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|Cayman Islands Introduce Limited Liability Companies as New Corporate Vehicle|
Yun Sheng, Gary Smith; Loeb Smith;
September 7, 2016, previously published on Summer 2016The Cayman Islands have now brought into effect the long-awaited Limited Liability Companies Law, 2016 (the "LLC Law") which introduces a new Cayman Islands limited liability company (an "LLC"). The LLC Law was published on 8th June 2016 but had not been brought into effect...
|Abolition of Bearer Shares in the Cayman Islands|
Gary Smith; Loeb Smith;
September 7, 2016, previously published on Summer 2016The Companies (Amendment) Law, 2016 which came into force on 13th May 2016 has abolished the ability of Cayman Islands exempted companies to issue bearer shares and other forms of negotiable shares. Section 231A of the Companies Law states that:
|Too Clever by Half: Bankruptcy Court Re-characterizes Debt Owed to Insider as Equity|
Andrew J. McBride; Adams and Reese LLP;
September 6, 2016, previously published on August 19, 2016In a new, unpublished decision1 in the U.S. Court of Appeals, the Fourth Circuit affirmed a bankruptcy court’s order re-characterizing a portion of a loan to a bankruptcy debtor purchased by a creditor as equity instead of debt, impairing that creditor’s ability to recover from the...
|Study: Alaska LNG Project Too Expensive to be Competitive|
Sutherland Asbill Brennan LLP;
August 30, 2016, previously published on August 25, 2016Alaska Public Media reports that consulting firm Wood Mackenzie has released a study finding that in its current form, the Alaska LNG Project is too expensive to be competitive with other LNG projects proposing to serve north Asian markets. The report offers options to reduce the costs of the...
|Don’t Hail the CAB - Why FINRA’s Capital Acquisition Broker Rule Set Will Not Get Private Funds to their Destination|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Yasho Lahiri; Sutherland Asbill & Brennan LLP;
August 30, 2016, previously published on August 29, 2016For many years, the private fund industry and the securities bar have called for a limited rule set to govern broker-dealers solely engaged in raising capital for private funds or other issuers of unregistered securities or in merger and acquisition advisory activities.
|Federal Bank Regulators Issue FAQs in Alignment With Dodd-Frank Reform Act Section 342(b)(2)(C)|
Michelle P. Wimes; Ogletree Deakins Nash Smoak Stewart P.C.;
August 24, 2016, previously published on August 11, 2016On August 2, 2016, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency made available a five-page Frequently Asked Questions (FAQs) document to accompany an interagency policy statement issued by these agencies...
|Venture Global LNG Closes Additional $15 Million Funding Deal|
Sutherland Asbill Brennan LLP;
August 24, 2016, previously published on August 23, 2016Venture Global LNG, Inc., announced that it has closed a fifth round of equity investment, raising additional capital of $15 million and bringing the total capital raised to date to over $280 million. The proceeds will fund Venture Global LNG’s proposed 10 million tonnes per annum (MTPA)...
|The CFPB Outlines Its Proposals for the First-Ever Rules that would Implement the Fair Debt Collection Practices Act|
Brett M. Kitt; Greenberg Traurig, LLP;
August 23, 2016, previously published on August 12, 2016On July 28, 2016, after an extended gestation period, the Consumer Financial Protection Bureau (CFPB) at long-last published its outline of proposals (the Outline) for the first ever federal regulations that would implement the Fair Debt Collection Practices Act of 1977, 15 U.S.C. §§...
|The Billion Dollar Industry in Need of a Bank|
Monica Kim; Heyl, Royster, Voelker & Allen Professional Corporation;
August 23, 2016, previously published on Summer 2016As of March, 2016, cannabis is legally sold in 23 states and the District of Columbia, either for recreational or medical use. Illinois became one of these states in 2013, when the Compassionate Use of Medical Cannabis Pilot Program Act, 410 ILCS 130/1 et seq, (CUA) was signed into law. The CUA...
|Federal Financial Institutions Legislative and Regulatory Reporter|
Jeffrey S. Graham; Borden Ladner Gervais LLP;
August 17, 2016, previously published on June 2016The Reporter provides a monthly summary of Canadian federal legislative and regulatory developments of relevance to federally regulated financial institutions. It does not address Canadian provincial financial services legislative and regulatory developments, although this information is tracked by...