Congress passed the Dodd-Frank Act in June and July 2010 with minimal Republican support, and it was signed by President Obama July 21, 2010. Since passing, Dodd-Frank has been hailed, depending on who answers, as salvation for our banking system or the death knell of community banking. The American Banker published a number of articles about this act in July 2015. Most were critical, highlighting the raised regulatory burden, which is huge ...
Q: You recently took the helm of Carolina Premier. What has been the biggest surprise to you in your new role as a CEO? What has been the biggest surprise about Carolina Premier?A: Well, bankers are known not to surprise well. I like to think that my previous roles, especially working closely with NewBridge Bank CEO Pressley Ridgill, prepared me for the role. That said, I believe the biggest surprise in the new role was how quickly issues came at you ...
In a judgment rendered in the case of9210-6905 Québec Inc. (proposal of),1the Superior Court of Québec held that an interim receiver is not required to obtain a clearance certificate from the tax authorities before proceeding with the distribution of a debtor's property, and is not subject to personal liability for this reason ...
The May 2015 issue of the International Financial Law Review (IFLR) included an international briefing article by SyCipLaw partner Maria Jennifer Z. Barreto on “Electronic tax return controls.” The Philippine Bureau of Internal Revenue (BIR) recently required the mandatory use of electronic tax return forms by the non-electronic Filing and Payment System (non-eFPS) ...
On July 6, 2015, in response to an executive order signed by President Obama, the U.S. Department of Labor (DOL) published a proposed rule that could significantly impact overtime regulations under the Fair Labor Standards Act (FLSA). Among other changes, the proposed rule will increase the minimum salary threshold to qualify for the “white collar” exemptions to $50,440 per year, which could affect an estimated 4.6 million workers ...
The Seventh Circuit has revived a class action against Neiman Marcus for losses customers allegedly suffered as a result of a data breach involving payment card information. A federal district court had dismissed the claims, finding – consistent with federal courts around the country – that the plaintiffs lacked standing because they failed to allege they suffered concrete harm from the breach ...
Ukrainian banking sector reform process promotes transparency and greater accountability. The ongoing geopolitical and economic turmoil in Ukraine, which started back in 2013, has revealed the multiple drawbacks of Ukrainian banks and the vulnerability of the country's banking system as a whole. This exposure has led to a major reform effort across the banking sector that remains ongoing, with one of the key focuses being efforts to increase the transparency of Ukrainian bank ownership ...
The U.S. Department of Labor (“DOL”) has proposed significant changes to the overtime pay regulations of the Fair Labor Standards Act (“FLSA”) ...
Last year California passed the Healthy Workplaces, Healthy Families Act of 2014 (the “Act”), which requires employers to provide paid sick leave at a rate of one hour for every 30 hours worked starting on July 1, 2015. Recognizing some of the ambiguities of the Act, this month California passed Assembly Bill No. 304, which clarifies and amends certain aspects of the Act. The amendments of AB 304 took effect on July 13, 2015 ...
The U.S. Securities and Exchange Commission (the “SEC”) has issued Proposed Rules (the “Proposed Rules”) to implement Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, addressing what has been commonly referred to as “pay-versus-performance ...
Continuing a trend of increased scrutiny of independent contractor relationships, the U.S. Department of Labor (“DOL”) has issued new guidance to employers warning that "most workers" should be classified as employees and not independent contractors ...
Continuing a trend of increased scrutiny of independent contractor relationships, the U.S. Department of Labor (“DOL”) has issued new guidance to employers warning that "most workers" should be classified as employees and not independent contractors ...
On June 10, the Consumer Financial Protection Bureau (“CFPB”) issued a rule bringing non-bank automobile finance companies under its supervisory authority. Auto finance companies were already subject to the enforcement and regulatory authority of the CFPB, but under the new rule, certain auto finance companies are also subject to routine and cause-based examinations by the CFPB. The rule goes into effect on August 31 of this year ...
