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|Champerty and Maintenance Revisited: Considering the Assignment of Litigation by Companies in Receivership|
Brett Kenworthy, Titus Totan; Aird & Berlis LLP;
July 24, 2015On May 1, 2015, the Alberta Court of Appeal rendered its decision in 1773907 Alberta Ltd. v. Davidson, 2015 ABCA 150, and allowed an appeal permitting an action, brought in the name of an insolvent company, to proceed, notwithstanding that the company had assigned this claim to a third party. As...
|Update on NAIC and State Regulatory Activity on “Price Optimization”|
Eric A. Arnold, Thomas W. Curvin, Stephen E. Roth, Cynthia R. Shoss, Phillip E. Stano; Sutherland Asbill & Brennan LLP;
July 24, 2015, previously published on July 23, 2015Regulatory activity on price optimization appears to be coming to a head. The National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force is continuing to gather input, with all roads leading toward a significant discussion of the issue at the upcoming...
|Mexico Adopts National Anti-Corruption Enforcement System: The Global Trend of Anti-Corruption Statutes|
Edwin J. Broecker, Trent J. Sandifur, Michael Wager; Taft Stettinius & Hollister LLP;
July 23, 2015, previously published on July 16, 2015According to the Census Bureau (May 2015), Mexico is the third largest trading partner with the United States (behind Canada and China), amounting to approximately 14% of U.S. total trade. While trade will certainly increase as Mexico begins to open up its economy to competition, corruption...
|The FASB to Hold First Meeting of Loan Impairment Advisory Panel in Private|
Peter J. Rivas; Jones Walker LLP;
July 23, 2015, previously published on July 16, 2015The Financial Accounting Standards Board ("FASB") plans to convene a Transition Resource Group ("TRG") for its forthcoming standard on recognizing credit losses. Unlike a similar panel formed for the board's revenue recognition standard, this credit losses group will meet in...
|ISDA Publishes EMIR Classification Letter|
Brian Barrett, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
July 21, 2015, previously published on July 20, 2015On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their regulatory obligations under the European Market Infrastructure Regulation...
|CFC Requests Waiver Under FCC's Financing Rules|
Sutherland Asbill Brennan LLP;
July 20, 2015, previously published on July 17, 2015The National Rural Utilities Cooperative Finance Corporation (CFC) asked the Federal Communications Commission (FCC) to grant it an exception to allow the CFC to issue letters of credit to its members that are selected for projects under the FCC Rural Broadband Experiment program. The letters of...
|The U.S. and Other Nations Reach Historic Nuclear Deal with Iran|
Cheryl I. Aaron, Mark D. Herlach, Beverly J. Rudy; Sutherland Asbill & Brennan LLP;
July 16, 2015, previously published on July 15, 2015On July 14, the P5+1 (China, France, Russia, the United Kingdom, the United States and Germany) reached a historic nuclear agreement with Iran, following almost two years of negotiations. Under the Joint Comprehensive Plan of Action (the JCPOA or the Plan of Action), Iran will scale back its...
|MCDC Initiative Enforcement Actions Summary of Orders Regarding Underwriting Firms|
Brian J. Fender, Jennifer M. LaRocco; GrayRobinson, P.A.;
July 14, 2015, previously published on July 7, 2015On June 18, 2015, the Securities and Exchange Commission ("SEC") announced the first enforcement actions brought under the Municipalities Continuing Disclosure Cooperative ("MCDC") Initiative. The actions involved 36 underwriting firms, each of which self-reported under the MCDC...
|Cybersecurity Assessment Tool for Financial Institutions|
Scott A. Chernich, Patricia J. Scott; Foster, Swift, Collins & Smith, P.C.;
July 14, 2015, previously published on July 8, 2015On June 30, 2015, the Federal Financial Institutions Examination Council released a Cybersecurity Assessment Tool to help institutions identify their risks and assess their cybersecurity preparedness. The overall goal of the Assessment Tool is to provide institutions with a repeatable and...
|The Brazilian Clean Companies Act and the Global Trend of Anti-Corruption Statutes|
Edwin J. Broecker, Russell C. Menyhart, Trent J. Sandifur; Taft Stettinius & Hollister LLP;
July 13, 2015, previously published on July 7, 2015It is certainly not fresh news that there is a global trend in lawmakers outside the U.S. creating or strengthening existing compliance statutes. While lawmakers have become more active, there has also been an increase in D&O insurance claims involving enforcement actions related to compliance...