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|FDCPA Concerns for Debt Buyers and Related Impact on Debt Settlement Firms|
Christopher R. Rahl; Gordon Feinblatt LLC;
April 14, 2015, previously published on March 2015The Fair Debt Collection Practices Act (“FDCPA”), among other things, bans all false, deceptive, misleading, and unconscionable debt collection practices, including any false representations concerning the “character, amount, or legal status” of a debt. Three recent...
|FINRA and U4 Reporting: Do You Have A Target On Your Back?|
Emily P. Gordy, Renee Kramer; Shulman, Rogers, Gandal, Pordy & Ecker, P.A.;
April 14, 2015, previously published on April 2, 2015FINRA member firms will soon face obligations set forth in FINRA Rule 3110(e), which takes effect on July 1, 2015 and requires that firms verify the accuracy and completeness of the information contained in an applicant's Form U4. The amended rule also requires that firms adopt written procedures...
|Receivables Finance - Overriding Blocks to Assignment|
James Harvey, Alexander Hewitt; Dentons Canada LLP;
April 14, 2015, previously published on March 31, 2015The Small Business Enterprise and Employment Act received Royal Assent on 26 March and, when implemented, is expected to produce a huge boost in SME receivables finance.
|NASAA M&A Broker Model Rule|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Yasho Lahiri; Sutherland Asbill & Brennan LLP;
April 10, 2015, previously published on April 10, 2015On January 15, 2015, the Broker-Dealer Section of the North American Securities Administrators Association (NASAA) requested comments on a proposed uniform state model rule (the Model Rule) regarding the exemption of certain merger and acquisition brokers (M&A Brokers) from state registration...
|Priority in Security Interests: Lessons for Secured Creditors|
M. Sandra Appel; Davis LLP;
April 7, 2015, previously published on January 20, 2015In the opening paragraph of his decision in CFI Trust v. Royal Bank of Canada 2013 BCSC 1715, Supreme Court Justice Elliot Myers drew a parallel to the dark comedy Fargo, but this case was no laughing matter to the two creditors involved, who were left fighting over the remains after the fraudulent...
|Proposed Amendments to TSX Company Manual Regarding Closed-end Funds, Exchange Traded Products and Structured Products|
Andrew Armstrong, Michael J. Eldridge, Jonathan R. Grant, Wendi A. Locke; McCarthy Tétrault LLP;
April 7, 2015, previously published on January 28, 2015On January 15, 2015, the Toronto Stock Exchange (TSX) published proposed amendments (Amendments) to the TSX Company Manual which will introduce formal listing requirements for Closed-end Funds, Exchange Traded Products and Structured Products. The Amendments that relate to matters other than...
|Recent Developments in BSA/AML and Sanctions: New Sanctions Targeting Persons in Venezuela and Expansion of Sanctions Addressing the Situation in Ukraine; DOJ Reaches First Criminal Settlement in “Operation Choke Point”; and FinCEN Proposes Special Measures Against an Andorran Bank Under Section 311 of the USA PATRIOT Act|
Nicolas Bourtin, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
April 6, 2015, previously published on March 18, 2015Last week, there were several important developments in the areas of U.S. Bank Secrecy Act/anti-money laundering (“BSA/AML”) and U.S. economic sanctions. On Monday, March 9, 2015, the President issued Executive Order 13692, implementing, for the first time, sanctions under the Venezuela...
|UK Finance Act 2015 -- Royal Assent Received|
Duane Morris LLP;
April 2, 2015, previously published on March 30, 2015Following the draft clauses of December 2014, a final version of the UK Finance Bill 2015 was published on 24 March 2015. Since there is a general election in the UK this May, the Bill received Royal Assent on 26 March to become the Finance Act 2015. A further finance bill is likely after the...
|Volcker Rule: Agencies Release New Volcker Rule FAQ with Critical Guidance for Foreign Banking Entities and Fund Sponsors; Clarify That U.S. Marketing Restriction Under “SOTUS” Covered Fund Exemption Does Not Apply to Third Parties|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
April 1, 2015, previously published on February 27, 2015Earlier today, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission (collectively, the...
|Securities Law Considerations in Cross-Border Restructurings|
Marie Elena Angulo, Pedro A. Jiménez, Jessica Mendoza; Jones Day;
March 30, 2015, previously published on March 2015Non-U.S. companies in the process of restructuring debt that includes one or more series of U.S. bonds must ensure that their restructuring plan and any securities issued as part of such plan comply with the requirements of U.S. securities law, in particular the registration requirements of the...