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|Gains and Losses on Equity Holdings May Be Marked at Fair Value and Included in Net Income|
Peter J. Rivas; Jones Walker LLP;
September 4, 2014, previously published on August 28, 2014On July 30, 2014, the Financial Accounting Standards Board ("FASB") voted five to two to require publicly traded companies to fair value most gains and losses on equity securities and include such gains and losses in net income. However, the FASB made an exception for equity holdings that...
|Structured Finance Alert: SEC Adopts Final Regulation AB II Rules|
Andrew M. Faulkner, Richard F. Kadlick, David H. Midvidy, James S. Stringfellow, Eva N. Valik; Skadden, Arps, Slate, Meagher & Flom LLP;
September 4, 2014, previously published on August 29, 2014On August 27, 2014, the Securities and Exchange Commission ("SEC") adopted final rules ("ABS Final Rules") that significantly revise the existing regulations that govern disclosure requirements, offering processes and periodic reporting for asset-backed securities (commonly...
|SEC Adopts Regulation AB II|
Cheryl D. Barnes, Joseph W. Beach, David Burkholder, Michael S. Gambro, Anna H. Glick; Cadwalader, Wickersham & Taft LLP;
September 2, 2014, previously published on August 28, 2014Yesterday morning the Securities and Exchange Commission in an open meeting voted to adopt long-awaited final rules (the "Final Rules") implementing a series of changes to the registration and offering process for asset-backed securities (“ABS”) and expanded disclosure and...
|Court Finds Settlement Obligations to Pay Mortgagor Are Not Discharged By Sending Co-Payable Check to Insured|
Martin Disiere Jefferson Wisdom L.L.P.;
September 2, 2014, previously published on August 12, 2014Last Thursday, in Viewpoint Bank v. Allied Property and Cas. Ins. Co., 2014 WL 3867810 (Tex.App.-Dallas August 7, 2014), the Dallas Court of Appeals examined the insurer’s duty to pay a mortgage company in relation to the settlement of an insurance claim arising out of Hurricane Ike. Allied...
|Italian Parliament Confirms June Measures Introduced by Government to Boost Italian Lending Market|
Alessandro Corno, Luca Ferrari, Marco Lombardi, Francesco Squerzoni; Jones Day;
September 2, 2014, previously published on August 2014As reported in our July Commentary, “The Italian Government Introduces Measures to Boost the Italian Lending Market,” the Italian Government Law Decree No. 91 of June 24, 2014 (the “Law Decree”) introduced certain measures aimed at facilitating the access to financing by...
|Understanding Risks Unque to Personal Loan Guarantees|
Kohrman Jackson Krantz PLL;
September 2, 2014, previously published on September 2, 2014Personal guarantees are commonplace in loans of all types and sizes. However, there are issues that are unique to personal guarantees provided by individuals that need to be taken into consideration when negotiating a loan.
|New York State Department of Financial Services Proposes Comprehensive Bitcoin Regulations|
Robert W. Gaffey, Harold K. Gordon, Henry Klehm, Howard F. Sidman, Jayant W. Tambe; Jones Day;
September 2, 2014, previously published on August 2014The New York State Department of Financial Services ("DFS") recently became the first state regulator to propose a regulatory framework for the bitcoin virtual currency industry. DFS posted its "Regulation of the Conduct of Virtual Currency Business" on its website, as well as...
|“Backoff” Update — More Widespread, PCI Council Issues Call to Action — If You Accept Credit Cards Via Point-of-Sale, You Need to Read This|
Cynthia J. Larose; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
September 1, 2014, previously published on August 28, 2014Some weeks ago, we wrote a piece “What You Need to Know About Backoff Malware: The New Threat Targeting Retailers” . It’s apparently gotten worse. Any business utilizing point-of-sale (POS) terminals for “swiping” credit cards needs to pay attention to this threat and...
|Financing the Creative|
Deanna Swisher; Foster, Swift, Collins & Smith, P.C.;
September 1, 2014, previously published on August 26, 2014It is time to turn around the phrase “creative financing” to consider financing the creative. Lansing Michigan’s newest incubator, The Runway, will open in August. At The Runway, ten fashion designers-in-residence will be learning how to get their creative ideas to market and move...
|USA PATRIOT Act/AML Update: FinCEN Issues Long-Awaited Proposed Regulations Regarding Beneficial Ownership Disclosure|
Carl A. Fornaris, Wendy Li, Micah Schwalb; Greenberg Traurig, LLP;
September 1, 2014, previously published on August 25, 2014On July 23, 2014, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) published highly-anticipated proposed regulations that, if adopted into final regulations, would require banks, securities broker dealers, mutual funds, futures commission merchants, and...