Among other matters, this law establishes the use limitation principle in the treatment of personal data. This law will supplement our legislation on this matter, in particular Law 19,628 on Data Protection. This law specifically focuses on the collection and treatment of personal data of an economic, financial, banking or commercial nature by data banks, distributors of personal records or personal data banks ...
Today, Google have made the very interesting (but arguably provocative) move of completely rejecting the French data protection regulator's request to put a hold on the implementation of proposed changes to its privacy policies. In doing so it has become the subject of a Europe-wide investigation. What has changed? Up until today, the information collected by Google on each of its platforms, such as Gmail and YouTube, was kept separate ...
The scope of additional hypothecs was examined by the Superior Court of September 6, 2011 in the case of Banque Nationale Du Canada v. Larouche. At issues in this case was whether the additional hypothec provision contained in the deed of hypothec granted by Mr ...
Bank Indonesia (BI) issued a new Bank Indonesia Regulation No. 13/2011 on 30 September 2011 on Receipt of Export Earnings in Foreign Exchange and Withdrawal of Offshore Loans in Foreign Exchange. The new regulation will be effective as of 2 January 2012 ...
The Law on the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) was passed by the House of Representatives on 27 October 2011 and has been ratified by the President. The Law establishes the OJK as a new independent financial institution, which will take over several regulatory and supervisory authorities presently held by Bank Indonesia and the Capital Market and Financial Institution Supervisory Body (Bapepam-LK) ...
Starting tomorrow, organizations may start submitting applications for new gTLDs (generic Top Level Domains). The application window will close on April 12, 2012. The new gTLDs move well beyond the core group of generic top level domains of .com, .net, .org, .biz, .info, and .edu. Specifically, they can consist of any combination of three or more letters that an applicant chooses ...
In its judgment in the case of Banque Nationale Du Canada v. Agence Du Revenu Du Quebec, 2011 QCCA 1943, issues on October 21, 2011, the Court of Apperal of Quebec discussed two grounds of dispute that might be of interest to the hypothecary creditors of tax debtors when the tax authorities rely on provincial statutory provisions pertaining to deemed trusts, namely: 1. The limits of the scope of the deemed trust; and 2. The Estoppel ...
In its judgement in the case of Banque Nationale Du Canada v. Agence Du Revenu Du Quebec, 2011 QCCA 1943, issues on October 21, 2011, the Court of Appeal of Quabec discussed two grounds of dispute that might be of interest to the hypothecary creditors of tax debtors when the tax authorities rely on provincial statutory provisions pertaining to deemed trusts, NAMELY: 1. THE LIMITS OF THE SCOPE OF THE DEEMED TRUST; AND 2. THE ESTOPPEL ...
Subsidiary guaranties, also commonly known as upstream guaranties, are instruments used for the benefit of lenders and borrowers alike. Upstream guaranties benefit borrowers and lenders because they enable borrowers to obtain more favorable terms and enable lenders to lend based upon a larger asset pool to secure debt ...
Unfortunately, as we all know, foreclosures are necessary. But foreclosures, by their nature, involve a certain degree of unpleasantness and challenges. A particularly thorny set of challenges arises when the foreclosure involves income producing property, especially residential rental property. The Problem. Imagine this all too familiar real world scenario: as security for a loan, the borrower grants the bank a deed of trust lien against the borrower’s apartment building ...
The Investment Industry Regulatory Organization of Canada (IIROC, formerly known as the Investment Dealers Association of Canada (IDA)) is a self-regulatory organization recognized by the Autorité des marchés financiers (AMF), which mainly deals with disciplinary complaints against its members. For this purpose, the IIROC has supervisory and investigative powers as well as the power to impose disciplinary sanctions. It can impose various penalties on its members, including fines ...
Last quarter, we focused on the available defenses to West Virginia Consumer Credit and Protection Act, W. Va. Code § 46A-1-101 et seq. (“WVCCPA”) claims. This article, we will focus on the potential damages that a consumer can recover - actual damages, statutory penalties, and attorney’s fees. First, a consumer would be entitled to actual damages – physical and/or emotional – that a creditor’s or debt collector’s alleged violations of the WVCCPA may have caused the consumer ...
Defined Benefit Pension Plans: i) The Temporary Funding Relief Measures Will Likely Be Extended! ii) A New Statutory Framework for Federal Not-For-Profit Organizations iii) Conversion of Debt Into Shares By a Corporation in Financial Difficulty; Pay Attention to the Tax Consequences! iv) Conflicting Rights of Hypothecary Creditors and Tenants DEFINED BENEFIT PENSION PLANS: THE TEMPORARY FUNDING RELIEF MEASURES WILL LIKELY BE EXTENDED! François Parent fparent@lavery ...
A creation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. Law 111-203 ("Dodd-Frank Act"), the Consumer Financial Protection Bureau ("CFPB") is charged with regulating consumer lending activities of financial institutions and, in partnership with state attorneys general, enforcing numerous federal consumer protection laws ...
Ukrainian sports law is in the early stages of its development and the prospects for its future growth directly depend on resolution of certain conceptual problems. One such problem is regulation of contracts in sports law. The pressing nature of this problem is evidenced by the fact that today the investment into both professional and amateur sports is on the rise in Ukraine ...
On October 28, 2011, the Quebec Court of Appeal upheld a judgment of the Superior Court (1) allowing for clauses of a loan agreement to be modified by The Court so as to reflect the common intention of the parties after it was proved that there was a discrepancy between the real intention of the parties, as stated in a letter of intent, and the wording of the document drawn up to implement the letter of intent, namely a loan agreement ...
The use of social media, discussion forums and other websites for business purposes, as a means of communicating with the public, raises increasingly significant compliance issues for regulated entities of the financial sector. Such use may expose registered or certified representatives and, consequently, their firms, to previously unheard of but nonetheless real non compliance and reputational risks ...
On Friday, December 2, 2011, the International Swaps and Derivatives Association ("ISDA") and the Securities Industry and Financial Markets Association ("SIFMA") jointly filed a lawsuit in the U.S. District Court for the District of Columbia against the Commodity Futures Trading Commission ("CFTC") and a petition for review in the U.S ...
If your trademarks and business names contain letters with accents and you are the owner of domain names linked with them, it is important to familiarize yourself with the following. With a view to offering owners the possibility of registering domain names that comply with French spelling, the Canadian Internet Registration Authority (the « CIRA »), the organization that manages the register of ...
At its open meeting on October 18, 2011, the Commodity Futures Trading Commission (“CFTC”) adopted final rules (the “Position Limit Rules”) to establish speculative position limits for 28 physical commodity futures and options contracts (“Core Referenced Futures Contracts”) and futures, options, swap, or swaption contracts that are economically equivalent to such Core Referenced Futures Contracts (together with the Core Referenced Futures Contracts, collectively, “Referen
On November 7, 2011, the Consumer Financial Protection Bureau (“CFPB”) announced that it will provide financial companies and individuals who are the subject of potential enforcement actions with an “Early Warning Notice Letter.” The CFPB’s letter and process is similar to the Securities and Exchange Commission’s “Wells Notice” where companies and individuals typically receive written notice that the staff intends to recommend enforcement action against them ...
The Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) recently adopted new rules (the “Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”), and the Commodity Exchange Act (the “CEA”) that will require registered investment advisers with at least $150 million in private fund assets under management to file Form PF with the SEC ...
