In an attempt to improve the quality of Listed Companies and the liquidity of Public Company shares, the Director of the Indonesian Stock Exchange amended Regulation Number I-A on the Listing of Shares and Equity Securities other than Shares Issued by Listed Companies (No. KEP-00001/BEI/01-2014). The main issues regulated under this amended Regulation relate to the term of office of the independent commissioner and independent director in a listed company and free float shares ...
In an attempt to increase a bank’s ability to absorb risks, the improvement of a bank’s capital quality and quantity to be in accordance with international standards is deemed necessary. In order to increase a bank’s capital quality, it is also considered necessary for the bank to have additional capital which will have the function as a buffer in the event of a financial and economic crisis which may negatively affect the stability of the financial system ...
Currently, provisions on fit and proper tests for non-banking financial services are provided separately in several regulations and they apply different standards of fit and proper test procedures and materials. In an attempt to unify the fit and proper test requirements for non-banking financial services, the Financial Services Authority (“OJK”) issued Regulation No. 4/POJK ...
As a newly established authority pursuant to Law No. 21 of 2011 on the OJK (“OJK Law”), the OJK requires proper financing to support its operations so that it can carry on its duties and functions independently and professionally, and in accordance with good corporate governance principles. One of the OJK’s financing sources is from charges obtained from financial services institutions and/or individuals or entities engaging in financial services ...
On March 21, 2014, the Division of Swap Dealer and Intermediary Oversight (“Division”) of the CFTC issued a no-action relief letter (the “2014 Letter”),1 to temporarily allow entities to deal in utility operations-related swaps, as defined in the 2014 Letter, without counting such swaps towards the “sub-limit” threshold for swap dealer registration with regard to such swaps ...
FATCA is a United States Act that requires US persons, including individuals who live outside the United States, to report their financial accounts held outside of the US, and requires foreign financial institutions (“FFIs“) to report information regarding their US clients to the US Internal Revenue Service (“US IRS”). FATCA was meant to combat offshore tax evasion and to recoup federal tax revenues ...
The Government has announced radical changes which are likely to significantly affect the way in which people access and use their pension savings in the UK ...
CONTENTS The 2014 Federal Budget Plan sounds the death knell for two family tax planning measures much appreciated by entrepreneurs and some professionalsThe Expert and the CourtYou signed a contract for services... with an employee? How to properly identify the relationship between the parties and what are the consequences of a wrong categorization ?Application of GAAR to a cross-border debt “clean-up” transaction: The Pièces Automobiles Lecavalier Inc ...
As you no doubt already know, the Pharmaceutical Industry in Argentina is a strictly controlled industry. Said control is held by the ANMAT Administración Nacional de Medicamentos, Alimentos y Tecnología Médica) and it spreads from the first authorisation of a laboratory to act as such in the country, moving through the authorisations to commercialise products, up to pharmacovigilance of products that have already been commercialised ...
In one of the few decisions of its kind, the UK High Court recently assessed the damages to be paid to a generic pharmaceutical company under a cross-undertaking in damages. While some aspects of the decision are specific to the UK pharmaceutical reimbursement scheme, the judgment will be a useful reference point for parties involved in similar litigation in Australia ...
The recent case of Cooper v Bank of Scotland plc has once again highlighted the problems arising where a lender takes security over a matrimonial home to support the business debts of one of the spouses. In this case, Mrs Cooper argued that she signed the security as a result of misrepresentation by her husband. The Court agreed with this and ordered that the standard security granted by Mrs Cooper over her one half share in the Property was not enforceable ...
On February 26, 2014, the Supreme Court held that state-law fraud class actions brought against attorneys, insurance brokers and others arising from Ponzi-scheme claims involving R. Allen Stanford could proceed. In a 7-2 decision in Chadbourne & Parke LLP v. Troice, 571 U.S ...
Moody’s Investors Service has upgraded Paraguay’s government bond rating by one notch to Ba2 from Ba3, and changed the outlook to positive from stable. According to Moody’s, the “decision to upgrade Paraguay’s rating was driven by the following factors: 1. The improving standing of Paraguay’s key fiscal metrics relative to ‘Ba’ peer medians.2. A strengthened institutional framework as a result of the legislation package that was approved last year.3 ...
Getting ready for your next compliance examination? Well, it may be time to take a fresh look at your institution’s Regulation B compliance. The Equal Credit Opportunity Act ("ECOA"), as implemented by Regulation B, is not a new concept. First adopted in 1974, Regulation B is understood by most institutions to include a focus on what information and what signatures can be obtained with respect to the family member of an applicant ...
On December 17, 2013, the Federal Financial Institutions Examination Council (the “FFIEC”) issued the Social Media: Consumer Compliance Risk Management Guidance for financial institutions. The Guidance does not impose any new obligations but “is intended to help financial institutions understand and successfully manage risks in this area ...
Law No. 20,715: On protection to debtors of money loans On December 13, Law No. 20,715 was published in the Official Gazette, after an intense debate in the financial industry and over 2 years of discussion in Parliament. The new law modifies Law No. 18,010 on regulations on money loan transactions, Law No. 19,496 on protection of consumer rights and the Chilean Tax Code. In what refers to money loan transactions, Law No ...
Poland has yet to adopt regulations implementing AIFMD, but that does not mean that nothing will change on the Polish market for private equity and closed investment funds in the next few months, before the new regulations are enacted here ...
In my last article, “ECOA Gets More Teeth in North Carolina,” I wrote about the recent North Carolina Court of Appeals decision, RL Regi North Carolina, LLC v. Lighthouse Cove, LLC,…,and Connie S. Yow (COA12-1279). As expected, it did not take long for this important decision to limit the enforcement of some spousal guaranties. Approximately one month after the Lighthouse decision, Wells Fargo v. Triplett v ...
Several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have brought compensation of financial institution executives into the public eye. Although disclosure of executive and director compensation dates back to the 1930s, Dodd-Frank’s most highly publicized requirement, “say-on-pay,” shifts the disclosure to a dialogue with shareholders, essentially allowing shareholders to vote on compensation for certain executives ...
A debtor files for bankruptcy protection, and his or her creditors are sent notice of the filing. Despite having received the notice, due to a breakdown in internal procedures one of the creditors, a bank, accidentally takes action to collect on the debt after the filing of the bankruptcy case – thus violating the automatic stay. Since the violation was unintentional, surely the bank cannot be sanctioned, right? Wrong ...
In November 2012, Lavery published a newsletter concerning the announcement made by the Harper government on October 24, 2012 of the adoption of new regulations to protect consumers who use prepaid credit cards so that they are better able to choose the forms of payment best suited to their needs. At that time, on October 27, 2012, the draft Prepaid Payment Products Regulations (the "Federal Regulations") were published for comment in Part I of the Canada Gazette ...
The U.S. Commodity Futures Trading Commission (the “CFTC”) has issued interpretive guidance regarding which Dodd-Frank1 requirements apply to certain non-U.S. swap transactions (the “Cross-Border Rule”).2 In order to facilitate parties’ compliance with the Cross Border Rule, the International Swaps and Derivatives Association (“ISDA”) has published the ISDA 2013 DF Agreement for Non-U.S. Transactions (the “Non-U.S ...
Physician-owned distributorships (PODs) and other physician-owned entities (POEs) have emerged as a favored vehicle to reduce costs, but the popularity of PODs and POEs has led to increased scrutiny by federal regulators. In June 2011, the United States Senate called on the Office of Inspector General for the U.S. Department of Health and Human Services (OIG) and Centers for Medicare & Medicaid Services to investigate the proliferation of PODs and corresponding utilization practices ...