It’s been widely reported that various luxury brand owners have brought legal proceedings in the USA against Alibaba, the Chinese online shopping giant that recently listed on the New York Stock Exchange. The claim is that Alibaba has knowingly made it possible for companies to sell counterfeit products on its platform ...
On 29 June 2015, a new regulation on the procedure for employing foreign manpower (ie Minister of Manpower Regulation No. 16 of 2015) entered into force, revoking the previous regulation, Minister of Manpower Regulation No. 12 of 2013. Some important provisions in the new regulation include the following: • In general, an employer of foreign manpower must employ at least ten Indonesian workers for every one foreign worker ...
1. Introduction In recent years, the Belgian Parliament hascodified substantial parts of Belgian economic legislation into a new Code ofEconomic Law (“Wetboek van economischrecht” / “Codedu droit economique”). The Code of Economic Law consists of 18Books, including one on payment and credit services (“Boek VII. – Betalings- enkredietdiensten” / “LivreVII. – Services de paiement et de crédit”, “Book VII”) ...
Last June 12, Bill 42, entitled «An Act to group the Commission de l’équité salariale, the Commission des normes du travail and the Commission de la santé et de la sécurité du travail and to establish the Administrative Labour Tribunal1» (the «Loi Act to group the CÉS, the CNT and the CSST and to establish the ALT” or the “Act”), received Royal Assent ...
Last week, the Second Circuit delivered a highly anticipated ruling on whether companies may continue to use unpaid interns. In what represents a clear victory for companies, the Court adopted a flexible “primary beneficiary” test to determine whether workers should be properly classified as interns or employees ...
On Tuesday, the U.S. Department of Labor (“DOL”) unveiled its highly anticipated proposed changes to the overtime pay regulations of the Fair Labor Standards Act (“FLSA”). These proposed changes are predicted to broaden coverage to nearly fivemillion additional workers ...
The Fifth Circuit recently affirmed a district court’s dismissal of a federal securities fraud class action on the basis that the plaintiffs had failed to adequately plead facts establishing that the defendants, the executives of a failed bank, were severely reckless in their overvaluation of the bank’s portfolio of mortgage-backed securities.See Owens v. Jastrow, No. 13–10928, 2015 WL 3649823 (5th Cir ...
On June 15th, the Court of Appeal of Quebec, inCommission de la santé et de la sécurité du travailv.Caron,1issued an important judgment that changes the law governing an employers’ duty to accommodate employment injuries ...
Domestic legislation1. Domestic law.Identify your jurisdiction’s money laundering and anti-money laundering (AML) laws and regulations. Describe the main elements of these laws. Law 25,246, enacted in 2000, was the first to regulate both criminal money laundering (by means of inclusions of specific money laundering and terrorism financing offences in the Argentine Criminal Code (ACC) and antimoney laundering provisions ...
Multilaw’s Labour & Employment practice group has released the 2015 edition of How to Hire and Fire: A Global Guide. The collaborative electronic guide serves as a quick but practical guide for everyday labor and employment concerns by providing a summary of key employment law principles across 105 jurisdictions. The guide reflects the law in each jurisdiction as of January 1, 2015 ...
The amendments to Chapter III.J.3 of the Compendium of Financial Regulations of the Central Bank introduced a new regulation on prepaid cards (Payment Cards with the Provision of Funds), which seeks to achieve greater financial inclusion by strengthening and promoting this payment method, which has not yet achieved the expected market penetration. The first draft of this regulation is from June of last year, which received many comments from both banks and regulators ...
Is your business affected by counterfeiting? If so, you are not alone. A newly released study shows that almost all intellectual property dependent companies listed on the NASDAQ OMX Stockholm 30 Index have been affected. Moreover, most expect that the problem will continue to grow. Better political support is required to stem this development, but companies already have several weapons available to use against the counterfeiters ...
