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|Federal Tenant Protection Act Scheduled to Expire|
Weltman Weinberg Reis Co. L.P.A.;
February 18, 2015, previously published on December 29, 2014In 2009, President Obama signed into law the federal Protecting Tenants at Foreclosure Act (PTFA), granting tenants, under certain circumstances, the right to live out their lease or at least 90 days' notice before having to vacate a property sold at foreclosure sale. PTFA came at the height of the...
|Saudi Arabia Updates Arbitration Law to Resolve More Commercial Disputes|
Sally Fitch LLP;
February 18, 2015Like the companies they serve, international arbitration venues are also subject to the pressures of competition. Various arbitration locations and policies have their advantages, and arbitration laws can make a big difference in parties' decisions about where they want commercial disputes to be...
|IBERIABANK v. Beneva|
Scott Jonathan Kennelly, Janet C. (Jacy) Owens; Rogers Towers, P.A.;
February 18, 2015, previously published on January 15, 2015When an institution acquires a failed bank from the FDIC as Receiver and then faces litigation arising from the failed bank’s loans, FDIC “special powers” can often be asserted by the institution, as assignee of the FDIC as Receiver, to bar certain claims or defenses brought by...
|Italy and Switzerland Sign Landmark Exchange of Information Agreement|
Giulia Cipollini, Filippo Noseda; Withers Bergman LLP;
February 18, 2015, previously published on February 9, 2015After three years of intense negotiations, on the 15th January 2015 representatives of the Italian and Swiss Governments signed an agreement which spells the end of banking secrecy.
|Documentary Stamp Taxes: Enforcing a Promissory Note and Mortgage Prior to Payment|
Karl R. Gruss, Edward Lee Kelly; Rogers Towers, P.A.;
February 18, 2015, previously published on January 13, 2015While failure to pay Florida’s documentary stamp taxes on a promissory note or mortgage can subject the offender to criminal and financial sanctions, the state’s courts of appeal are split when it comes to determining whether Florida law permits enforcement of a note or mortgage when...
|Bank Capital Requirements: Federal Reserve Board Proposes Rule Establishing Common Equity Surcharge on U.S. Global Systemically Important Banks|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
February 18, 2015, previously published on December 14, 2014On December 9, the Board of Governors of the Federal Reserve System (the “FRB”) issued a Notice of Proposed Rulemaking (the “Proposed Rule”) to establish risk-based capital surcharges for systemically important U.S. bank holding companies (“BHCs”).
|Bank Leumi Agreement with Department of Justice Results in Disclosure of Identities of 1,500 U.S. Account Holders|
Jon Grouf, James J. Holman, Hope P. Krebs, Anthony D. Martin, Megan R. Worrell; Duane Morris LLP;
February 17, 2015, previously published on January 12, 2015These developments raise many significant issues for U.S. persons with undisclosed accounts at Bank Leumi with respect to potential criminal prosecution, civil examinations and the availability of the Offshore Voluntary Disclosure Program and the Streamlined Programs for residents and nonresidents.
|New SEC Guidance Adds Flexibility to BDC Co-Investing|
Steven B. Boehm, Cynthia M. Krus, John J. Mahon, Anne G. Oberndorf, Harry S. Pangas; Sutherland Asbill & Brennan LLP;
February 13, 2015, previously published on December 8, 2014The U.S. Securities and Exchange Commission (SEC) Division of Investment Management (the Division) just published guidance that will permit business development companies (BDCs) to co-invest with certain persons considered affiliates without obtaining exemptive relief. Under the Investment Company...
|Ringing in the New Year: TCPA Hot Issues for 2015|
Keith J. Barnett, Thomas M. Byrne, Ellen M. Dunn, Juan C. Garcia, Allegra J. Lawrence-Hardy; Sutherland Asbill & Brennan LLP;
February 13, 2015, previously published on January 16, 2015The year 2014 saw a surge in class action filings under the Telephone Consumer Protection Act (TCPA). Record-setting class action settlements captured the headlines. The Federal Communications Commission (FCC) provided guidance on some issues, but unsettled law in other areas placed a compliance...
|How Can Turkish Banking Cope With The Changing Global Banking Dynamics?|
Safak Herdem; HERDEM Attorneys At Law;
February 11, 20152008 global economic meltdown had served as an important wake up call for the global banking industry. The complicated web of interrelated financial instruments created by investment banking gurus, accompanied by a lax regulatory regime came to create one of the biggest financial disasters after...