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|New Regulations in Japan Concerning Margin
Requirements on Uncleared OTC Derivatives|
Makoto Koinuma, Koichiro Ohashi; Greenberg Traurig Horitsu Jimusho;
October 12, 2016, previously published on October 10, 2016Following the publication of the final report by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commission (IOSCO) in September 2013,1 which sets forth key principles for margin requirements for uncleared derivatives, the Financial Services Agency...
|Fraudulent Misrepresentation to Receivers and beyond: Meridian Credit Union Limited v Baig|
Evita Ferreira; Borden Ladner Gervais LLP;
October 6, 2016, previously published on September 28, 2016The Ontario Court of Appeal in Meridian Credit Union Limited v Baig1 made it clear that misinforming a receiver during the purchase of a property, even by omission, will not be tolerated. Purchasers in the context of a receivership have an obligation to ensure that the receiver is aware of all of...
|Changing Seasons of FDIC Shared-Loss Programs|
Duane Morris LLP;
October 6, 2016, previously published on September 22, 2016As we head into autumn, many of us change our seasonal wardrobes, replace the filters in our home heating/cooling systems, swap our summer screens for winter’s storm windows and ready our vehicles for winter. Bankers participating in a Federal Deposit Insurance Corporation (FDIC) shared-loss...
|Chapter 15 at 11: Bankruptcy Code's Cross-Border Insolvency Law Approaches 11th Anniversary|
Jeffrey A. Liesemer; Caplin & Drysdale, Chartered;
October 5, 2016, previously published on September 30, 2016Chapter 15 of the Bankruptcy Code, which deals with cross-border insolvency cases, took effect nearly 11 years ago.(1) Congress enacted Chapter 15 in 2005 to replace Bankruptcy Code Section 304, which previously addressed transnational insolvencies.(2) Chapter 15 largely incorporates the United...
|First-Ever: Cybersecurity Regulations Released by New York Department of Financial Services|
Duane Morris LLP;
October 5, 2016, previously published on September 16, 2016After surveying nearly 200 of its regulated banking and insurance companies for industry insight, the New York Department of Financial Services (the “NYDFS”) proposed a first-ever, cybersecurity regulation, on September 13, 2016, to protect against the growing threat of cyber-attacks....
|Massachusetts Bankruptcy Court Rules That Parents Receive Reasonably Equivalent Value in Exchange for Paying Their Child's Tuition|
Duane Morris LLP;
October 5, 2016, previously published on September 14, 2016College students across the country have begun returning to campus for the start of the fall semester. This arrival heralds new opportunities, new friends and new classes. It also means new tuition payments. Given the soaring price of college tuition, many students will rely on their parents to...
|Community Bank Regulatory Environment Post Wells Fargo|
Craig N. Landrum; Jones Walker LLP;
October 3, 2016, previously published on September 29, 2016By now it is well known that Wells Fargo Bank, N.A. entered a Consent Order regarding improper sales practices such as (1) engaging in “simulated funding” where employees opened deposit accounts without consumers’ knowledge or consent and then transferred funds from...
|Canada Undergoes Review of the Deposit Insurance Framework|
Jeffrey S. Graham, Stephen J. Redican, Samantha Tom; Borden Ladner Gervais LLP;
September 29, 2016, previously published on September 22, 2016The Canadian Department of Finance (the "Department") has released a consultation paper entitled "Deposit Insurance Review" seeking input on how to improve Canada's current deposit insurance framework. In the context of a continuously evolving financial sector, the aim of the...
|Fighting Money Laundering|
Shashi Nathan; Withers Bergman LLP;
September 26, 2016, previously published on September 15, 2016A tough stance against financial crime is necessary to protect Singapore’s reputation as a clean and trusted financial centre.
|Cyber Risk Management - New York State Regulation for Financial Institutions|
Bradley J. Freedman; Borden Ladner Gervais LLP;
September 26, 2016, previously published on September 16, 2016On September 13, 2016, the New York State Department of Financial Services published for comment a proposed cybersecurity regulation for the financial industry. The regulation provides important, detailed guidance for all organizations to help manage cyber risks.