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|Court Upholds Securities Commissions’ Power to Compel and Share Evidence|
Andrew Pozzobon; Borden Ladner Gervais LLP;
March 8, 2016, previously published on February 18, 2016In April 2012, the Alberta Securities Commission (ASC) issued an investigation and a Summons to a Witness (the "Summons") pursuant to section 42 of the Securities Act, requiring Scott Beaudette, the CEO and sole employee of Sunpeaks Ventures Inc., to attend for examination at the ASC and...
|Further Loosening of Cuban Sanctions to Expand Access to Finance, Trade and Travel|
Ira Gonzalez; Adams and Reese LLP;
March 4, 2016, previously published on February 1, 2016The Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce announced new amendments to Cuban policy to "further implement the new direction toward Cuba" announced by President Obama in December 2014.
|Italian NPL Guaranteed by the Italian Government: Law Decree Approved|
Francesco Squerzoni, Mario Todino, Vinicio Trombetti; Jones Day;
March 3, 2016, previously published on February 2016On February 14, 2016, the Italian Government approved the law decree ("decreto-legge" or the "Decree") that regulates, inter alia, the release of a guarantee by the Italian Government for non-performing loan ("NPL") transactions.
|Senior Managers and Certification Regime|
Elaine Aarons, Harvey Knight, Meriel Schindler; Withers Bergman LLP;
March 2, 2016, previously published on February 18, 2016On 7 March 2016, the first wave of the Senior Managers and Certification Regime will become effective. The senior management of all UK regulated banks, building societies and any regulated business that forms part of a banking conglomerate will be required to perform Senior Management Functions...
|Court Rules Banks Not Liable For Converting Cheques To Non-Existing / Fictitious Payees|
Heather Pessione; Borden Ladner Gervais LLP;
March 1, 2016, previously published on February 17, 2016On the Ontario Court of Appeal released its decision in Teva Canada Limited v. Bank of Montréal. The case arose out of a $5M fraud perpetrated by a former employee of pharmaceutical manufacturer Teva Canada Ltd. ("Teva") against Teva and a number of banks. The former employee...
|Commodity Futures Trading Commission Proposes Cybersecurity Best Practices|
Lisa M. Ledbetter, Ethan (Eitan) Levisohn, Stephen J. Obie, Mauricio F. Paez; Jones Day;
February 24, 2016, previously published on February 2016On December 16, 2015, the Commodity Futures Trading Commission ("CFTC") approved two proposed rules which would require regulated entities to conduct specific tests of their cybersecurity capabilities, remediate vulnerabilities, and institute board-level review of the testing results.
|Primary Legal Framework Governing Direct Lending by Italian and EU Funds Now Completed|
Alessandro Corno, Marco Frattini, Giovanni Meschia, Francesco Squerzoni; Jones Day;
February 24, 2016, previously published on February 2016In the last few years, the Italian Government reformed the Italian debt market with the aim of facilitating access by Italian businesses to financings. Going along this reformation path, the Italian Council of Ministers enacted Law Decree No. 18 of February 14, 2016 (the "Law Decree"),...
|Follow the Money: The FY 2017 Budget|
Harold P. Coxson; Ogletree, Deakins, Nash, Smoak & Stewart, P.C.;
February 17, 2016, previously published on February 12, 2016One way to assess an administration's public policy priorities is by examining its annual budget submission to Congress: The higher an administration sets its funding requests for particular federal departments, agencies, and programs, the greater the emphasis the administration plans to place on...
|Potential Benefits of Your Bank Obtaining CDFI Certification|
Robert L. Carothers; Jones Walker LLP;
February 15, 2016, previously published on February 4, 2016In January 2014, banks began complying with a host of new mortgage-related regulations issued by the Consumer Financial Protection Bureau ("CFPB"), including a new regulation known as the Ability-to-Repay Rule ("ATR Rule"). The ATR Rule imposes a number of requirements on banks...
|CFPB Releases Fiscal 2015 Independent Audit Report|
George A. LeMaistre; Jones Walker LLP;
February 12, 2016, previously published on January 21, 2016Last week, the Consumer Financial Protection Bureau (CFPB) released its annual independent audit of the selected operations and budget of the Bureau, conducted by KPMG LLP, for fiscal 2015.