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|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...
|Registered E-Mail System of MASAK under the Law on Prevention of Financing of Terrorism|
HERDEM Attorneys At Law;
March 30, 2015The Financial Crimes Investigation Board (MASAK), which is a main service unit of the Ministry of Finance, having the mission of making policies and carrying out investigation and research to convey the information and the results to relevant authorities has issued a regulation on registered...
|Securities Law Considerations in Cross-Border Restructurings|
Marie Elena Angulo, Pedro A. Jiménez, Jessica Mendoza; Jones Day;
March 30, 2015, previously published on March 2015Non-U.S. companies in the process of restructuring debt that includes one or more series of U.S. bonds must ensure that their restructuring plan and any securities issued as part of such plan comply with the requirements of U.S. securities law, in particular the registration requirements of the...
|EGRPRA Regulatory Review Process Continues|
Eric J. Dyas; Jones Walker LLP;
March 30, 2015, previously published on February 26, 2015The Economic Growth and Regulatory Paperwork Reduction Act of 1996 ("EGRPRA") requires that the federal banking agencies (the "Agencies") and the Federal Financial Institutions Examination Council review regulations prescribed by them at least once every ten years in order to...
|Bankruptcy Sales: The Stalking Horse|
Brad B. Erens; Jones Day;
March 30, 2015, previously published on March 2015Sales of assets pursuant to Section 363 of the Bankruptcy Code or pursuant to a plan of reorganization provide a number of benefits to a purchaser, but they also present a number of potential impediments, particularly to purchasers who are not familiar with the bankruptcy sale process. The benefits...
|CFPB Proposal to Expand Mortgage Lending in Rural and Underserved Areas|
Craig N. Landrum; Jones Walker LLP;
March 30, 2015, previously published on February 5, 2015In the several mortgage rules issued in 2013, the CFPB incorporated a variety of provisions affecting small creditors, including those that operate predominately in rural or underserved areas. For instance, Qualified Mortgage status may be granted to loans that small creditors (defined as $2...
|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...
|Recent Developments in BSA/AML: FDIC Weighs In on “De-Risking;” FinCEN and SEC Bring Actions Against Oppenheimer & Co. for BSA/AML Violations|
Nicolas Bourtin, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Jared M. Fishman; Sullivan & Cromwell LLP;
March 27, 2015, previously published on February 2, 2015January ended on a very active note in the area of Bank Secrecy Act (“BSA”)/anti-money laundering (“AML”) compliance, with the Federal Deposit Insurance Corporation (the “FDIC”), the Securities and Exchange Commission (“SEC”), and the Financial Crimes...
|Foreign Fund Was Engaged in a Trade or Business in the United States as a Result of Lending and Underwriting Activities|
Jeffrey D. Hochberg, Donald L. Korb, Eric M. Lopata, Andrew P. Solomon, David C. Spitzer; Sullivan & Cromwell LLP;
March 27, 2015, previously published on January 26, 2015On January 2, 2015, the Internal Revenue Service (the “IRS”) released Advice Memorandum 201501013 (the “Advice Memorandum”) from the Office of Chief Counsel. The Advice Memorandum concludes that a partnership was engaged in a U.S. trade or business through lending and...
|US Congress Passes 1-year Retroactive "Extenders" Package|
Kathryn L. Anderson, John L. Harrington, Marc D. Teitelbaum; Dentons Canada LLP;
March 27, 2015, previously published on December 17, 2014It's been called "a terrible way to make tax policy" and "not that great a deal for families, individuals, and businesses"--and that's just by its supporters. Still, even though far from ideal, the "Tax Increase Prevention Act of 2014" is an early Christmas present for...