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|Italian Lending Market Finally Opens to Nonbanking Lenders|
Alessandro Corno, Marco Lombardi, Francesco Squerzoni; Jones Day;
April 24, 2015, previously published on April 2015Concluding a process started during the summer of 2014, the Italian legislature has completed a set of measures governing direct lending by nonbanking institutions. As a result, Italian/European Union ("EU") insurance companies, alternative investment funds, and securitization vehicles...
Sutherland Asbill Brennan LLP;
April 24, 2015, previously published on April 23, 2015PIMCO recently published an article highlighting, in its view, some of the unintended consequences of Basel III capital rules. For instance, in PIMCO’s view, Basel III capital rules for derivatives trading do not currently reflect the actual risk associated with such trading (e.g., when a...
|State Regulators Propose New Prudential Standards for Nonbank Mortgage Servicers|
David E. Conroy, Lisa M. Ledbetter, Matthew A. Martel, Lawrence K. Nesbitt, Howard F. Sidman; Jones Day;
April 24, 2015, previously published on April 2015On March 25, 2015, the Conference of State Bank Supervisors ("CSBS") and the American Association of Residential Mortgage Regulators ("AARMR") issued for a 90-day public comment period a proposed set of baseline prudential regulatory standards for nonbank mortgage servicers and...
|Operators of Virtual Currency ATMs and Trading Platforms in Québec Must Be Licensed|
Pierre Côté, Andrew Hodhod; Borden Ladner Gervais LLP;
April 24, 2015, previously published on April 16, 2015Pursuant to Québec’s Money-Services Businesses Act, businesses that provide money services for remuneration, which includes the operation of an automated teller machine, must hold a licence issued by the Autorité des marchés financiers
|Federal Court Holds That Bank’s Deed of Trust Primes IRS Tax Lien Despite Its Subsequent Recordation|
Matthew G. DiMeglio; Lerch Early Brewer Chartered;
April 23, 2015, previously published on April 6, 2015A federal court of appeals held that a bank’s deed of trust had priority over an IRS tax lien, even though, the IRS filed notice of the tax lien more than a month before the bank recorded the deed of trust. On January 4, 2005, Restivo Auto Body, Inc. borrowed $1 million from Susquehanna Bank....
|Updated Code of Conduct for the Credit and Debit Card Industry in Canada|
James H. Archer, Ana Badour; McCarthy Tétrault LLP;
April 22, 2015, previously published on April 20, 2015On April 13, 2015, the Department of Finance announced changes to the Code of Conduct for the Credit and Debit Card Industry in Canada (the “Code”). The Code has been in existence since 2010 and consisted previously of 10 Elements applicable to participants in the debit and credit card...
|Themes for the New Year - the FCA's December 2014 Enforcement Conference|
Alexandra Doucas, Felicity Ewing, Katharine Harle; Dentons Canada LLP;
April 22, 2015, previously published on February 2, 2015The coming year sees a number of regulatory changes on the horizon, from the implementation of the new Senior Managers Regime to the FCA's review of its policy on penalties. In order to understand what will change from a regulatory perspective, it is perhaps necessary to understand why. One of the...
|Even Under a Contractual Right to Indemnification, Fees Must be Reasonable|
Brett Kenworthy, Daanish Samadmoten; Aird & Berlis LLP;
April 22, 2015, previously published on March 26, 2015On June 6, 2014, Justice Brown of the Ontario Superior Court of Justice (Commercial List) released additional reasons1 to his decision in Romspen Investment Corp. v. 6711162 Canada Inc., 2014 ONSC 2781, centred on the cost submissions made by counsel to Romspen Investment Corp....
|Bond Counsel Corner: Municipal Advisors and the IRMA Exemption|
John M. Kamins; Foster, Swift, Collins & Smith, P.C.;
April 21, 2015, previously published on March 30, 2015Cities, townships and other issuers of municipal bonds typically hire a financial advisor for expert advice on the financing structure and financial terms for each bond issue they undertake. For decades these consultants have been called a “Financial Advisor” or “FA.” Now...
|Better late than never: late service of notice of amount payable under section 6(d) of the ISDA Master Agreement|
Richard Caird, Sam Coulthard, Alexandra Doucas; Dentons Canada LLP;
April 21, 2015, previously published on January 6, 2015Goldman Sachs International (GSI) has recently succeeded on an application for summary judgment against Videocon Global Ltd (Videocon) on somewhat unusual facts. The short judgment of Mr Justice Teare (the Judge) reflects the continuing ability of the 1992 ISDA Master Agreement to generate...