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|Banker Bonuses: UK and EU Remain on Collision Course|
James Anderson, Patrick Brandt, Helena J. Derbyshire, Gregory P. Norman, Stephen G. Sims; Skadden, Arps, Slate, Meagher & Flom (UK) LLP;
October 31, 2014, previously published on October 22, 2014Since 1 January 2014, the EU’s Capital Requirements Directive (CRD) has required EU-regulated banks (EU Banks) to limit variable compensation paid to key bank staff to 100 percent of their fixed compensation (or 200 percent with approval of a super majority of non-staff shareholders) —...
|Delaware Supreme Court Rules Mistakenly Filed UCC Termination Statement Is Effective in $1.5 Billion Secured Loan Transaction|
Charles Tabb, Mark J. Wolfson; Foley & Lardner LLP;
October 30, 2014, previously published on October 20, 2014Lenders need to exercise great caution when filing a UCC-3 termination statement. They must make sure that the list of security interests terminated is accurate and that the statement does not mistakenly include other, unrelated loans and security interests. A recent ruling by the Delaware Supreme...
|UDAAP Council Weekly UDAAP Standards Report - 10/23/2014|
Martin J. Bishop; Foley & Lardner LLP;
October 30, 2014, previously published on October 23, 2014Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims.
|Quebec’s c Act is Constitutionally Applicable to Banks|
Daniel Everall; Aird Berlis LLP;
October 28, 2014, previously published on October 1, 2014On September 9, 2014, the Supreme Court of Canada (the “Court”) issued a trilogy of decisions involving the application of Quebec’s Consumer Protection Act (“CPA”) fee disclosure rules to credit card agreements. In Bank of Montreal v Marcotte, Amex Bank of Canada v...
|Comments on Financial Stability Board Proposal For Cooperation, Information-Sharing With Non-Crisis Management Group Host Authorities Due December 1, 2014|
Colodny Fass Talenfeld Karlinsky Abate Webb P.A.;
October 28, 2014, previously published on October 21, 2014On October 17, 2014, the Financial Stability Board ("FSB") issued draft guidance for public comment on cooperation and information-sharing with host authorities of jurisdictions not represented on crisis management groups ("CMGs") where a global systemically important financial...
|EU Disclosure Requirements for Structured Finance Instruments|
John Ahern, Neil J. Hamilton, Ulf Kreppel, Drew Salvest, Michelle Taylor; Jones Day;
October 23, 2014, previously published on October 2014The European Commission has adopted a final regulation that sets out wide-ranging disclosure requirements for structured finance instruments ("SFIs") in circumstances where the issuer, originator or sponsor is established in the European Union ("EU").
|Canadian Back-to-Back Loan Proposals|
Nigel P.J. Johnston, Gabrielle M.R. Richards; McCarthy Tétrault LLP;
October 22, 2014, previously published on October 15, 2014The 2014 federal budget included measures (Budget Measures) intended to eliminate the use of back-to-back loans to avoid the thin capitalization rules and/or withholding tax on interest paid to non-arm’s length non-residents so as to protect the Canadian tax base from erosion by limiting the...
|To Stay or Not to Stay...|
Katie L. Becker; Banner & Witcoff, Ltd.;
October 22, 2014, previously published on October 10, 2014The Federal Circuit recently decided its second case on the issue of staying a district court patent infringement litigation pending Covered Business Method (CBM) review. In Benefit Funding Systems v. Advance America Cash, Case No. 2014-1122 (Fed Cir. Sept. 25, 2014), the Federal Circuit affirmed...
|Consumer Compliance Risks in Social Media|
E. Andrew Keeney; Kaufman & Canoles A Professional Corporation;
October 22, 2014, previously published on Fall 2014Recently, the Federal Financial Institutions Examination Council (FFIEC), which includes NCUA, released new guidelines to help financial institutions, “understand and successfully manage the potential risks regarding the use of social media.” It is important for credit unions, including...
|Views from the Footprint - Banking, Collateral, Default and Foreclosure Question|
Angela D. Herdman, Nathaniel C. Hunter, Travis A. Knobbe, Victoria D. Summerfield; Spilman Thomas & Battle, PLLC;
October 22, 2014, previously published on October 7, 2014In this issue of Community Banking Excellence, we pose a question to Spilman’s banking law professionals throughout the firm’s geographical footprint, focusing on Virginia, Pennsylvania, North Carolina and West Virginia. The answers vary based on individual state laws.