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Documents on Banking Law, Banking & Financial Services
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|So, What can a Lender Count on from a Guarantor?|
Jay DeVaney; Nexsen Pruet, LLC;
February 9, 2016, previously published on January 7, 2016On September 25, 2015, the North Carolina Supreme Court ruled in High Point Bank and Trust Company v. Highmark Properties, LLC. The long-awaited decision affirmed the enlarged the statutory application of §45-21.36 in three significant ways. More on that below. But first, how we got here.
|Panama Adopts New Legislation to Supress Money
Laundering, Terrorism Financing and Massive Weapons Proliferation|
Juan Jose Espino S.; Pardini & Asociados;
February 5, 2016, previously published on July 2015The Law responds to the continuous international claims and the listing of Panama in the FATF gray list.
|New Tennessee Reporting Requirements for Banks and Online Payment Networks|
Charles Reid Barrineau, Edward H. Brown, Joshua A. Ehrenfeld, James M. McCarten, Allen Sullivan; Burr & Forman LLP;
February 3, 2016, previously published on January 2016With the start of the 2016 tax reporting season, taxpayers making certain payments to a person or entity with a Tennessee address may find that Tennessee has added to the number of information returns they need to file.
|U.S. Supreme Court Rules Fair Housing Act May Be Violated Without Intent|
Floyd Boone, Julia A. Chincheck, Sandra M. Murphy; Bowles Rice LLP;
January 4, 2016, previously published on July 7, 2015On Thursday, June 25, in a decision long-awaited by the banking and financial services community, the United States Supreme Court ruled that the Fair Housing Act ("FHA") may be violated without establishing that a defendant intended or was motivated to discriminate based upon race, color,...
|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...
|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...
|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...
|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...
|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...
|UK Senior Managers Regime to Extend to All FSMA-Authorised Firms|
John Ahern, Christopher Dearie, Kristen DiLemmo; Jones Day;
November 5, 2015, previously published on October 2015On 15 October 2015, HM Treasury published a policy paper confirming that the Senior Managers Regime ("SMR") will extend to capture all Financial Services and Markets Act ("FSMA")-authorised firms in the UK—including interdealer brokers, hedge funds and asset...