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|New Resolutions No. 160 and No. 161 of the Board of the National Bank of Ukraine (“NBU”) Dated 3 March 2015 Enter Into Force as of 4 March 2015.|
Natalia Selyakova; Dentons Canada LLP;
April 14, 2015, previously published on March 4, 2015Resolution No. 160 was adopted to replace the earlier “anti-crisis” Resolution of the NBU No. 758 dated 01 December 2014, as amended, that expired on 3 March 2015. As a general matter, the Resolution prolongs the previously effective anti-crisis measures and introduces several new...
|Bitcoin: Is It a Viable Security Asset?|
Martin Fanning, James Marsden, Adam Pierce; Dentons Canada LLP;
April 14, 2015, previously published on March 31, 2015In its short history, Bitcoin has generated a huge amount of commentary and has polarised views. Some see it as a game-changing, revolutionary form of currency. Others find it hard to see beyond its undoubted immediate problems, in particular its volatile value and its lack of regulation and...
|FDCPA Concerns for Debt Buyers and Related Impact on Debt Settlement Firms|
Christopher R. Rahl; Gordon Feinblatt LLC;
April 14, 2015, previously published on March 2015The Fair Debt Collection Practices Act (“FDCPA”), among other things, bans all false, deceptive, misleading, and unconscionable debt collection practices, including any false representations concerning the “character, amount, or legal status” of a debt. Three recent...
|Receivables Finance - Overriding Blocks to Assignment|
James Harvey, Alexander Hewitt; Dentons Canada LLP;
April 14, 2015, previously published on March 31, 2015The Small Business Enterprise and Employment Act received Royal Assent on 26 March and, when implemented, is expected to produce a huge boost in SME receivables finance.
|New Reporting Requirements for Russian Resident Individuals’ Foreign Accounts Make 2015 A Critical Year|
John Stansfield, Andrei Strijak, Timothy Stubbs; Dentons Canada LLP;
April 13, 2015, previously published on March 18, 2015In 2014 Russian lawmakers amended RF Law No. 173-FZ (the 'CCL') by adoption of RF Law No. 218-FZ ('Law 218-FZ'). Amongst other changes, Law 218-FZ removed the exemption from reporting for Russian resident individuals (‘RRIs’) regarding their foreign bank accounts, including deposits...
|Priority in Security Interests: Lessons for Secured Creditors|
M. Sandra Appel; Davis LLP;
April 7, 2015, previously published on January 20, 2015In the opening paragraph of his decision in CFI Trust v. Royal Bank of Canada 2013 BCSC 1715, Supreme Court Justice Elliot Myers drew a parallel to the dark comedy Fargo, but this case was no laughing matter to the two creditors involved, who were left fighting over the remains after the fraudulent...
|Proposed Amendments to TSX Company Manual Regarding Closed-end Funds, Exchange Traded Products and Structured Products|
Andrew Armstrong, Michael J. Eldridge, Jonathan R. Grant, Wendi A. Locke; McCarthy Tétrault LLP;
April 7, 2015, previously published on January 28, 2015On January 15, 2015, the Toronto Stock Exchange (TSX) published proposed amendments (Amendments) to the TSX Company Manual which will introduce formal listing requirements for Closed-end Funds, Exchange Traded Products and Structured Products. The Amendments that relate to matters other than...
|Recent Developments in BSA/AML and Sanctions: New Sanctions Targeting Persons in Venezuela and Expansion of Sanctions Addressing the Situation in Ukraine; DOJ Reaches First Criminal Settlement in “Operation Choke Point”; and FinCEN Proposes Special Measures Against an Andorran Bank Under Section 311 of the USA PATRIOT Act|
Nicolas Bourtin, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
April 6, 2015, previously published on March 18, 2015Last week, there were several important developments in the areas of U.S. Bank Secrecy Act/anti-money laundering (“BSA/AML”) and U.S. economic sanctions. On Monday, March 9, 2015, the President issued Executive Order 13692, implementing, for the first time, sanctions under the Venezuela...
|Volcker Rule: Agencies Release New Volcker Rule FAQ with Critical Guidance for Foreign Banking Entities and Fund Sponsors; Clarify That U.S. Marketing Restriction Under “SOTUS” Covered Fund Exemption Does Not Apply to Third Parties|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
April 1, 2015, previously published on February 27, 2015Earlier today, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission (collectively, the...
|OCC Continues Focus on BSA/AML|
Katharine F. Musso; Jones Walker LLP;
March 30, 2015, previously published on March 5, 2015The Office of the Comptroller of the Currency ("OCC") announced a civil money penalty of $1.5 million against a large community bank on February 27. The OCC found the bank had willfully failed to file suspicious activity reports ("SARs") and, as a result, hampered law...