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Documents on Employee Benefits, Banking & Financial Services
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|CFTC Mandatory Clearing Rules - June 10 Phase-in Date for Financial Entities|
Joshua Cohn, Curtis A. Doty, Pamela J. Sackmann; Mayer Brown LLP;
May 22, 2013, previously published on May 16, 2013The next milestone date in the Commodity Futures Trading Commission’s (“CFTC’s”) phase-in of mandatory clearing occurs on June 10, 2013, when so-called “Category 2 entities” must begin clearing swaps subject to the mandate. Securitization vehicles, insurers,...
|Supreme Court Rules on Pension Claims in CCAA|
Aird Berlis LLP;
February 14, 2013, previously published on February 8, 2013On February 1, the Supreme Court of Canada (the “SCC”) released its long-awaited decision in Sun Indalex Finance, LLC v. United Steel Workers. By a five to two majority, the SCC allowed the appeal from the 2011 decision of the Ontario Court of Appeal (the “OCA”) which had...
|New Concerns for Bondholders, Lenders and Other Creditors Following SCC’s Indalex Decision|
S. Richard Orzy, Raj S. Sahni, Kevin J. Zych; Bennett Jones LLP;
February 14, 2013, previously published on February 12, 2013On February 1, 2013, the Supreme Court of Canada (SCC) released its much-awaited decision in the Indalex case. While the central issue in Indalex was the priority of wind-up deficiencies in defined benefit pension plans versus court-ordered debtor-in-possession (DIP) financing charges under the...
|Practical Implications of the Supreme Court of Canada’s Decision In (Re) Indalex|
Mario J. Forte, Daniel Pearlman; Norton Rose Canada LLP;
February 11, 2013, previously published on February 2013The Supreme Court of Canada’s decision in (Re) Indalex has changed the landscape for both lenders and borrowers in Canada who sponsor registered defined benefit pension plans. For lenders, carefully drafted loan documentation and effective planning can enhance the protection of a secured...
|Give This Post Superpriority - Supreme Court Decides Sun Indalex Finance, LLC v. United Steelworkers|
Mark Firman, Ronald Podolny; McCarthy Tétrault LLP;
February 8, 2013, previously published on February 5, 2013The Supreme Court has issued its much-anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers.
|Pensions Briefing - The Pensions Regulator’s Code of Practice on Scheme Funding|
Lesley Browning, Peter Ford; Norton Rose Canada LLP;
January 8, 2013, previously published on January 2013In December 2005 the Pensions Regulator (TPR) issued a significant code of practice entitled “Funding Defined Benefits” (the Code) and our briefing notes of June 2006 and January 2010 looked at the Code in detail. This briefing updates and replaces our January 2010 briefing. Although...
|Compensation Clawback Policies in 2012|
Peter J. Rivas; Jones, Walker, Waechter, Poitevent, Carrère & Denègre L.L.P.;
August 22, 2012, previously published on August 16, 2012On July 13, 2012, in the most recent high profile financial sector example of executive compensation clawbacks, J.P. Morgan Chase announced that it would seize millions of dollars of compensation from rogue traders. The recovered sums included restricted stock and canceled stock options grants....
|Pensions Regulator Statement: FSDs and Insolvency|
Andrew Block, Devi Shah; Mayer Brown International LLP;
August 2, 2012, previously published on July 2012The Pensions Regulator (the “Regulator”) has published a statement setting out its approach to the issuing of financial support directions (“FSDs”) in insolvency situations. The statement is designed to calm fears following the decision in the joined Nortel and Lehman cases...
|Dodd-Frank Update: SEC Adopts Rules on Compensation Committee Independence and Compensation Advisers|
Covington Burling LLP;
July 4, 2012, previously published on June 25, 2012On June 20, 2012, the Securities and Exchange Commission (the “SEC”) adopted new rules affecting the composition and powers of compensation committees of listed companies and requiring new disclosure regarding compensation consultants’ conflicts of interest. These rules, proposed...
|PBGC Asks Bankruptcy Court to Treat Prior Sale of Interest in Debtor as Prohibited Attempt to Evade ERISA Pension Liability|
Duane Morris LLP;
June 26, 2012, previously published on June 22, 2012The Pension Benefit Guaranty Corporation (PBGC) filed an objection on June 14, 2012, in the Delaware bankruptcy court proceedings of RG Steel ("Debtor"), challenging a recent sale by RG Steel's parent entity ("Parent") of a 25-percent ownership stake in the Debtor. If the sale...