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|When is an unregulated agreement not an unregulated agreement? The perils of offering added protections|
Katharine Harle, Emma Radmore; Dentons Canada LLP;
March 5, 2015, previously published on December 18, 2014The judgment in NRAM PLC v. (1) JEFFREY PATRICK McADAM (2) ANN HARTLEY serves as a warning to regulated firms that if you offer a customer greater protections than they are legally entitled to, you have to provide them or face the consequences. In this case, Northern Rock sought a declaratory...
|Are Dividends A Mask For Financial Fraud?|
David C. Roberts; Norris McLaughlin & Marcus, P.A. A Professional Corporation;
March 4, 2015, previously published on January 26, 2015 Previously on this website, I wrote about how a recession can help an unscrupulous business partner hide his fraud (Nov. 2008). For example, I explained that “tough economic times” can be used as an excuse to stop paying dividends or providing other financial benefits to minority...
|Coming Soon: New Background Check Obligations for Securities Broker-Dealers|
Richard M. Cutshall, Steven M. Felsenstein, Carl A. Fornaris; Greenberg Traurig LLP;
March 4, 2015, previously published on January 13, 2015Earlier in 2014, the SEC incorporated old NASD Rule 3010 (the “Prior Rule”) - related to employee supervision - into The Financial Industry Regulatory Authority rules as FINRA Rule 3110 (the “New Rule”).
|Payment to Unregistered Persons - The Next Round|
Richard M. Cutshall; Greenberg Traurig LLP;
March 4, 2015, previously published on January 14, 2015The role of the Financial Industry Regulatory Authority (FINRA) in dealing with payments to unlicensed persons for securities-related and capital-raising activities has grown significantly. On Dec. 30, 2014, the U.S. Securities and Exchange Commission (the SEC) approved FINRA Rule 2040 governing...
|WVDEP Files Proposed Legislative Rule Implementing AST Act|
Mark D. Clark, M. Katherine Crockett, David L. Yaussy; Spilman Thomas & Battle, PLLC;
February 27, 2015, previously published on December 29, 2014In the latest development relating to West Virginia’s new aboveground storage tank (“AST”) legislation, on December 22, 2014, the West Virginia Department of Environmental Protection (“WVDEP”) filed with the West Virginia Secretary of State its proposed legislative...
|Enactment Imminent for Section 529A Tax-Exempt Savings Programs for Disabled Beneficiaries|
Leonard Weiser-Varon; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
February 27, 2015, previously published on December 17, 2014On December 16, 2014 the U.S. Senate approved the Achieving a Better Life Experience (“ABLE”) legislation previously approved by the House, authorizing state-sponsored tax-exempt savings programs for disability-related expenses. President Obama is expected to sign the legislation (which...
|Municipal Bond Interest Paid By a Bond Insurer After an Issuer’s Bankruptcy Discharge Can Remain Tax-Exempt|
Maxwell D. Solet, Leonard Weiser-Varon; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
February 27, 2015, previously published on December 22, 2014In the aftermath of recent municipal bankruptcies in which issuers proposed and/or implemented bankruptcy plans involving partial discharges of the issuer’s payment obligation on insured bonds, there has been increased focus on whether municipal bond interest paid by a bond insurer after the...
|Ninth Circuit Rejects Challenge to Bonus Annuity|
Eric A. Arnold, Tracey K. Ledbetter, Stephen E. Roth, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill Brennan LLP;
February 26, 2015, previously published on February 26, 2015The U.S. Court of Appeals for the Ninth Circuit has affirmed summary judgment for the insurer in a putative RICO class action relating to a bonus indexed annuity. Rejecting the plaintiff’s claims, the court held that the insurer had adequately disclosed and accurately described certain...
|Extensive Proposal on Prepaid Cards May Signal Broader CFPB Approach for Short-Term Credit Rules|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
February 26, 2015, previously published on February 2015The Consumer Financial Protection Bureau's ("CFPB") proposed prepaid financial products rule ("Proposed Rule"), if adopted without change, would impose sweeping new requirements on issuers of prepaid products—that is, physical cards, apps, and other electronic devices that...
|CADE Updates Effects Test for Jurisdiction in Merger Control in Brazil|
Michael A. Molano; Mayer Brown LLP;
February 26, 2015, previously published on December 10, 2014 Brazil’s Council for Economic Defence (“CADE”) recently issued a decision in which it once again had to determine whether transactions that are carried out in different jurisdictions are required to be submitted to CADE when objective turnover thresholds are met, but where the...