This past year has seen many changes in the community banking industry. Some of these issues we expected and some had more of an impact than maybe we would have thought. As we reflect and look forward to 2016, we asked several of our colleagues to weigh in regarding what we saw, what we expect and how to best prepare for the coming new year. Timothy R ...
For better or worse, lenders have become increasingly familiar with the strange dynamic that is the post-bankruptcy minefield created by their borrowers filing a bankruptcy petition. Immediately, lenders begin thinking about how they can minimize the write-off, how they can reduce exposure, how they can avoid violations of the automatic stay, whether they can convince a borrower to reaffirm debt, and many other questions that often must be analyzed situationally ...
Virtual currencies are once again at the forefront of discussion about top issues facing community banks and the financial industry as a whole. The Independent Community Bankers of America (“ICBA”), a trade association representing more than 6,500 community banks, recently published its list of top issues for the fourth quarter of 2015. Among them were the risks associated with virtual currencies ...
On December 24, 2015 Mexico’s Energy Transition Act was published in the Federal Gazette. The Act’s purpose is to regulate: The sustainable use of energy,The obligations of power companies in the area of clean energies, andThe reductions of the polluting emissions of the electric power industry, ensuring the competitiveness of the productive sectors. To read the full alert, click here ...
The Finnish Criminal Code has been recently amended to combat cybercrime more effectively. The Criminal Code now takes a tougher stance against cybercrime by amending certain provisions, introducing completely new provisions and more severe penalties. The amendments entered into force 4 September 2015. From now on, cybercrime offences, such as illegal data interference and identity theft, can be found under their own titles in the Criminal Code ...
Although many of us still wonder at a drone cruising the sky, it has become relatively common to see these devices around. Drones are used for commercial, industrial, marketing and informational purposes, and also for pure fun and enjoyment. Drones, technically referred to as Unmanned Aerial Vehicles (UAV), are now part of our lives. As many other aspects of day-to-day life, there is a regulation in Guatemala that applies to drones, though it is scarcely known by the general public ...
As part of the implementation of the Mexican energy reform, the Mexican government has selected certain fields that will gradually be tendered to foreign and domestic companies for hydrocarbon exploration and production projects. Round One comprises 109 blocks for exploration and 60 blocks for production, and includes new areas of different sizes and types of resources, including: (i) deep-water; (ii) shallow-water; and (iii) on-shore fields ...
Even in a difficult commodity price environment, acquisition transactions can produce lucrative opportunities for buyers of oil and gas interests and creditor relief for sellers. One type of transaction in particular provides an opportunity for distressed sellers not only to avoid bankruptcy, but also eliminate the greatest amount of debt possible that is secured by its oil and gas properties ...
Dozens of North American oil and gas producers have commenced Chapter 11 bankruptcy cases this year, including most recently, Escalara Resources Co., RAAM Global Energy Company, Miller Energy Resources, Inc., and Parallel Energy LP ...
As we continue our series of articles relating to distressed commodity prices in the oil and gas market, we expound on the option to monetize assets that are not included in the calculation of your borrowing base. This topic was briefly discussed in our article, “A Dozen Ways to Stretch Your Borrowing Base.” Under reserve based loans (“RBLs”), producing reserves have always been what one may call the “belle of the ball ...
The Delaware Division of Corporations (the “Division”) recently announced that effective December 1, 2015, its Uniform Commercial Code (“UCC”) filing office will no longer accept paper UCC filings submitted directly to the State of Delaware via regular mail, courier or fax. The Division will instead require that all UCC filings be submitted to the Division electronically.To read the full alert, click here ...
The September 2015 issue of the International Financial Law Review (IFLR) included an international briefing article by SyCipLaw partner Arlene M. Maneja entitled “Competition law enacted.”Download a PDF copy of the article or read the article online at the IFLR website ...
The Philippine chapter of Getting the Deal Through: Islamic Finance & Markets 2016 was contributed by SyCipLaw Managing Partner Rafael A. Morales with Amer Hussein N. Mambuay. The chapter includes information on policies, legislation and supervision covering Islamic finance in the Philippines, contracting concepts, products, and updates and trends ...
