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Documents on Banking Law, Banking & Financial Services
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|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...
|Prudential Regulators Release Final Margin Rules for Swaps|
Steven Lofchie, Nihal S. Patel, Jeffrey L. Robins; Cadwalader, Wickersham & Taft LLP;
October 29, 2015, previously published on October 23, 2015On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps1 and (ii) an interim final rule to implement statutory amendments excluding certain entities from the...
|Remedies Proposed in UK Retail Banking Sector to Address Lack of Competition|
Alan Davis, Matt Evans; Jones Day;
October 28, 2015, previously published on October 2015The UK Competition and Markets Authority (“CMA”) has provisionally concluded there is a lack of effective competition in the UK retail banking market and has proposed a number of remedies to improve customers’ knowledge and awareness, encourage them to switch providers, and make...
|Guarantors Can Use Anti-Deficiency Statute in North Carolina|
Rayford K. (Trip) Adams; Spilman Thomas & Battle, PLLC;
October 22, 2015, previously published on October 13, 2015The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a foreclosure sale. And that word is that the guarantors can use the...
|Deficiency Judgment Cases In North Carolina Just Got A Lot More Complex|
Jay DeVaney, Brian T. Pearce; Nexsen Pruet, LLC;
October 7, 2015, previously published on September 25, 2015A question that continually arose during the foreclosure deficiency actions that were spurred by the recent “Great Recession,” was whether or not a guarantor on a loan could raise the “defense” offered in N.C. Gen. Stat. § 45-21.36. The statute, thought to apply by its...
|Attention Banks and Thrifts: Use Caution Retaining Vendors To Investigate Matters Requiring Attention|
Molly Z. Brown; McDonald Hopkins LLC;
September 14, 2015, previously published on September 11, 2015At least every 12-18 months, federal and state banking regulators conduct an examination of the financial institutions under their jurisdiction to ensure that they are operating in a safe and sound manner and providing fair access to credit. If an examination reveals that practices deviate from...