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|FINCEN Customer Due Diligence Rules Exclude Most Private Funds from Definition of Legal Entity Customers|
Sutherland Asbill Brennan LLP;
May 25, 2016, previously published on May 24, 2016On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued final rules (the “Final Rules”) on customer due diligence requirements for banks, broker-dealers, mutual funds, and futures commission merchants and introducing...
|Do Insurers Have a Duty to Defend as a Result of a Failure to Comply with PCI — DSS|
Roberto Ghignone; Borden Ladner Gervais LLP;
May 23, 2016, previously published on May 2, 2016On April 4, 2016, the Québec Court of Appeal issued its decision in Aldo Group Inc. c. Chubb Insurance Company of Canada 2016 QCCA 554 which addressed the question of whether Chubb had a duty to defend and indemnify Aldo in respect of penalties assessed against it for its breaches of PCI DSS.
|Canadian Government Tables Bail-In Legislation|
Jeffrey S. Graham, Stephen J. Redican, Olivier Tardif; Borden Ladner Gervais LLP;
May 23, 2016, previously published on April 29, 2016On April 20, 2016, the Government of Canada tabled Bill C-15 entitled An Act to implement certain provisions of the budget tabled in Parliament on March 22, 2016 and other measures (hereinafter "Bill C-15").
|FinCEN Customer Due Diligence Final Rules|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Holly H. Smith; Sutherland Asbill & Brennan LLP;
May 20, 2016, previously published on May 19, 2016On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules (the Final Rules) on customer due diligence requirements for banks, securities broker-dealers, mutual funds, and futures commission merchants and introducing brokers in commodities...
|State Targets Money Scams Against Seniors|
Susan Tompor; Law Offices of Peter C. Rageas Associates P.C.;
May 19, 2016, previously published by Detroit Free Press on October 1, 2009Money Scams
|Cayman Islands Private Equity Funds and the Use of Exempted Limited Partnerships|
Gary Smith; Loeb Smith;
May 16, 2016, previously published on April 30, 2016The most common structure for a Cayman Islands domiciled private equity fund (“PE Fund”) is as an exempted limited partnership (“ELP”) formed under the Exempted Limited Partnership Law (As Revised) (“ELP Law”). However there are some Fund sponsors who choose a...
|Changes to Trading Documentation Will be Necessary to Recognize Regulatory Stays of Termination Rights|
Sutherland Asbill Brennan LLP;
May 11, 2016, previously published on May 10, 2016On May 3, 2016, the Federal Reserve Board released a proposed rule (Proposed Rule) which would “require U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend contracts for common financial transactions to prevent the immediate...
|Broadened Qualified Mortgage Coverage of Lenders Operating in Rural and Underserved Markets|
Craig N. Landrum; Jones Walker LLP;
May 11, 2016, previously published on March 31, 2016The Consumer Financial Protection Bureau (CFPB) recently released a Regulation Z amendment to broaden the class of creditors that might be eligible for a special provision of Regulation Z that permits the origination of balloon-payment qualified mortgages, and for an exemption from the requirement...
|OCC Releases White Paper Discussing Plans for Understanding and Evaluating Financial Technology
George A. LeMaistre; Jones Walker LLP;
May 11, 2016, previously published on April 14, 2016The Office of the Comptroller of the Currency has released a White Paper that discusses the agency’s attitudes and approaches to developments in financial technology, and to the associated innovations that the fintech industry has brought, and continues to bring, at an ever-increasing pace,...
|Third District Court Of Appeals Reverses Holding on Statute of Limitations for Florida Foreclosures: The Impact of Deutsche Bank Trust Company Americas, as Trustee v. Beauvais|
Laura Jessica Bassini, Kimberly A. Mello, Michele L. Stocker; Greenberg Traurig, LLP;
May 10, 2016, previously published on April 18, 2016On April 13, 2016, Florida’s Third District Court of Appeal (Third District) issued its en banc opinion in Deutsche Bank Trust Company Americas, as Indenture Trustee for American Home Mortgage Investment Trust 2006-2 v. Beauvais, &under;&under; So. 3d &under;&under;, No. 3D14-575 (Fla. 3d DCA...