As of 3 February 2016, the new Law on Consensual Financial Restructuring (“Law”) will introduce an improved framework for voluntary debt restructuring in Serbia (“Restructuring”). The Law was adopted as a part of a national strategy to address the increasing number of non-performing loans in the country, which was adopted in August 2015 (“Strategy”).[1] The Law will replace the existing Law on Consensual Financial Restructuring of 2011, which produced modest results in practice ...
To incubate is to keep something in a suitable environment for a term where it can develop to its full potential. Increasingly, the concept is being applied to hedge funds, where “to incubate” implies structured conditions for the development and verification of investment strategies over time. As such, an incubator fund is ideal for start-up and emerging managers who do not have much capital but aim to attract greater sums of capital in the near future ...
The Canada Public Sector Pension Investment Board launches a lawsuit against Saba Capital: Lessons for fund managers when valuing illiquid securitiesOn September 25, 2015 the Public Sector Pension Investment Board (the “PSP Investment Board”) filed a lawsuit before the New York State Supreme Court against Saba Capital, the hedge fund managed by Boaz Weinstein (the former co-chief of the credit business at Deutsche Bank AG), for allegedly “manipulating the value” of certain of Saba Capital’s inve
Quebec mining, oil and gas companies are heceforth subject to the imposing disclosure regime under theact respecting transparency measures in the mining, oil and gas industries(the "act"), which came into force last October 21. This statute echoes theExtractive Sector Transparency Measures Act(Canada),1which took effect on June 1, 2015, and follows a global trend to increase the transparency of mining, oil and gas exploration and development ...
Signing the transatlantic free-trade agreement could increase Europe’s energy security. The trick is how to compete with American companies that are already using cheaper energy and don’t have to comply with the same restrictions on CO2 emissions. The 10th round of negotiations of the Transatlantic Trade and Investment Partnership agreement, or TTIP as it is known, was held in Brussels in July 2015 ...
CANADIAN INVESTMENTS IN CUBATheHelms-Burton Actand its risks for Canadian investors in CubaRecommandations for investorsProspects in the face of the thaw in U.S ...
The Interior Board of Land Appeals (“IBLA”) has issued its long awaited decision on an appeal by an offshore service contractor challenging the authority of the Bureau of Safety and Environmental Enforcement (“BSEE”) to issue a citation directly to the service company for a violation of federal offshore regulations. As the first formal opinion issued by any appellate body on the issue, the IBLA decision has widespread implications for the offshore services industry ...
International Financial Law Review (IFLR) in association with Euromoney Yearbooks recently published the Global Banking & Financial Policy Review 2015/2016. The Philippine section was contributed by SyCipLaw Managing Partner Rafael A. Morales. The section is an Overview of Legal and Regulatory Developments in the Philippines such as the Liberalization of Financial Sector, Islamic Banking and Finance, Financial Consumer Protection, and Prospects ...
With more than three decades of experience in banking in North Carolina and Virginia, Park Sterling’s CEO James C. Cherry has a lot to say about the state of community banks and their future. He graciously took the time to address his successes, leadership philosophy, and some of the best advice he ever received. It is well worth your time to read. Park Sterling, a regional, community-focused financial services company with approximately $2 ...
Cyber-risk is a witch’s brew of reputational, operational, legal and financial dangers. This toxic combination exposes a financial institution to a potentially existential hazard when an intrusion occurs. The only way to mitigate (because an intrusion cannot be prevented) is proper planning. To quote Benjamin Franklin, “If you fail to plan, then you are planning to fail.” Cyberattacks are not only increasing in sophistication, but are increasingly focusing on smaller financial institutions ...
As is commonly held by energy sector experts, the game-changing development of the shales and the resurgence of natural gas as a virtually new, huge, versatile, long-term fuel, with a shrinking environmental footprint, is based upon the synergistic deployment of several key technologies ...
NEW REQUIREMENTS FOR PRIVATE PLACEMENTS(“Regulation 45-106”)OBLIGATION TO KNOW YOUR INVESTOR WELLIssuer’s obligations:Ask questionsVerify the investor’s declared income and assetsConfirm the relationship between the investor and the issuerObtain proof of the investor’s statusKeep the documents on file
