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|SCC Maintains Permissive View of Quebec Class Actions and confirms the Consumer Protection Act applies to Bank Conversion Charges|
Shaun Emery Finn; McCarthy Tétrault LLP;
October 8, 2014, previously published on September 22, 2014In Bank of Montreal v. Marcotte, 2014 SCC 55, the Supreme Court dismissed appeals brought by various banks contesting the applicability of the Quebec Consumer Protection Act (“CPA”) to conversion charges charged by banks of foreign currency transactions. The Court concluded that certain...
|Tax Evasion: Number of Amended Tax Returns Has Doubled|
Andreas P. Demetriades; Andreas P. Demetriades & Associates- Advocates,Legal and Tax Consultants - Law Firm;
October 8, 2014Cyprus: The three most popular types of International Business Companies (IBCs) operating through Cyprus: Financing, Holding and Trading Companies.
|Only 28 Days Left to Submit Comments Regarding the CFPB’s Proposed Modifications to Home Mortgage Disclosure (Regulation C)|
Yesenia Garcia Perez; Foley & Lardner LLP;
October 7, 2014, previously published on Octobier 2, 2014The Consumer Financial Protection Bureau (“CFPB”) has published for public comment, a proposed rule amending Regulation C to implement amendments to the Home Mortgage Disclosure Act (HMDA). The HMDA requires certain financial institutions to collect and report information in connection...
|If Community Comes First, Customers Will Follow! An Interview with Lyn Hayth, President and CEO of the Bank of Botetourt|
Hugh B. Wellons; Spilman Thomas & Battle, PLLC;
October 7, 2014, previously published on September 18, 2014We interviewed Lyn Hayth, President and CEO of the Bank of Botetourt, for Community Banking Excellence this issue. Lyn has been a banker for more than 30 years. His bank, with about $312 million in assets and $248 million in loans, operates primarily in the Virginia counties of Botetourt, Roanoke,...
|Joint Debts, Joint Tenants - Insolvency Law Meets Real Property Law|
Ivan Y. Lavrence; Blaney McMurtry LLP;
October 7, 2014, previously published on September 30, 2014The decision of the Court of Appeal in TD Bank v. Phillips [2014 ONCA 613] involves a separated couple, their joint asset, a joint debt, and an outcome that is anything but, thanks to creditor protection afforded by the Bankruptcy and Insolvency Act (“BIA”). This decision highlights...
|Potential Impact of New SEC Rules on Cell Tower Securitizations|
Michael S. Gambro, Stuart N. Goldstein, Michael A. McCormack, Frank Polverino, Malcolm P. Wattman; Cadwalader, Wickersham & Taft LLP;
October 6, 2014, previously published on September 30, 2014 On August 27, 2014, the Securities and Exchange Commission (the “SEC”) adopted two final rules implementing new regulations affecting asset-backed securities (“ABS”). The first set of rules, referred to in this memorandum as the “Third Party Reports Rules,”...
|FINRA Requests Comments on Revised Proposal to Adopt Rule Mandating Quarterly Delivery of Customer Account Statements|
Saia M. Smith, Michael R. Weissmann; Bingham McCutchen LLP;
October 6, 2014, previously published on September 26, 2014On September 16, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) requested comments on a revised proposal to adopt a consolidated rule regarding delivery of customer account statements. FINRA Rule 2231 would bring NASD Rule 2340 (Customer Account Statements) and NYSE...
|Financial Stability Oversight Council Nonbank Designation Process Prompts 'Frequently Asked Questions,' October 6 Executive Session|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
October 6, 2014, previously published on September 30, 2014In advance of its Executive Session discussion on nonbank financial company designations scheduled for October 6, 2014, the Financial Stability Oversight Council ("FSOC") released a set of frequently asked questions on its designation process last Friday, September 26.
|Disclosure and Collateral Consequences of Enforcement Actions for Regulated Financial Services Firms|
Kenneth E. Burdon, Eben P. Colby, Thomas A. DeCapo; Skadden, Arps, Slate, Meagher & Flom LLP;
October 3, 2014, previously published on October 2, 2014Financial services firms facing enforcement proceedings at the hands of the U.S. Securities and Exchange Commission (SEC) or any other financial industry regulator must consider disclosure obligations in the context of the various collateral consequences that may arise from such proceedings. Firms...
|Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps|
James M. Cain, Warren N. Davis, Daphne G. Frydman, David T. McIndoe, R. Michael Sweeney; Sutherland Asbill & Brennan LLP;
October 2, 2014, previously published on September 24, 2014On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap dealers, major swap participants and major security-based swap...