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|UK Banking Regulator Finalizes Rules Requiring Adherence to Contractual Stay|
Cheryl I. Aaron, James M. Cain, Warren N. Davis, David T. McIndoe, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
November 25, 2015, previously published on November 24, 2015On November 13, the Bank of England’s Prudential Regulation Authority (PRA) published a final policy statement titled “Contractual Stays in Financial Contracts Governed by Third-Country Law” (the PRA Policy Statement). These final rules create restrictions on contractual...
|House Votes to Rollback Mortgage Regulations|
McDonald Hopkins LLC;
November 24, 2015, previously published on November 20, 2015On Wednesday, the House passed the Portfolio Lending and Mortgage Access act - introduced by Rep. Andy Barr (R-KY) - that seeks to roll back some of the mortgage regulations put in place after the financial crisis of 2008.
|Last Week's Budget Bill Drastically Changed the Audit Rules for Partnerships|
Amanda Wilson, Joseph W. Zitzka; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
November 20, 2015, previously published on November 9, 2015Last week, President Obama signed into law the Bipartisan Budget Act of 2015. While there has been news coverage about the budget agreement, little attention has been paid to the fact that it dramatically changed the manner in which partnerships (including LLCs that are taxed as partnerships) are...
|Severance Payments May be Recoverable in a Company’s Bankruptcy|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
November 18, 2015, previously published on November 2, 2015While (non-Wonderland) corporate layoffs are often less animated, former employees receiving severance payments have their own concerns if the company subsequently files for bankruptcy: some or all of those payments may be recouped by the bankruptcy estate. A recent Tenth Circuit decision addressed...
|The Credit Default Swap Settlement - Antitrust Cases Provide Recovery Opportunities for Institutional Investors|
Joel D. Rothman; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
November 18, 2015, previously published on November 5, 2015Recently, class plaintiffs moved for the preliminary approval of a $1.865 billion settlement of the Credit Default Swap Antitrust Litigation. In this case the plaintiffs alleged that, in and around 2008 and 2009, a number of financial institutions conspired to prevent new entrants from successfully...
|The New York Department of Financial Services Releases Potential New Cybersecurity Rules|
B. Scott Burton, Mark D. Herlach, Robert D. Owen, Robert J. Pile, Mark Thibodeaux; Sutherland Asbill & Brennan LLP;
November 13, 2015, previously published on November 13, 2015On November 9, Anthony Albanese, Acting Superintendent of the New York Department of Financial Services (the NYDFS), sent a letter to the 18 members of the Financial and Banking Information Infrastructure Committee (the FBIIC) that outlines key regulatory proposals that NYDFS is considering as new...
|Sanction Issued by Banking Regulator Enforcement Committee Overturned by State Council for Attempting to Shift the Burden of Proof|
Philippe Goutay, Anselme Mialon; Jones Day;
November 13, 2015, previously published on November 2015In a decision of October 14, 2015, the French Supreme Court overturned a EUR 2 million sanction issued by the Enforcement Committee of the French banking regulator ("ACPR") against a major bank for allegedly failing to comply with the right to open accounts, whereby an individual who had...
|Amendments to Ontario PPSA Location of Debtor Rules|
James Mathers; Borden Ladner Gervais LLP;
November 10, 2015, previously published on November 5, 2015 The Ontario government has recently proclaimed 31 December 2015 as the effective date for amendments to the Personal Property Security Act (PPSA) of Ontario that affect the definition of the location of a debtor.1 The location of the debtor is important under the PPSA for determining the...
|Discipline Resulting in Denial of Access to Sick Leave Bank and Ineligibility for Transfer Is Adverse Employment Action|
Shawe Rosenthal LLP;
November 10, 2015, previously published on October 30, 2015A Maryland federal court found that disciplinary action against an employee that resulted in the denial of access to a sick leave bank and ineligibility for transfer to other positions constituted an adverse employment action that could support a claim of retaliation under the Family and Medical...
|Six Steps Banks Should Implement to Ensure Their Security Procedures are Commercially Reasonable|
Paul A. Carrubba, Andrew D. Frame; Adams and Reese LLP;
November 5, 2015, previously published on October 26, 2015Banks are tasked by the Uniform Commercial Code (the UCC) with using “commercially reasonable” security procedures when processing funds transfers. This responsibility is constantly evolving as bank fraud becomes more sophisticated, and banks and courts respond to attacks.