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Documents on Business Law, Banking & Financial Services
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|Advisory Panel Recommends Modernization of Ontario’s Corporate and Commercial Laws|
Matthew Cumming, Justin A. Lapedus, D.J. Lynde, Candace Pallone, Kelly Peters; McCarthy Tetrault LLP;
October 21, 2015, previously published on October 2, 2015On July 9, 2015, the Ontario Ministry of Government and Consumer Services released a report entitled “Business Law Agenda: Priority Findings & Recommendations Report” (the “Report”), which it commissioned to obtain advice on priorities for reforming Ontario’s...
|Texas District Court Affirms Bankruptcy Court’s Use of Claim Estimation Process|
Bryan Mann Kotliar; Jones Day;
August 6, 2015, previously published on July/August 2015Many companies that file for bankruptcy protection have liabilities that cannot be definitively quantified as of the bankruptcy petition date. Such “unmatured,” “contingent,” “unliquidated,” or “disputed” debts could arise from, among other things:...
|USDA Announced New Loans to be Placed through Coops to Support Rural Businesses|
Sutherland Asbill Brennan LLP;
August 3, 2015, previously published on July 31, 2015The USDA’s Rural Business-Cooperative Service announced $18.1 million in loans to support 92 projects related to the start-up or expansion of rural small businesses. These zero-interest loans help utilities fund projects and create and retain employment in rural areas. The South Mississippi...
|European Regulators Publish Second Consultation Paper on Margin for OTC Derivatives|
Brian Barrett, James M. Cain, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe; Sutherland Asbill & Brennan LLP;
July 7, 2015, previously published on July 6, 2015On June 10, the European Supervisory Authorities (ESA) published a second consultation paper on draft Regulatory Technical Standards (RTS) to implement the European Market Infrastructure Regulation (EMIR) requirement that persons classified under EMIR as “financial counterparties” (FCs)...
|Foreign Fund Was Engaged in a Trade or Business in the United States as a Result of Lending and Underwriting Activities|
Jeffrey D. Hochberg, Donald L. Korb, Eric M. Lopata, Andrew P. Solomon, David C. Spitzer; Sullivan & Cromwell LLP;
March 27, 2015, previously published on January 26, 2015On January 2, 2015, the Internal Revenue Service (the “IRS”) released Advice Memorandum 201501013 (the “Advice Memorandum”) from the Office of Chief Counsel. The Advice Memorandum concludes that a partnership was engaged in a U.S. trade or business through lending and...
|Managing Risks in Vendor Relationships|
Alan B. Clark; Williams Mullen;
March 24, 2015, previously published on March 5, 2015For years, banks have relied on third party vendors to provide specialized products or services, or have used outsourcing as a way to reduce internal operating costs. In the wake of the financial crisis, however, regulators have become increasingly concerned about the risks associated with such...
|Military Lending Act: Let's Just Throw that Baby Out with the Bath Water|
Maurice L. Shevin; Sirote & Permutt, P.C.;
March 23, 2015, previously published on January 13, 2015The CFPB has joined in the fray over the expansion of the Military Lending Act's application to traditional installment lending.
|Nevada Supreme Court Clarifies That 'Consideration Paid' by Successor Note-Holders Can Limit Recovery in Deficiency Actions|
Leslie S. Godfrey, Kara B. Hendricks, Michael R. Hogue; Greenberg Traurig, LLP;
March 19, 2015, previously published on March 10, 2015In late 2013, the Nevada Supreme Court issued a 5-2 decision in Sandpointe Apartments v. Eighth Judicial Dist. Ct. which found that 2011 amendments modifying Nevada’s anti-deficiency protections created limitations on the amount a note-purchaser could recover as part of a deficiency judgment....
|Federal Law Friday: You Better Safeguard My Identity From The Bad Guys!|
Maurice L. Shevin; Sirote & Permutt, P.C.;
March 19, 2015, previously published on December 5, 2014In our Federal Law Friday series, each week we review a different Federal law or regulation that should be covered by a finance company’s policies, procedures and compliance management system. This week, we review the Red Flags Rule.
|Prepayment Premium Language: A Trap for the Unwary Lender|
Arnold D. Spevack; Lerch Early Brewer Chartered;
March 9, 2015, previously published on February 12, 2015A recent Maryland U.S. District Court decision in Key Tidewater Ventures LLC, et al v. PNC Bank highlighted some of the pitfalls a lender faces when modifying loan documents. Subsequent to entering into a loan modification agreement with borrowers, a lender had difficulty enforcing a prepayment...