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|Restructuring: More Clarity for Delaware Directors When Considering Restructuring Transactions|
Francis J. Aquila, Audra D. Cohen, H. Rodgin Cohen, Andrew G. Dietderich, Mitchell S. Eitel; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 14, 2015In Quadrant Structured Products Co., Ltd. v. Vertin (May 4, 2015) (“Quadrant”), the Delaware Court of Chancery confirms - again - that ordinary corporate fiduciary duties govern the conduct of directors of an insolvent corporation, rather than a special duty to creditors. The Court also...
|Senate Regulatory Relief Proposal: Banking Committee Chairman Releases Discussion Draft of “The Financial Regulatory Improvement Act of 2015”|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 13, 2015Yesterday afternoon, Senate Banking Committee Chairman Richard Shelby (R-AL) released a discussion draft of “The Financial Regulatory Improvement Act of 2015” (the “Discussion Draft”). This proposed legislation would significantly amend certain aspects of the Dodd-Frank Wall...
|MiFID, MiFID 2 Where Are You? We Got Some Work to Do Now|
Emma Radmore, Luca Salerno; Dentons Canada LLP;
May 19, 2015, previously published on March 31, 2015The current Markets in Financial Instruments Directive has been replaced by a new Directive (Revised MiFID) and Regulation (MiFIR). This is the MiFID 2 package. With limited exceptions, the changes take effect from 3 January 2017. Before then, governments and regulators have much work to do to...
|Recent LMA LIBOR Related Changes - Their Possible Impact on Islamic Finance Documents|
Richard de Belder, Adam Pierce; Dentons Canada LLP;
May 19, 2015, previously published on March 31, 2015At the end of last year, the Loan Market Association (LMA) updated its facility agreements, including changes to the interest rate definitions and mechanics. Many Islamic finance transactions use a conventional interest rate benchmark, such as LIBOR, to calculate the profit or variable rental....
|Michigan's Amended Periodic Garnishment Statute|
David A. Wolfe; Weltman, Weinberg & Reis Co., L.P.A.;
May 18, 2015, previously published on May 6, 2015Michigan allows judgment creditors to garnish funds owed to a judgment debtor through a periodic garnishment (which is typically sent to an employer), a non-periodic garnishment (which typically seeks to seize funds in a bank account) and a tax garnishment. Recently, Michigan amended its statute...
|Client Alert: Federal Reserve Board Amends "Small Bank Holding Company Policy Statement" to Cover BHCs and SLHCs with Total Consolidated Assets of Less Than $1 Billion|
Brandt T. Bowman; Rhoads & Sinon LLP;
May 18, 2015, previously published on April 2015On April 9, 2015, the Federal Reserve Board (the “Board”) adopted a final rule (the “Final Rule”) amending its Small Bank Holding Company Policy Statement (the “Policy Statement”), contained in Appendix C of the Board’s Regulation Y. The Final Rule raises...
|Limitations on Foreign Exchange in Kazakhstan|
Aigoul Kenjebayeva; Dentons Canada LLP;
May 14, 2015, previously published on May 5, 2015On 16 March 2015 the Management Board of the National Bank of the Republic of Kazakhstan by its Resolution No 321 resolved to amend the Rules on Currency Operations in the Republic of Kazakhstan (Rules). The Rules inter alia regulate foreign exchange operations, the regime of foreign investments...
|CDFI Fund Opens FY 2015 Bank Enterprise Award|
Craig N. Landrum, Neal C. Wise; Jones Walker LLP;
May 14, 2015, previously published on May 7, 2015On May 4, the Community Development Financial Institutions ("CDFI") Fund opened up the fiscal year 2015 application round for the Bank Enterprise Award Program ("BEA Program"). Like last year, the CDFI Fund made $18 million available to eligible FDIC-insured banks. The deadline...
|What Next for Bank Capital and the IRB Approach?|
Michael Wainwright; Dentons Canada LLP;
May 14, 2015, previously published on April 21, 2015Financial Services analysis: Could changes to the internal ratings based (IRB) regulatory framework result in substantial burdens for banks and national regulators? Michael Wainwright, partner in Dentons' Financial Services and Funds practice, comments on the European Banking Authority's (EBA)...
|Weak Euro Can Result In Problems for Foreign Currency Loans|
Michael Rainer; GRP Rainer LLP;
May 13, 2015, previously published on May 12, 2015The ECB wants to purchase government bonds on a large scale. One consequence of this could be another collapse in the euro exchange rate. This might lead to problems for financial investments with foreign currency loans.