The Philippine section of Getting the Deal Through: Aviation Finance & Leasing 2015 was contributed by SyCipLaw senior associate Bhong Paulo A. Macasaet with associates Aldous Benjamin C. Camiso, Diana S. Gervacio, and Maricar G. Ramos ...
The North Carolina Supreme Court recently handed down the final word in a dispute over whether guarantors get the benefit of the state’s anti-deficiency statute after the lender bids on and buys the real property at a foreclosure sale. And that word is that the guarantors can use the anti-deficiency statute, whether or not the primary borrower is a party to the lawsuit against the guarantors on the deficiency. The case, High Point Bank and Trust Company v ...
From the financial sector to the healthcare industry, and even the security business itself, hackers are creeping their way into business data systems and pilfering personal information. For financial institutions, security measures to prevent attacks are not foreign. Nor is the need for a response plan in case preventative measures fail ...
A recent decision of the Supreme Court of the United States may make it easier for borrowers to claim discrimination when denied a loan. In late June 2015, the Court addressed whether lawsuits brought under the Fair Housing Act (“FHA”)[1] required a plaintiff to show that the defendant intentionally discriminated against him or her. The Court held that the FHA does not require that ...
Lavery closely monitors the development of class actions dealing with consumer law and is committed to keeping the business community informed of the latest developments in this area of the law by regularly publishing newsletters dealing with new case law or legislative changes which may impact, influence, even transform the practices in this area. The courts of Quebec recently dealt with two issues of interest in the context of two class actions instituted by consumers ...
Intellectual property due diligence in an investment context Major changes enable registered charitable organizations to invest in limited partnership units INTELLECTUAL PROPERTY DUE DILIGENCE IN AN INVESTMENT CONTEXTEric Lavalléewith the collaboration ofCynthia Coutu, student-at-law A due diligence analysis of intellectual property right
Could your institution be at risk of liability for unauthorized wire transfers and Automated Clearing House (“ACH”) credit transfers? Data security breaches continue to garner headlines, and criminals continue to engage in targeted activities to steal millions of dollars in unauthorized funds ...
Poland’s first clearinghouse for cash-free payments was established in 1990. In 1991 the first payment cards for individual clients were issued in Poland. The history of cash-free trade in this country now goes back over a quarter-century. But one of the key Polish regulations governing money—the Foreign Exchange Law—has not kept pace with the evolution of the forms in which money is used, but remains fixed in times when the dominant form of money was cash ...
The attorney-client privilege is a cornerstone of the legal practice. The privilege protects the confidentiality of communications between a client and an attorney from disclosure to a third party when the communications are intended to be confidential and the confidentiality is not waived ...
Could your institution be at risk of liability for unauthorized wire transfers and Automated Clearing House (“ACH”) credit transfers? Data security breaches continue to garner headlines, and criminals continue to engage in targeted activities to steal millions of dollars in unauthorized funds ...
Headlines should read, “Congress and President Do Something Right!” On July 28, 2015, only one day after Congress passed the matter, the President signed into law an increase in Small Business Administration (“SBA”) lending, from $18.75 billion to $23.50 billion, for the 7(a) program. One common SBA lending program, 504, was not restricted, so loans for buying and developing real estate continued ...
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) ...
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. 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 ...
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 ...
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”) ...
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 ...
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 ...
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 ...
Following the regulatory workshop in Shenzhen on 5 June 2015 hosted by the SFC and CSRC/SAFE on mutual recognition of funds (MRF) between Hong Kong and the PRC, Hong Kong’s SFC has issued FAQs on the topics that were discussed.In the FAQs, the SFC offered guidance on some of the requirements for authorisation in Hong Kong of PRC funds. In summary:One-year track record: Numerous Cayman unit trusts have re-domiciled to Hong Kong ...
Over the last 10 years, considerable legislative efforts have been made towards creating a favourable framework for financing agribusiness and agricultural production in Serbia. The latest piece of legislation in that sector is a law on secured pre-harvest financing. Looking back, in 2005 Serbia introduced the national strategy on agricultural development (the Strategy), which outlined obstacles and set goals with regard to financing agribusiness and agricultural production ...
