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|Proposed Changes to Quebec Secured Transactions Regime Incorporate UCC Concepts|
Michel Deschamps, Mathieu Dubord, Richard O'Doherty; McCarthy Tétrault LLP;
December 23, 2014, previously published on December 3, 2014On November 26, Quebec's Finance Minister tabled a bill intended to amend the provisions of the Civil Code of Quebec (CCQ) concerning hypothecs (security interests). This update provides a summary of the proposed changes.
|Switzerland Narrows Advance Notice to Account Holders of Treaty Requests: Americans with Unreported Accounts Impacted|
Mark D. Allison, Mark E. Matthews, Scott D. Michel; Caplin & Drysdale, Chartered;
December 23, 2014, previously published on December 16, 2014Switzerland will now more liberally permit disclosure of bank account information to the U.S. government without advance notice to the account owner. Under prior law, if U.S. authorities requested that a Swiss bank identify an American with an account, the account holder almost always received...
|New York Puts Assets in Foreign Bank Branches Beyond the Reach of Judgment Creditors|
Lee A. Armstrong, Sevan Ogulluk; Jones Day;
December 16, 2014, previously published on November 2014Two weeks ago, the New York Court of Appeals issued a decision of great importance to global financial institutions. For the first time, the state's highest court confirmed that New York common law prevents a court from freezing a civil judgment debtor's assets held in foreign bank accounts....
|Change is Coming: Migration to EMV Chip Technology and the Fraudulent Purchase Liability Shift to Merchants|
Varner Brandt LLP;
December 10, 2014, previously published on October 24, 2014American Express, Discover, MasterCard and Visa have all announced their plans to move to a chip-based payments infrastructure (known as “EMV”) in the United States. Effective October 2015, merchants, card issuers and payment processors must comply with new technical requirements set...
|US Banking Regulators Issue Further Frequently Asked Questions for Leveraged Lending Guidance|
J. Paul Forrester; Mayer Brown LLP;
December 4, 2014, previously published on November 13, 2014The Office of the Comptroller of the Currency (OCC) has released its 2014 Shared National Credits (SNC) review (the 2014 SNC review).
|Basel III Liquidity Framework: Basel Committee Publishes Final Document on Net Stable Funding Ratio|
Whitney A. Chatterjee, H. Rodgin Cohen, Elizabeth T. Davy, Mitchell S. Eitel, Michael T. Escue; Sullivan & Cromwell LLP;
December 4, 2014, previously published on November 7, 2014On October 31, 2014, the Basel Committee on Banking Supervision (the “Basel Committee”), published a final document presenting the net stable funding ratio (“NSFR”), one of the key standards proposed by the Basel Committee to strengthen liquidity risk management as part of...
|LLC Conversions Can Create Lender Problems|
Lawrence G. Lerman; Lerch Early Brewer Chartered;
December 1, 2014, previously published on October 21, 2014Many of our local jurisdictions have statutes that enable a sole proprietorship, partnership or corporation to "convert" to a limited liability company (LLC) by operation of law. That means by filing Articles of Conversion with the state or DC, the former entity becomes an LLC, and all...
|The Lender, Not the Debtor, is Entitled to Choose its Remedies for a Defaulted Loan|
Matthew G. DiMeglio; Lerch Early Brewer Chartered;
December 1, 2014, previously published on October 21, 2014A federal district court in Americorp Financial, LLC v. Lansing Pharmacy, L.C., 923 F. Supp. 2d 1023 (E.D. Mich. 2013) held that a lender had a right to exercise the default remedies set forth in loan documents even if there were alternative remedies available that were less onerous to the debtor....
|A Loan Participation Checklist: The Devil is in the Details|
Dustin H. DeVore; Kaufman & Canoles A Professional Corporation;
December 1, 2014There are a number of key factors that are often missed or neglected by the originating/selling Credit Union when they initially close on a member business loan (MBL) transaction and those issues come to light when we are assisting a Credit Union considering the purchase of a participation interest...
|China Bank Card Clearing Market - A Feast for Foreign Investors?|
Xiaolu Xu; Sheppard, Mullin, Richter & Hampton LLP;
December 1, 2014, previously published on November 6, 2014China plans to promote consumption and open up its bank card clearing market. This is the outcome of a State Council meeting chaired by Premier Li Keqiang on October 29, 2014. "All qualified domestic and overseas enterprises can file applications for setting up bank-card clearing institutions...