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|New York Appellate Division Approves RMBS Settlement|
Christopher J. Houpt, Matthew D. Ingber; Mayer Brown LLP;
May 1, 2015, previously published on April 8, 2015The New York Appellate Division has decided the appeals in the Article 77 proceeding in which The Bank of New York Mellon (BNYM) sought approval relating to an $8.5 billion settlement covering 530 RMBS trusts.1 The settlement—between BNYM, Bank of America, and Countrywide—resolved...
|Freeport LNG Announces Closing of Third Train Financing|
Sutherland Asbill Brennan LLP;
April 29, 2015, previously published on April 28, 2015Today, Freeport LNG Expansion, L.P. (Freeport LNG) announced that its subsidiary, FLNG Liquefaction 3, LLC, successfully closed on debt financing commitments of approximately $4.56 billion in capital required for the construction of the third liquefaction train at Freeport LNG’s export...
|The California Transparency in Supply Chains Act and Human Trafficking|
Edwin J. Broecker, Payal Keshvani; Taft Stettinius & Hollister LLP;
April 24, 2015, previously published on April 22, 2015The attorney general of California recently started issuing notification letters to manufacturers and retailers requesting information regarding their compliance with the California Transparency in Supply Chains Act of 2010 (Sen. Bill No. 657 (Steinberg)) (the “Act”), despite the fact...
|Bond Counsel Corner: Municipal Advisors and the IRMA Exemption|
John M. Kamins; Foster, Swift, Collins & Smith, P.C.;
April 21, 2015, previously published on March 30, 2015Cities, townships and other issuers of municipal bonds typically hire a financial advisor for expert advice on the financing structure and financial terms for each bond issue they undertake. For decades these consultants have been called a “Financial Advisor” or “FA.” Now...
|Whether a foreign futures proprietary merchant can engage in one-on-one futures block trading in Taiwan|
Jonathan Chao; Lee Tsai Partners Attorneys-at-Law;
April 20, 2015, previously published by Beginning with December 2, 2013, a "negotiated block trade", which is a commonly adopted mechanism by international exchanges, has been added to the futures block trading system in Taiwan in addition to the existing “continuous matching” block trading in order to fall in line with international practices. Operators who have been locally licensed futures proprietary merchants in foreign countries may also engage in negotiated block trade for one-on-one futures block trading in Taiwan. However, a specific application procedure should be followed and limitations under relevant laws and regulations should be complied. The statutory procedure and relevant requirements that should be followed by foreign futures proprietary merchants seeking to engage in negotiated block trade in Taiwan are discussed below. on March 25, 2015Beginning with December 2, 2013, a "negotiated block trade", which is a commonly adopted mechanism by international exchanges, has been added to the futures block trading system in Taiwan in addition to the existing "continuous matching" block trading in order to fall in line...
|The CFPB Sues Debt Collectors, Their Payment Processors and Their Calling Center|
Sutherland Asbill Brennan LLP;
April 14, 2015, previously published on April 10, 2015On March 26, 2015, the CFPB filed a lawsuit in the United States District Court for the Northern District of Georgia against several debt collectors and their principals, companies that processed the payments for the debt collectors and a company that made pre-recorded telephone calls to consumers...
|Supreme Court of GA Affirms Denial of Bond Issue for Lake Oconee Academy|
Ryan L. Pratt, Blake C. Sharpton; Butler Snow LLP;
April 14, 2015, previously published on March 19, 2015In a 6-to-1 decision, the Supreme Court of Georgia upheld a Greene County Superior Court ruling denying the validation of revenue bonds to build additional facilities for Lake Oconee Academy (the “Academy”) in Greene County (the “County”). The Greene County Development...
|FINRA and U4 Reporting: Do You Have A Target On Your Back?|
Emily P. Gordy, Renee Kramer; Shulman, Rogers, Gandal, Pordy & Ecker, P.A.;
April 14, 2015, previously published on April 2, 2015FINRA member firms will soon face obligations set forth in FINRA Rule 3110(e), which takes effect on July 1, 2015 and requires that firms verify the accuracy and completeness of the information contained in an applicant's Form U4. The amended rule also requires that firms adopt written procedures...
|New Reporting Requirements for Russian Resident Individuals’ Foreign Accounts Make 2015 A Critical Year|
John Stansfield, Andrei Strijak, Timothy Stubbs; Dentons Canada LLP;
April 13, 2015, previously published on March 18, 2015In 2014 Russian lawmakers amended RF Law No. 173-FZ (the 'CCL') by adoption of RF Law No. 218-FZ ('Law 218-FZ'). Amongst other changes, Law 218-FZ removed the exemption from reporting for Russian resident individuals (‘RRIs’) regarding their foreign bank accounts, including deposits...
|NASAA M&A Broker Model Rule|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Yasho Lahiri; Sutherland Asbill & Brennan LLP;
April 10, 2015, previously published on April 10, 2015On January 15, 2015, the Broker-Dealer Section of the North American Securities Administrators Association (NASAA) requested comments on a proposed uniform state model rule (the Model Rule) regarding the exemption of certain merger and acquisition brokers (M&A Brokers) from state registration...