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|Prudential Regulators Release Final Margin Rules for Swaps|
Steven Lofchie, Nihal S. Patel, Jeffrey L. Robins; Cadwalader, Wickersham & Taft LLP;
October 29, 2015, previously published on October 23, 2015On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps1 and (ii) an interim final rule to implement statutory amendments excluding certain entities from the...
|Remedies Proposed in UK Retail Banking Sector to Address Lack of Competition|
Alan Davis, Matt Evans; Jones Day;
October 28, 2015, previously published on October 2015The UK Competition and Markets Authority (“CMA”) has provisionally concluded there is a lack of effective competition in the UK retail banking market and has proposed a number of remedies to improve customers’ knowledge and awareness, encourage them to switch providers, and make...
|It's Time for Executives to Check Their Corporate Indemnities and D&O Insurance|
William C. Wagner; Taft Stettinius & Hollister LLP;
October 23, 2015, previously published on October 14, 2015Many corporate executives, including directors, believe they would be fully indemnified from the cost of defending against a government investigation or prosecution. They find solace in articles of incorporation or bylaws that require their corporation to fully indemnify them from criminal, civil,...
|Guarantors Can Use Anti-Deficiency Statute in North Carolina|
Rayford K. (Trip) Adams; Spilman Thomas & Battle, PLLC;
October 22, 2015, previously published on October 13, 2015The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a foreclosure sale. And that word is that the guarantors can use the...
|Advisory Panel Recommends Modernization of Ontario’s Corporate and Commercial Laws|
Matthew Cumming, Justin A. Lapedus, D.J. Lynde, Candace Pallone, Kelly Peters; McCarthy Tetrault LLP;
October 21, 2015, previously published on October 2, 2015On July 9, 2015, the Ontario Ministry of Government and Consumer Services released a report entitled “Business Law Agenda: Priority Findings & Recommendations Report” (the “Report”), which it commissioned to obtain advice on priorities for reforming Ontario’s...
|Deficiency Judgment Cases In North Carolina Just Got A Lot More Complex|
Jay DeVaney, Brian T. Pearce; Nexsen Pruet, LLC;
October 7, 2015, previously published on September 25, 2015A question that continually arose during the foreclosure deficiency actions that were spurred by the recent “Great Recession,” was whether or not a guarantor on a loan could raise the “defense” offered in N.C. Gen. Stat. § 45-21.36. The statute, thought to apply by its...
|FINRA's Projected 2015 Fines: Not Keeping Pace With 2014’s Total, But Still a Blockbuster Year|
Peter J. Anderson, Eric A. Arnold, Bruce M. Bettigole, Patricia A. Gorham, Olga Greenberg; Sutherland Asbill & Brennan LLP;
September 22, 2015, previously published on September 21, 2015Despite a slowdown in the fines reported in 2015, the Financial Industry Regulatory Authority (FINRA) has continued to flex its enforcement muscle so far this year. During the first half of 2015, FINRA reported $37.5 million in fines in its monthly Disciplinary and Other FINRA Actions publications...
|Attention Banks and Thrifts: Use Caution Retaining Vendors To Investigate Matters Requiring Attention|
Molly Z. Brown; McDonald Hopkins LLC;
September 14, 2015, previously published on September 11, 2015At least every 12-18 months, federal and state banking regulators conduct an examination of the financial institutions under their jurisdiction to ensure that they are operating in a safe and sound manner and providing fair access to credit. If an examination reveals that practices deviate from...
|Lender Held to Hold Unperfected Lien on Payment Right Under Borrower's Business Interruption Insurance Policy|
Lawrence D. Coppel; Gordon Feinblatt LLC;
September 14, 2015, previously published on September 2015In Wheeling & Lake Erie Railway Co. v. Keach (In re Montreal, Maine & Atlantic Railway, Ltd), --F3d--, 2015 WL 4934212 (1st Cir. August 19, 2015), a case of first impression at the appellate level, the US Court of Appeals for the First Circuit, applying Maine law, held that a lender’s...
|Proposed Rule Filed Applying "Gifts" Rule to Municipal Advisors|
J. Andrew Gipson; Jones Walker LLP;
September 11, 2015, previously published on September 10, 2015On September 2, the Municipal Securities Rulemaking Board ("MSRB") filed a proposed rule change with the Securities and Exchange Commission that would apply to municipal advisors limitations on business-related gift giving currently applicable to other municipal securities professionals...