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|Federal Reserve Recommends that Congress Restrict Banking Activities - A Step Back Towards Glass-Steagall?|
Joan S. Guilfoyle; Jones Walker LLP;
September 22, 2016, previously published on September 15, 2016On September 8, the Board of Governors of the Federal Reserve System (the "Federal Reserve"), the FDIC and the Office of the Comptroller of the Currency (collectively, the "federal banking agencies") issued a joint report to Congress and the Financial Stability Oversight Council...
|SBA Approves More Than $236 Million in Flood Loans; Businesses Can Still Apply|
Taylor Porter Brooks Phillips L.L.P.;
September 16, 2016, previously published on September 12, 2016The U.S. Small Business Administration has thus far approved more than $236 million in loans to businesses, homeowners and renters impacted by flooding in the Baton Rouge area, and the federal agency urges businesses to continue to apply for loans. Low interest federal disaster loans are available...
|Banks Subject to New Wave of ADA Lawsuits|
Rhoads Sinon LLP;
September 15, 2016, previously published on August 2016In the past year, businesses across the country have received demand letters or been served with a lawsuit for failure to maintain an Americans with Disabilities Act (ADA) accessible website.
|Canada Begins Process of Updating Federal Financial Institution Legislation|
Rachael Belanger, Jeffrey S. Graham, Stephen J. Redican; Borden Ladner Gervais LLP;
September 15, 2016, previously published on September 9, 2016The Canadian Department of Finance (the “Department”) has released a consultation document entitled “Supporting a Strong and Growing Economy: Positioning Canada’s Financial Sector for the Future” (the “Finance Paper”).
|Subordinated Debt - An Effective Alternative for Capital|
Michael D. Waters; Jones Walker LLP;
September 9, 2016, previously published on August 18, 2016Banks and bank holding companies always need capital, and capital is crucial if a bank wants to undertake an acquisition, or improve its ratios for CRE concentration limits (something the regulators are looking at with greater frequency), or for other purposes. Of course, a sale of common stock is...
|Security Deposits Protect Against Non-paying Customers|
Sara M. Donnersbach; Weltman, Weinberg & Reis Co., L.P.A.;
September 9, 2016, previously published on August 31, 2016The Public Utilities Commission ("the Commission") is a state agency that has regulatory authority over certain public utilities. The Commission works to regulate the rates customers pay for electricity and ensure that companies provide quality, safe and reliable electric service.1
|Nasdaq Makes Preparations to Shorten Settlement Cycle for Securities Transactions from T+3 to T+2|
Peter J. Rivas; Jones Walker LLP;
September 9, 2016, previously published on September 1, 2016In connection with the industry-led initiative to shorten the settlement cycle for transactions in U.S. equities and other securities from trade date plus three business days (T+3) to trade date plus two business days (T+2), the Nasdaq Stock Market LLC (“Nasdaq”) has preliminarily...
|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:
|Cayman Islands Enhances its Commitment to Global Transparency|
Gary Smith; Loeb Smith;
September 7, 2016, previously published on Summer 2016The Cayman Islands Government has issued The Confidential Information Disclosure Bill, 2016 ("Confidentiality Bill") which, once it comes into force will bring into effect a fundamental overhaul of confidentiality laws in the Cayman Islands. The introduction of the Confidentiality Bill is...
|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...