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|UCC Section 4-406(f) Reporting Requirement Has Teeth|
Ryan M. Cunningham; Sally & Fitch LLP;
January 10, 2015, previously published on November 6, 2014While Section 4-111 of the Uniform Commercial Code ("UCC") contains a three-year statute of limitations for filing claims against a bank for paying an unauthorized or altered item from an account, a more potent tool for banks can be found in UCC 4-406(f), a one-year statute of repose for...
|Sanctions Confirmations in Facility Agreements - Is There a Market Standard?|
Adam Pierce; Dentons Canada LLP;
January 10, 2015, previously published on December 11, 2014In the European loan markets, it is increasingly common for lenders to require their borrowers (and other "Obligors") to provide sanctions-related representations and undertakings (sanctions confirmations) in their facility agreements. Adam Pierce considers whether any pattern is emerging...
|Letters of Credit: Privy Council Reaffirms Autonomy Principle|
David Williams; Dentons Canada LLP;
January 10, 2015, previously published on December 11, 2014The autonomy principle is fundamental to the utility of letters of credit (LCs). Under this principle, a bank must pay against a presentation of documents that appear on their face to comply with the credit. This obligation is "autonomous" from the underlying transaction. In a recent...
|Uganda Goes Down The PPP Route|
Dominic Spacie; Dentons Canada LLP;
January 9, 2015, previously published on December 11, 2014In July 2014, Uganda joined the list of African countries that have implemented Public Private Partnership or "PPP" laws, by passing the Public Private Partnership Bill 2012 (the PPP Law). As in many African countries, improving Uganda's infrastructure is seen as a key step in unlocking...
|New NBU “Anti-crisis” Measures|
Natalie Selyakova; Dentons Canada LLP;
January 9, 2015, previously published on December 3, 2014New Resolution No. 758 of the Board of the National Bank of Ukraine dated 1 December 2014 (the “Resolution”) enters into force as of 3 December 2014. This Resolution was adopted to replace the earlier “anti-crisis” Resolution of the NBU No. 540 dated 29 August 2014, as...
|CMA Identifies Competition Concerns in Retail Banking|
Rebecca Owen-Howes, Sam Szlezinger; Dentons Canada LLP;
January 8, 2015, previously published on November 13, 2014We reported on 6 November that the Competition and Markets Authority (CMA) has opened a market investigation into personal current accounts (PCAs) and SME banking (retail banking market investigation). On 12 November, the CMA published details of the members of the investigation group and the...
|FFIEC Releases 2014 BSA/AML Examination Manual|
Neal C. Wise; Jones Walker LLP;
January 7, 2015, previously published on December 4, 2014On December 2, 2014, the Federal Financial Institutions Examinations Council ("FFIEC") released the 2014 Bank Secrecy Act/Anti-Money Laundering Examination Manual ("Exam Manual"). The update marks the first time since 2010 that the FFIEC has updated the Exam Manual, although...
|Operation Choke Point|
Adam Keith Butman Brandon; Rogers Towers, P.A.;
December 29, 2014, previously published on November 21, 2014As part of a coordinated, multi-agency initiative known as “Operation Choke Point,” the Federal Deposit Insurance Corporation (FDIC) has warned financial institutions that they might be liable for maintaining banking relationships with certain “high risk” businesses and...
|Usury in Florida: Exceptions to Civil Penalties|
Scott Jonathan Kennelly, Janet C. (Jacy) Owens; Rogers Towers, P.A.;
December 29, 2014, previously published on November 13, 2014When a lender “willfully” charges interest in excess of statutory limits, civil usury penalties may apply. However, Florida’s usury statutes provide for two exceptions to the application of civil usury penalties.
|Who Do You Trust?— New Ruling Highlights the Need for Care in Deciding How to Open Your Joint Bank Account|
Karl R. Gruss, Edward Lee Kelly; Rogers Towers, P.A.;
December 29, 2014, previously published on November 4, 2014Florida law recognizes, and most banks offer, multiple forms of account designation to meet the desires and needs of individual customers. Keep in mind, however, that the standard demand deposit account agreement (whether checking or savings), is primarily, and understandably, designed to guide and...