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Documents on Banking Law, Banking & Financial Services
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|The Financial Accounting Standards Board Continues to Debate Final Asset Write-Down Rules|
Peter J. Rivas; Jones Walker LLP;
June 1, 2015, previously published on May 28, 2015In May 2015, the Financial Accounting Standards Board ("FASB") held a meeting of its Investor Advisory Committee ("IAC"). Panel members of the IAC told the FASB that a final standard for asset write-downs will improve disclosure if final rules require financial institutions to...
|The FFIEC Warns Financial Institutions of the Dangers of Cyberattacks Involving Destructive Malware|
Paul A. Carrubba, Jack Pringle; Adams and Reese LLP;
May 29, 2015, previously published on May 12, 2015On March 30th, the Federal Financial Institutions Examination Council (FFIEC) issued two Joint Statements1 on behalf of its members2 to warn financial institutions about the threats posed to various credentials by cyberattacks involving “destructive malware.”
|Loans Granted by Securitisation Vehicles—Consultation Paper of the Bank of Italy and Retention|
Francesco Squerzoni, Vinicio Trombetti; Jones Day;
May 26, 2015, previously published on May 2015On March 6, 2015, the Bank of Italy published a consultation paper relating to the supervisory regulations for loans by securitisation vehicles incorporated under the Italian securitisation law.
|Bank Fees Class Action in Australia Fails Before Full Federal Court|
John Emmerig, Michael Legg; Jones Day;
May 26, 2015, previously published on May 2015In Paciocco v Australia and New Zealand Banking Group Limited ("ANZ")  FCAFC 50, the Full Court of the Federal Court of Australia (the intermediate appeals court in the Federal Court hierarchy) overturned the trial judge's finding that ANZ credit card late payment fees were...
|Amendments to the First Nations Fiscal Management Act|
Tiffany Murray; Borden Ladner Gervais LLP;
May 26, 2015, previously published on May 15, 2015Back in 2006 the First Nations Fiscal Management Act (Canada) (FNFMA) came into force and established a framework that would enable First Nations to leverage tax and other revenue streams and access long term private capital through the First Nations Finance Authority (FNFA) at low rates to finance...
|New Regime in Quebec for Security on Bank Deposits and Other Monetary Claims|
Michel Deschamps, Mathieu Dubord, Mary Jeanne Phelan; McCarthy Tetrault LLP;
May 22, 2015, previously published on May 15, 2015In our December 3, 2014 legal update, we reported on the tabling of a bill in Quebec to amend the Civil Code of Québec (the “CCQ”) in respect of hypothecs on bank deposits and other monetary claims as well as hypothecs granted in favour of multiple creditors. The bill was...
|Dentons Advises Oman Electricity Transmission Company on a Landmark Bond Issuance|
Sadaf Buchanan, George Sandars; Dentons Canada LLP;
May 22, 2015, previously published on May 12, 2015OETC is the Sultanate's main electricity transmission network operator. The issuance of the Notes marks the first ever investment grade international bond issuance by an Omani corporate entity and also the largest ever international capital markets issuance out of Oman. The Notes were listed on the...
|Bank of Canada Announces Updates to Emergency Lending Policies|
David P. Badour, Barry J. Ryan; McCarthy Tetrault LLP;
May 22, 2015, previously published on May 8, 2015The Bank of Canada (the "Bank") issued on May 5, 2015 "Bank of Canada Emergency Lending Policies", a consultation paper setting forth proposed updates to the Bank's emergency lending policies. The proposed changes consist of the following:
|Department of Justice Announces Settlement to Resolve Discriminatory Indirect Lending Allegations: Department of Justice and Evergreen Bank Group Enter into Consent Order Requiring Implementation of Dealer Compensation Policy and Payment of $395,000 in Consumer Redress|
Darrell S. Cafasso, H. Rodgin Cohen, Mitchell S. Eitel, Robert J. Giuffra, Sharon L. Nelles; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 12, 2015On May 7, 2015, the Department of Justice (“DOJ”) announced that it had reached a settlement with Evergreen Bank Group of Oak Brook, Illinois (“Evergreen Bank” or the “Bank”) to resolve allegations of discriminatory lending practices relating to indirect...
|Restructuring: More Clarity for Delaware Directors When Considering Restructuring Transactions|
Francis J. Aquila, Audra D. Cohen, H. Rodgin Cohen, Andrew G. Dietderich, Mitchell S. Eitel; Sullivan & Cromwell LLP;
May 21, 2015, previously published on May 14, 2015In Quadrant Structured Products Co., Ltd. v. Vertin (May 4, 2015) (“Quadrant”), the Delaware Court of Chancery confirms - again - that ordinary corporate fiduciary duties govern the conduct of directors of an insolvent corporation, rather than a special duty to creditors. The Court also...