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|EU Bank Recovery and Resolution Directive|
Anastasios A. Antoniou; Anastasios Antoniou LLC;
July 13, 2015Public opinion became familiar with the term ‘bank resolution’ during the Cyprus banking crisis of 2013. The legal model that had been used in Cyprus, under which powers were vested in the Central Bank to resolve failing banks pursuant to the provisions of emergency national...
|Compliance Review of Derivative Dealers in Ontario to Start Soon|
Carol E. Derk, Julie Mansi; Borden Ladner Gervais LLP;
July 13, 2015, previously published on July 6, 2015After many speaking engagements where we discussed the need for comprehensive, firm-specific derivatives policies and procedures, on June 29, 2015, the Ontario Securities Commission announced its intention to review compliance with derivative trade reporting requirements during fiscal 2015/16. OSC...
|Amendments to Singapore Companies Act Intended to Modernize Regulations|
Timothy Goh, Sushma Jobanputra, Darren Murphy; Jones Day;
July 13, 2015, previously published on July 2015The Companies (Amendment) Act 2014 ("Amendment Act") was passed by the Singapore Parliament and assented to by President Tony Tan Keng Yam in 2014. On April 15, 2015, the Accounting and Corporate Regulatory Authority of Singapore ("ACRA") announced that the amendments will be...
|Vermont Department of Financial Regulation Addresses Price Optimization In Property and Casualty Ratemaking|
G. Donovan Brown; Colodny Fass, P.A.;
July 10, 2015, previously published on July 3, 2015In Bulletin 186 issued last week, the Vermont Department of Financial Regulation ("VDFR") addressed the issue of "price optimization" by reminding all property and casualty insurers issuing personal lines policies in Vermont that all ratemaking must conform to statutory...
|Mortgage Loans: Information You Can Really Use|
Robert M. Cunningham; HunterMaclean;
July 10, 2015, previously published on July 1, 2015Two years ago I wrote to explain mortgage loan disclosures required under Federal law to help consumers/borrowers - Truth-in-Lending (TIL) and Good Faith Estimates (GFE). For all residential mortgage applications made on or after August 1, 2015, new rules by the Bureau of Consumer Financial...
|The Consumer Financial Protection Bureau's cases against Sprint and Verizon for Mobile Cramming|
Brooks F. Bossong; Nexsen Pruet, LLC;
July 3, 2015, previously published on June 23, 2015Today we’re taking a look at the Consumer Financial Protection Bureau’s cases against Sprint Corporation (“Sprint”) and Cellco Partnership d/b/a Verizon Wireless (“Verizon”) for mobile cramming. For starters, what does “cramming” mean in the context...
|Treasury Department Publishes 2015 National Money Laundering Risk Assessment and National Terrorist Financing Risk Assessment|
Eric J. Dyas; Jones Walker LLP;
July 3, 2015, previously published on June 18, 2015On Friday, June 12, the United States Department of the Treasury published its 2015 National Money Laundering Risk Assessment ("NMLRA"). Drafted by Treasury's Office of Terrorist Financing and Financial Crimes ("TFFC"), and prepared by the TFFC in consultation with various...
|Long Wait for Dodd-Frank Diversity and Inclusion Standards Turns Out To Be Much Ado About Nothing|
H. Mark Adams; Jones Walker LLP;
July 1, 2015, previously published on June 2015"Much ado about nothing," is just one literary turn of phrase that comes to mind in considering the initial uproar over Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the long wait for the implementing regulations. Here’s some background to add some...
|June 30th Deadline to File Foreign Bank and Financial Account Report (“FBAR”)|
William A. Buck; Leech Tishman;
June 26, 2015, previously published on June 2015U.S. taxpayers (including individuals, corporations, and partnerships) with a financial interest in, or signature authority over, foreign (outside of U.S.) financial accounts totaling $10,000 or more at any time during the year are generally required to report such foreign financial interest to the...
|Position Limits and Reporting on Commodity Derivatives to Take Effect Next Month|
Philippe Goutay, Anselme Mialon; Jones Day;
June 26, 2015, previously published on June 2015Beyond providing for a French regime of banking separation, French Law no. 2013-672 of July 26, 2013 had sought to anticipate MiFID 2 on a number of issues. Among such issues, starting from July 1, 2015, the Autorité des Marchés Financiers ("AMF") will be empowered to impose...