‘ousted’ for investing in a tax avoidance scheme. Taxpayers who have been used to having complete confidentiality regarding...
|Market Abuse Surveillance: A Reminder for Prop and Client Traders|
Harvey Knight, Kirsten Lapham, Colin Smith; Withers Bergman LLP;
November 28, 2014, previously published on November 4, 2014Patrick Spens, head of market monitoring, at the FCA recently spoke about the FCA’s market surveillance tools and expectations, which serves as a reminder to firms to ensure that they have adequate systems and controls to detect market abuse and suspicious transactions, either through...
|Forex Probe Results in Fines, but Investigation Not Over Yet|
Michael Dodson; Burr & Forman LLP;
November 25, 2014, previously published on November 12, 2014The American Commodity Futures Trading Commission (CFTC), British Financial Conduct Authority (FCA), and Swiss Financial Market Supervisory Authority (FINMA) announced fines of $3.4 billion against five global banks on Wednesday, November 12th, 2014. The five banks were UBS ($799 million),...
|StAR Releases Useful Guide to Civil Asset Recovery|
Jamie Humphreys; Edwards Wildman Palmer LLP;
November 21, 2014, previously published on November 5, 2014In November 2014, the World Bank's Stolen Asset Recovery (StAR) Initiative published Public Wrongs, Private Actions: Civil Lawsuits to Recover Stolen Assets. It is available here. The book provides a step-by-step guide to States embarking on an asset recovery programme. It aims "to explore the...
|International Payment Cards Processing: From Russia with Love|
John Stansfield, Andrei Strijak, Timothy Stubbs; Dentons Canada LLP;
November 18, 2014, previously published on November 11, 2014Amendments to the NPS Law, which entered into force 23 October 2014, would significantly affect further development of the Russian payment infrastructure. In fact they require international payment cards to be processed locally and aim to cement the role of the National Payment Card System as the...
|Personal Current Account and Small Business Banking Face Full Competition Investigation|
Rebecca Owen-Howes, Sam Szlezinger; Dentons Canada LLP;
November 18, 2014, previously published on November 6, 2014 The Competition and Markets Authority (CMA) has decided to make a market investigation reference (MIR) into personal current accounts (PCAs) and banking services to small and medium-sized enterprises (SMEs).
|Foreclosure Does Not Preclude Filing a Lawsuit on the Underlying Note|
Andrew C. Voorhees; Weltman, Weinberg & Reis Co., L.P.A.;
November 17, 2014, previously published on October 30, 2014Any creditor that obtains a mortgage on property pursuant to a note or some other debt instrument will inevitably have to use the legal process to enforce the instrument. The initial strategy decision is whether to foreclose on the secured property, file a complaint for monetary damages on the...
|Eurasian Economic Union|
Victoria Simonova; Dentons Canada LLP;
November 17, 2014, previously published on October 8, 2014On 29 May 2014, the presidents of Kazakhstan, Russia and Belarus signed an agreement (the "Treaty") in Astana on the Eurasian Economic Union (the "EaEU" or the "Union"). The Treaty will enter force on 1 January 2015. According to the Treaty, the Union is an...
|Examining the Effect of the Final Dodd-Frank Credit Risk Retention Rule Upon the Student Loan Finance Industry|
Stephen S. Kudenholdt, Robert B. Olin, Lauris G.L. Rall; Dentons Canada LLP;
November 17, 2014, previously published on October 23, 2014The Dodd-Frank Act’s required credit risk retention rules were finalized and adopted by US regulators this week. Below are certain excerpts from the adopting release and from the final rule regarding credit risk retention in student loan securitizations. Essentially, the specific rules...
|Clearing Becoming Clearer: ESMA Publishes Final Draft RTS on Interest Rate Derivatives and Consultation Paper on FX|
Rosali Pretorius; Dentons Canada LLP;
November 17, 2014, previously published on October 8, 2014ESMA published two documents on 1 October 2014 as the implementation of mandatory clearing of certain over-the-counter (OTC) derivatives gathers pace.