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|Subscription Credit Facilities and the Volcker Rule|
Timothy R. Hicks, Michael C. Mascia, Wesley A. Misson; Mayer Brown LLP;
August 13, 2014, previously published on Summer 2014On December 10, 2013, the federal financial agencies approved joint final regulations (the “Final Regulation”) implementing section 619 of the Dodd-Frank Act, commonly referred to as the Volcker Rule. Section 619 added a new section 13 to the Bank Holding Company Act of 1956, which...
|Participating Banks - Don't Skip the Due Diligence|
Ann Marie Mehlert; Lerch Early Brewer Chartered;
August 12, 2014, previously published on August 7, 2014When deciding whether to participate in a loan, a bank should perform its own due diligence for the loan and not rely solely on representations from the lead or selling bank.
|Default of Mortgage Loans Due to Death of a Borrower or Guarantor|
Kohrman Jackson Krantz PLL;
August 12, 2014, previously published on August 11, 2014While most people prefer not to think about it, the death of a borrower or guarantor on a mortgage loan has been known to occur and there can be significant consequences to the loan.
|FINRA Prohibits Conditioned Settlements|
Katharine F. Musso; Jones Walker LLP;
August 12, 2014, previously published on August 7, 2014On July 30, 2014, the Financial Industry Regulatory Authority ("FINRA") adopted a new rule which prohibits brokers from conditioning settlement of a customer dispute on the customer's agreement to prevent the dispute from being made public. New FINRA Rule 2081, entitled "Prohibited...
|Anti-Money Laundering Customer Due Diligence|
K. Michael Carlton, Barry N. Hurwitz, Andrew B. Kales, W. John McGuire, Carl A. Valenstein; Bingham McCutchen LLP;
August 11, 2014, previously published on August 8, 2014On July 30, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued proposed regulations seeking to clarify and strengthen the customer due diligence obligations of certain types of financial institutions aimed at preventing money laundering in the...
|Russia/Ukraine Economic Sanctions Update: Canada Expands Sanctions List against Russian and Ukrainian Individuals and Entities|
John W. Boscariol, Robert A. Glasgow, Brandon Mattalo; McCarthy Tétrault LLP;
August 11, 2014, previously published on August 7, 2014On August 6, 2014, the continued turmoil in eastern Ukraine caused the Government of Canada to expand its economic sanctions against Russia and Ukraine by adding entities and individuals to its lists of “designated persons”.
|Department of Finance Releases Proposal for Canadian Bail-In Regime|
Ana Badour, Frédéric Cotnoir, Barry J. Ryan; McCarthy Tétrault LLP;
August 11, 2014, previously published on August 5, 2014On August 1, 2014, the Department of Finance issued for comment the Taxpayer Protection and Bank Recapitalization Regime: Consultation Paper. The Consultation Paper outlines the proposed bail-in regime applicable to Canada’s domestic systemically important banks (D-SIBs), as a follow-up to...
|SAFE Circular 36: Liberalising Capital Account Settlement for FIEs|
Frank L. Qi, Betty F. K. Tam; Johnson Stokes & Master Mayer Brown JSM;
August 8, 2014, previously published on August 5, 2014On 15 July 2014, the State Administration of Foreign Exchange (SAFE) issued the Circular of the SAFE on Relevant Issues Concerning the Pilot Reform in Certain Areas of the Administrative Method of the Conversion of Foreign Exchange Funds by Foreign-invested Enterprises (“Circular 36”),...
|ICLG Alternative Investment Funds 2014|
Christine Hakim, Freddy Karyadi; Ali Budiardjo, Nugroho, Reksodiputro (ABNR);
August 7, 2014, previously published by Global Legal Group Ltd, London (This article appeared in the 2014 edition of The International Comparative Legal Guide to: Alternative Investment Funds) on July 2014This article appeared in the 2014 edition of The International Comparative Legal Guide to: International Arbitration;
|New York State Department of Financial Services Proposes a “BitLicense” Regulatory Framework for Virtual Currency Businesses|
Matthew Bisanz, Alex C. Lakatos, Jeffrey P. Taft; Mayer Brown LLP;
August 7, 2014, previously published on August 6, 2014The New York State Department of Financial Services (the “NYSDFS”) has released a proposed regulatory framework (the “Proposed Rules”) for New York virtual currency businesses. The Proposed Rules build upon the NYSDFS’ prior activities in the virtual currency space....