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|Further Loosening of Cuban Sanctions to Expand Access to Finance, Trade and Travel|
Ira Gonzalez; Adams and Reese LLP;
March 4, 2016, previously published on February 1, 2016The Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce announced new amendments to Cuban policy to "further implement the new direction toward Cuba" announced by President Obama in December 2014.
|Italian NPL Guaranteed by the Italian Government: Law Decree Approved|
Francesco Squerzoni, Mario Todino, Vinicio Trombetti; Jones Day;
March 3, 2016, previously published on February 2016On February 14, 2016, the Italian Government approved the law decree ("decreto-legge" or the "Decree") that regulates, inter alia, the release of a guarantee by the Italian Government for non-performing loan ("NPL") transactions.
|Senior Managers and Certification Regime|
Elaine Aarons, Harvey Knight, Meriel Schindler; Withers Bergman LLP;
March 2, 2016, previously published on February 18, 2016On 7 March 2016, the first wave of the Senior Managers and Certification Regime will become effective. The senior management of all UK regulated banks, building societies and any regulated business that forms part of a banking conglomerate will be required to perform Senior Management Functions...
|Court Rules Banks Not Liable For Converting Cheques To Non-Existing / Fictitious Payees|
Heather Pessione; Borden Ladner Gervais LLP;
March 1, 2016, previously published on February 17, 2016On the Ontario Court of Appeal released its decision in Teva Canada Limited v. Bank of Montréal. The case arose out of a $5M fraud perpetrated by a former employee of pharmaceutical manufacturer Teva Canada Ltd. ("Teva") against Teva and a number of banks. The former employee...
|Garnishee Bank's "Defenses" Trumped?|
W. Patrick Ayers, Madison L. Mitchell; Burr & Forman LLP;
February 29, 2016, previously published on February 2016Cases decided recently in Florida and Illinois call into question one legal rule that some might have thought well-settled: a first-perfected security interest in collateral beats a later-perfected lien creditor's interest in that same collateral. Seems simple enough. Except this rule might not be...
|Bank Resolutions - Trust the Regulators, but Keep Your Powder Dry|
Assia Damianova, Nick Shiren; Cadwalader, Wickersham & Taft LLP;
February 29, 2016, previously published on February 17, 2016In times of financial turbulence, politicians, regulators and the media make the case for tighter controls of the markets. However, with new regulatory powers coming in and the resulting extra layer of complexity that their application brings, investors have their reasons not to put their trust in...
|Nebraska Department Of Banking And Finance Proposes New Exemption For Advisers To Private Funds|
Jason D. Benson; McGrath North Mullin & Kratz, PC LLO;
February 26, 2016, previously published on First Quarter 2016The Nebraska Department of Banking and Finance has proposed new regulations related to the registration of investment advisers. The regulations will establish a private fund adviser exemption from registration. The regulations were the subject of a rulemaking hearing held on January 7, 2016. There...
|Primary Legal Framework Governing Direct Lending by Italian and EU Funds Now Completed|
Alessandro Corno, Marco Frattini, Giovanni Meschia, Francesco Squerzoni; Jones Day;
February 24, 2016, previously published on February 2016In the last few years, the Italian Government reformed the Italian debt market with the aim of facilitating access by Italian businesses to financings. Going along this reformation path, the Italian Council of Ministers enacted Law Decree No. 18 of February 14, 2016 (the "Law Decree"),...
|Potential Benefits of Your Bank Obtaining CDFI Certification|
Robert L. Carothers; Jones Walker LLP;
February 15, 2016, previously published on February 4, 2016In January 2014, banks began complying with a host of new mortgage-related regulations issued by the Consumer Financial Protection Bureau ("CFPB"), including a new regulation known as the Ability-to-Repay Rule ("ATR Rule"). The ATR Rule imposes a number of requirements on banks...
|Switzerland Searching for Account Holders or Their Heirs|
Michael Rainer; GRP Rainer LLP;
February 11, 2016, previously published on February 9, 2016Switzerland is searching for missing account holders or their heirs. With several million francs said to be sitting “unclaimed” in Swiss accounts, succession could prove to be profitable.