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|Traders and Compliance Professionals Take Note: Phase One of New BIS “Global Code” Establishes “Best Practices” in the Foreign Exchange Markets|
Jonathan H. Flynn, Anthony M. Mansfield, Gregory George Mocek, Jorge Pesok; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on June 1, 2016Limitations on Use of Confidential Information is Prominent in the New Standards Continuing Recent Enforcement Trend in the Commodities and Derivatives Markets
|FinCEN Issues Final Rules for Customer Due Diligence Requirements|
Jodi L. Avergun, Scott A. Cammarn, Colleen D. Kukowski, Dorothy D. Mehta, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on May 13, 2016On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. 1 The final rules impose a new requirement on “covered financial institutions” - which...
|Liquidating Trusts Remain a Viable Alternative for Unsecured Creditors (and Deficiency Secured Claims)|
Alan H. Goodman; Breazeale, Sachse & Wilson, L.L.P.;
June 8, 2016, previously published on May 2016As the oil industry bankruptcy wave continues, the liquidating trust alternative pursuant to a Chapter 11 plan remains a viable alternative for the unsecured creditors who often are left behind (as well as deficiency claims of secured creditors).
|Credit Default Risk in Latin America: A Regional Outlook|
Robert da Silva Ashley, Maria Luisa Canovas, Marcello Hallake, Pedro A. Jiménez, Javier L. Martínez del Campo; Jones Day;
June 8, 2016, previously published on May 2016In our January 2016 Commentary, “Are You Ready for the Emerging Market Credit Bust?,” we noted that with emerging market debt levels soaring to unprecedented heights and the inevitable cross-border repercussions of defaults, creditors were going to need a well-planned,...
Shalanda N. Franklin; Vandeventer Black LLP;
June 5, 2016, previously published on May 2016Having credit is essential for doing business; it provides funds to grow a business and relief during difficult times. However, the receipt of credit often comes with conditions, including personal risk for the business owner and their relatives. Federal laws prohibit a creditor from imposing a...
|New Proposed Rules on Executive Compensation at Financial Institutions|
David G. Johnson, Ilirjan Pipa, Michael G. Riley; McDonald Hopkins LLC;
June 5, 2016, previously published on May 6, 2016The National Credit Union Administration (NCUA) recently issued a proposed rule designed to regulate the pay of executives at banks and credit unions around the country. These are the so-called “Wall Street Pay Rules.”
|Treasury White Paper Portends Greater Federal Oversight of Marketplace Lending|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
June 3, 2016, previously published on May 2016On May 10, 2016, the U.S. Department of the Treasury ("Treasury") released a highly anticipated white paper recommending greater transparency and borrower protections for the marketplace lending industry. The white paper, titled Opportunities and Challenges in Online Marketplace Lending,...
|FRB Requests Comments on Proposed Single-Counterparty Credit Limits|
Scott A. Cammarn, Evan Weller; Cadwalader, Wickersham & Taft LLP;
June 3, 2016, previously published on March 17, 2016The Board of Governors of the Federal Reserve System ("FRB") has requested comments on reissued proposed rules that would establish a single-counterparty credit limits ("SCCL") for domestic and foreign bank holding companies with $50 billion or more in total consolidated assets....
|FinTech Market Study May Lead to Important Regulatory Changes in Canada|
Davit D. Akman, Zirjan Derwa, Denes A. Rothschild; Borden Ladner Gervais LLP;
June 2, 2016, previously published on May 30, 2016The Canadian Competition Bureau has launched a market study into technology-led innovation and emerging services in the Canadian financial services sector. The study is in keeping with the Bureau's commitment in its 2015-2018 Strategic Vision document to "promote and advocate for a more...
|Proposed Amendments to the Credit Unions and Caisses Populaires Act, 1994 (Ontario)|
Jill E. McCutcheon, Kelly J. Morris, Grace Patenall; Borden Ladner Gervais LLP;
May 26, 2016, previously published on April 27, 2016The Ontario Minister of Finance has recently recommended a number of changes to the Ontario legislation governing credit unions, some of which will have a significant impact on the credit union sector. These include a recommendation that the deposit insurance coverage limit be set at $250,000, an...