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|Limitations on Foreign Exchange in Kazakhstan|
Aigoul Kenjebayeva; Dentons Canada LLP;
May 14, 2015, previously published on May 5, 2015On 16 March 2015 the Management Board of the National Bank of the Republic of Kazakhstan by its Resolution No 321 resolved to amend the Rules on Currency Operations in the Republic of Kazakhstan (Rules). The Rules inter alia regulate foreign exchange operations, the regime of foreign investments...
|New Local Currency Regulations Issued in Indonesia|
Mae Shan Chong, Sushma Jobanputra, Steven Potter; Jones Day;
May 13, 2015, previously published on May 1, 2015The end of March 2015 saw the Republic of Indonesia's central bank, Bank Indonesia, issue new regulations to supplement and clarify Indonesia's 2011 Currency Law and to further seek to stabilize Indonesia's currency, the rupiah.
|Amendments To Québec Law Concerning Hypothecs; Québec Adopts New Rules|
Pierre Côté, Joëlle Girard; Borden Ladner Gervais LLP;
May 12, 2015, previously published on May 07, 2015The Act mainly to implement certain provisions of the Budget Speech of 4 June 2014 and return to a balanced budget in 2015-2016 (the "Act") was adopted by the Québec National Assembly on April 20, 2015 and received assent the next day, on April 21, 2015. We have already shared our...
|Recent Developments in BSA/AML and Sanctions: Commerzbank AG Settles Criminal and Civil BSA/AML and Sanctions Charges with U.S. Government|
Nicolas Bourtin, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
May 8, 2015, previously published on March 26, 2015On March 12, 2015, Commerzbank AG (“Commerzbank”), Germany’s second largest bank, reached a multi-agency criminal and civil resolution of allegations that Commerzbank engaged in a practice of remitting “non-transparent” cross-border payments involving sanctioned...
|CFPB To Consider Rules Restricting Certain Payday, Deposit Advance, Vehicle Title and Other Short-Term Lending: CFPB Proposal Would Require Lenders To Assess Customers’ Ability To Repay, Impose Cooling-Off Periods for Consecutive Loans, and Require Disclosures and Limits on Repayment Through Customer Accounts|
Darrell S. Cafasso, H. Rodgin Cohen, Mitchell S. Eitel, Robert J. Giuffra, Sharon L. Nelles; Sullivan & Cromwell LLP;
May 8, 2015, previously published on March 30, 2015On March 26, 2015, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) announced that it will be considering rules imposing significant structural limitations and other requirements on payday and similar loans: (1) short-term (45 days or less) loans to...
|Dismissal Pursuant to Rule 1.420(b) For Failure To Timely Amend Carries Consequence Of Dismissal With Prejudice|
Suzanne Barto Hill; Rumberger, Kirk & Caldwell Professional Association;
May 7, 2015, previously published on April 22, 2015In a recent decision, the 4th DCA reversed final judgment of foreclosure under doctrine of res judicata in Schindler v. The Bank of New York Mellon Trust Co. Here, the bank filed a foreclosure (first foreclosure). The borrower moved to dismiss. The court dismissed the complaint due to the failure...
|FCA Business Plan Released: Supervision And Financial Crime Remains Key Focus For 2015|
Kirsten Lapham; Withers Bergman LLP;
May 7, 2015, previously published on March 30, 2015The Financial Conduct Authority (FCA) released its business plan and risk outlook for 2015 and 2016. It sets out the key risks identified; the areas of focus for the upcoming year; and its approach to addressing the risks to its objectives.
|Caught in the Tangled Web|
Richard Caird, Alexandra Doucas; Dentons Canada LLP;
May 7, 2015, previously published on April 27, 2015This is a case in which the claimant alleged that a bank held money on constructive trust for her. The bank said that it was a bona fide purchaser for value, with no notice which would suggest the existence of a prior proprietary claim. The bank failed. However, the Privy Council's judgment...
|Financial Fraud Law Report: January 2015|
David A. Elliott, Seth I. Muse, Jordan Teague, Kristen Peters Watson; Burr Forman LLP;
May 6, 2015, previously published on February 13, 2015The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance industry. In the years since its enactment, the Dodd-Frank Act has led to...
|CFPB, Virginia Attorney General Target Payday and Auto Title Lenders|
J.P. McGuire Boyd, Alan Bradley Clark; Williams Mullen;
May 6, 2015, previously published on April 27, 2015Section 1031 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd Frank”) authorizes the Consumer Financial Protection Bureau (“CFPB”) to issue rules to prevent unfair, deceptive, or abusive acts or practices in consumer financial markets. Under this broad...