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|Québec's New Regime Concerning Security on Monetary Claims|
Lise Morissette; Borden Ladner Gervais LLP;
December 9, 2015, previously published on November 30, 2015On April 21, 2015, Bill 28, which amends certain provisions of the Civil Code of Québec (the "CCQ") in order to allow the creation of movable hypothecs with delivery (pledges) on certain monetary claims, was assented to. These amendments will come into force on January 1, 2016.
|Greater Clarity for Secured Lenders: New Rules taking effect December 31|
Diane P.L. Brooks; Blaney McMurtry LLP;
December 7, 2015, previously published on December 1, 2015You lend money to a technology company so that it can research, develop and market a new software package. As security for your loan, you take a security interest in that company’s intellectual property and accounts receivable. The company runs into trouble. You conclude, reluctantly, that...
|We Agreed to What? Lease Extensions & The Standard Form Lease in 1251614 Ontario Ltd. v Gurudutt Inc.|
Brennan M. Carroll, Mario Pedro; Borden Ladner Gervais LLP;
December 3, 2015, previously published on November 26, 2015The Ontario Superior Court of Justice's contentious judgement in 1251614 Ontario Ltd. v. Gurudutt Inc., 2015 ONSC 2141 provides a cautionary lesson for tenants entering into leases and those exercising lease extension or renewal options (referred to as extensions hereafter). The judgment is the...
|UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay|
Cheryl I. Aaron, James M. Cain, Warren N. Davis, David T. McIndoe, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
November 25, 2015, previously published on November 24, 2015On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These final rules create restrictions on contractual...
|House Votes to Rollback Mortgage Regulations|
McDonald Hopkins LLC;
November 24, 2015, previously published on November 20, 2015On Wednesday, the House passed the Portfolio Lending and Mortgage Access act - introduced by Rep. Andy Barr (R-KY) - that seeks to roll back some of the mortgage regulations put in place after the financial crisis of 2008.
|Last Week's Budget Bill Drastically Changed the Audit Rules for Partnerships|
Amanda Wilson, Joseph W. Zitzka; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
November 20, 2015, previously published on November 9, 2015Last week, President Obama signed into law the Bipartisan Budget Act of 2015. While there has been news coverage about the budget agreement, little attention has been paid to the fact that it dramatically changed the manner in which partnerships (including LLCs that are taxed as partnerships) are...
|Severance Payments May be Recoverable in a Company’s Bankruptcy|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
November 18, 2015, previously published on November 2, 2015While (non-Wonderland) corporate layoffs are often less animated, former employees receiving severance payments have their own concerns if the company subsequently files for bankruptcy: some or all of those payments may be recouped by the bankruptcy estate. A recent Tenth Circuit decision addressed...
|The Credit Default Swap Settlement - Antitrust Cases Provide Recovery Opportunities for Institutional Investors|
Joel D. Rothman; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
November 18, 2015, previously published on November 5, 2015Recently, class plaintiffs moved for the preliminary approval of a $1.865 billion settlement of the Credit Default Swap Antitrust Litigation. In this case the plaintiffs alleged that, in and around 2008 and 2009, a number of financial institutions conspired to prevent new entrants from successfully...
|Sanction Issued by Banking Regulator Enforcement Committee Overturned by State Council for Attempting to Shift the Burden of Proof|
Philippe Goutay, Anselme Mialon; Jones Day;
November 13, 2015, previously published on November 2015In a decision of October 14, 2015, the French Supreme Court overturned a EUR 2 million sanction issued by the Enforcement Committee of the French banking regulator ("ACPR") against a major bank for allegedly failing to comply with the right to open accounts, whereby an individual who had...
|The New York Department of Financial Services Releases Potential New Cybersecurity Rules|
B. Scott Burton, Mark D. Herlach, Robert D. Owen, Robert J. Pile, Mark Thibodeaux; Sutherland Asbill & Brennan LLP;
November 13, 2015, previously published on November 13, 2015On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (the NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee (the FBIIC) that outlines key regulatory proposals that NYDFS is considering as new...