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|West Virginia Modifies As-Extracted Collateral Filing Requirements|
Julia A. Chincheck, Sandra M. Murphy; Bowles Rice LLP;
October 22, 2014A new law passed by the West Virginia legislature and signed by the governor on April 1, 2014, clarifies that a secured party's lien on as-extracted collateral will last as long as a deed of trust, filed as a financing statement covering as-extracted collateral, remains enforceable. The new law,...
|Derivatives Sound Practices - Draft Guideline Released for Federally - Regulated Financial Institutions in Canada|
Carol E. Derk, Sienne Lam; Borden Ladner Gervais LLP;
October 21, 2014, previously published on October 9, 2014On October 1, 2014, the Office of the Superintendent of Financial Institutions (OSFI) released draft Guideline B-7 Derivatives Sound Practices (Guideline). The Guideline applies to federally-regulated financial institutions (FRFIs). OSFI first set out its expectations for FRFIs regarding their...
|Be Careful What You Ask for: Selecting Forums for Arbitration|
Devin C. Dolive; Burr & Forman LLP;
October 21, 2014, previously published on October 6, 2014On October 2, 2014, the United States Court of Appeals for the Eleventh Circuit rendered its decision in Inetianbor v. CashCall, Inc. Although this case did not involve a non-compete agreement, the Eleventh Circuit’s guidance regarding contractual arbitration provisions may have implications...
|ISS Proposes 2015 Policy Updates: No Proposal on Unilateral Bylaw Amendments; U.S. Policy Changes Would Introduce Uncertainty for Independent Chair Shareholder Proposals and Implement a Scorecard for Equity Plan Proposals|
Sullivan Cromwell LLP;
October 19, 2014, previously published on October 16, 2014Yesterday, Institutional Shareholder Services, the proxy advisory firm, published proposed changes to its proxy voting guidelines for the 2015 proxy season. The proposals applicable to U.S. companies are limited and do not include any proposed change relating to unilateral bylaw amendments. ISS had...
|VAT Groups: Potential VAT Costs for Financial Groups as ECJ Recognises Intra-Entity Supplies between US Head Office and VAT-Grouped Branch|
Sullivan Cromwell LLP;
October 19, 2014, previously published on October 10, 2014The European Court of Justice has decided that IT services provided by Skandia America Corporation to its Swedish branch should be recognised for VAT purposes because the Swedish branch was part of a VAT group.
|Louisiana Licensure Requirements|
Craig N. Landrum; Jones Walker LLP;
October 17, 2014, previously published on October 9, 2014Effective January 1, 2015, all out-of-state consumer loan lenders (including on-line lenders) who originate and/or purchase Louisiana consumer loans will be required to obtain a Licensed Lender license from the Office of Financial Institutions of the State of Louisiana.
|Recent CFPB Auto Finance Fair Lending Guidance|
Christopher R. Rahl; Gordon Feinblatt LLC;
October 17, 2014, previously published on October 7, 2014The CFPB recently released their Summer 2014 issue of “Supervisory Highlights.” The publication addresses the CFPB’s fair lending supervisory activity in connection with indirect auto financing. It also provides insight into the CFPB’s views concerning acceptable methods for...
|Taking a Stand Where Few Have Trodden: Structured Dismissal Held Clearly Authorized by the Bankruptcy Code|
Mark G. Douglas, Charles M. Oellermann; Jones Day;
October 16, 2014, previously published on September/October 2014A "structured dismissal" of a chapter 11 case following a sale of substantially all of the debtor's assets has become increasingly common as a way to minimize cost and maximize creditor recoveries. However, only a handful of rulings have been issued on the subject, perhaps because...
|Questioning the Executoriness of Trademark Licenses in Integrated Agreements|
Mark G. Douglas, Laura L. Swanson; Jones Day;
October 16, 2014, previously published on September/October 2014Protections added to the Bankruptcy Code in 1988 that give some intellectual property (“IP”) licensees the right to continued use of licensed property notwithstanding rejection of the underlying license agreement do not expressly apply to trademark licenses. As a consequence, a...
|Proposed Bankruptcy Rule and Official Form Changes|
Mark G. Douglas; Jones Day;
October 16, 2014, previously published on September/October 2014The Judicial Conference Advisory Committees on Appellate, Bankruptcy, Civil, and Criminal Rules have proposed amendments to their respective rules and forms and have requested that the proposals be circulated to the bench, bar, and public for comment. The public comment period closes on Tuesday,...