The French Supreme Court rendered a very important decision for the international practice of syndicated financings by recognizing in the context of French insolvency proceedings certain effects of the trust and the mechanism of parallel debt, both governed by the laws of the State of New York ...
Chilean law allows the creation of security interests over almost all kinds of assets and rights held by project companies, except for certain assets listed in the Civil Procedure Code that may not be attached under Chilean law (eg, working tools and assets employed in services that may not be stopped with serious harm to public transportation or health, household assets, salaries and child support up to a certain amount) ...
Back in 1999, a law was adopted renovating an autonomous regulator and putting in place a modern regime to govern securities and capital markets in Panama, placing the local regulatory environment very much in line with legislation in force in more developed markets such as the United States (including, for example, the creation of the indirect holding system) ...
Last quarter we focused on claims that can be asserted under the debt collection provisions of the West Virginia Consumer Credit and Protection Act, W. Va. Code §§ 46A-1-101 et seq. (the “WVCCPA”). This article will focus on the basic defenses available to creditors under the WVCCPA ...
At its open meeting on September 8, 2011, the Commodity Futures Trading Commission (the “CFTC”): announced that it would not complete its rulemaking process for rules necessary to implement the Title VII swaps-related provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) until 2012; and outlined a proposed sequence of rules to be considered during the remainder o
When a bankruptcy occurs, the creditors play a central role in the administrative control of the bankrupt's estate. In this regard, the Bankruptcy and Insolvency Act 1 (The "BIA") provides that, at the first meeting of creditors, the creditors must, among other things, affirm the appointment of the trustee and give such directions to the trustee as they see fit with reference to the administration of the estate ...
As an international commercial and financial capital, New York law has traditionally been selected to govern commercial contracts and has served as a venue of choice for the resolution of cross-border disputes. The historic prominence of the state’s judiciary and bar, along with its well-developed, fair and predictable body of law have drawn parties from around the world to select New York law to govern their agreements and to choose New York as the venue for resolving their disputes ...
You are the general counsel of a public company and your CEO calls to tell you that the board is thinking about putting the company up for sale. He wants to talk. There are many important considerations for the board and management team when selling a company, and one of those is whether to sell to a financial buyer or a strategic buyer ...
It is hard to believe that the Dodd-Frank Act (“Act”) celebrated only its first birthday on July 21, 2011. It seems like it has been around a lot longer than that sometimes. Although the Act has already reshaped the regulatory regime for both financial and many non-financial entities, in actuality, its impact is just now beginning to be felt. This is the first of what is sure to be many articles examining the Act and its impact on community banks ...
Although the concept of a limited liability company has been around since 1977 when Wyoming enacted a limited liability company act, the popularity of the limited liability company has primarily grown during the last 15 years. In August 1994, the Uniform Limited Liability Company Act was adopted by the National Conference of Commissioners in an effort to create more uniformity among state limited liability company legislation ...
By way of follow-up to our January 2011 article on the NC Lien Law Legislation and relevant case law, we want to report two recent developments. On July 19, 2011, the North Carolina Court of Appeals again addressed lien priority issues when it reversed the trial court’s entry of judgment on the pleadings in favor of Preserve Holdings, LLC (which purchased property out of foreclosure in January 2008 from the original plaintiff, Wachovia) ...
Commentators and the market have lauded Rio Tinto's M&A credentials in relation to its bid for Riversdale Mining. Part of the reason is that the bid was made against a backdrop of the top two shareholders holding more than 40% of the target and not entering into pre-bid agreements with Rio Tinto ...
On Monday August 22, 2011, the FDIC, Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and Florida’s Office of Financial Regulation announced civil money penalties of $10.9 million and a two-year deferred prosecution agreement against Ocean Bank (“the Bank”) in Miami, FL. The penalty represents approximately seven percent of the Bank’s book value ...
Pursuant to an order recently issued by the Securities and Exchange Commission (the “SEC”), the dollar amount thresholds in the definition of “qualified client” under Rule 205-3 under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), are set to increase effective as of September 19, 2011 ...
Hurricane Irene’s path along the Eastern Seaboard has affected millions of people and exposed businesses to property loss, business interruption, and supply network disruption. Those affected by Irene should immediately think about insurance coverage for their loss. Commercial Property Insurance In the event of a loss, a company should take steps to preserve coverage ...
In order to comply with a court-ordered schedule, EPA Administrator Lisa Jackson on July 28 signed a 604-page package that proposes to subject additional oil and gas operations to regulation under the New Source Performance Standards (NSPS) and National Emission Standards for Hazardous Air Pollutants (NESHAPS) programs and to impose new and amended requirements under both programs. This proposed rulemaking has significant ramifications for the oil and gas industry ...
On April 4, 2011, the Honourable Benoît Morin, speaking for the Court of Appeal, with Justices Michel Robert and Jacques A. Léger concurring, issued a judgment co nfirming the decision of the Superior Court rendered on April 22, 2009 by the Honourable Jean-Yves Lalonde. The case arose out of the bankruptcy of Stonehaven Country Club Resort & Spa L.P. (“Stonehaven”)(1) ; the Court had to rule on the validity of Investissement Québec’s claim against the bankrupt co mpany ...
After more than three years of delays, studies and public consultations, the Canada Consumer Product Safety Act (the “Act”) came into force on June 20, 2011. The Act imposes new obligations on manufacturers, importers and sellers of consumer products and grants significant powers to Health Canada. It will impact this critical sector of our economy ...
FIRE SAFETY ACTThe Fire Safety Act (the “Act”) came into force on September 1, 2000. Its purpose is to implement organizational arrangements pertaining to fire safety within the regional county municipalities (“RCMs”) and major urban centres in Quebec. Section 8 of the Act requires them to establish a fire safety cover plan (a “Plan”) which must then be approved by the Minister of Public Security ...
On June 20, 2011, Justice Ginsberg delivered the unanimous opinion of the U.S. Supreme Court in American Electric Power Company, Inc. v. Connecticut, holding that the Clean Air Act and EPA action under it displaced the federal common law nuisance claims against CO2 emitters that plaintiffs sought to pursue. Plaintiffs had sued four private power companies and the TVA, asking for a decree setting CO2 emission limitations at defendants’ power plants, with the limitations to be reduced annually ...
Contents * Foreign Reporting: a Costly Oversight, * The Act Respecting the Legal Publicity of Enterprises and Limited Partnerships: We Win, We Lose… Maybe! * What Should You Do When Tax Authorities Pay a Visit to Your Client? * Beware of Hybrid Sales Transactions Involving Assets and Shares! FOREIGN REPORTING: A COSTLY OVERSIGHT Pascale Blanchet [email protected] Luc Pariseau lpariseau@lavery ...
On May 4, 2011, an important Bill was presented by the Minister for Finance, Mr. Alain Paquet. The effect of Bill 7, entitled An Act to amend various legislative provisions concerning the financial sector, is, among other things, to amend section 115 of the Act respecting the distribution of financial products and services (“ARDFPS”) and to add sections 115.1 to 115.9 ARDFPS ...
On 30 March 2011, Bank of Italy published a set of supervisory provisions concerning banks’ remuneration and incentive policies and practices (the “New Regulations”) with the purpose to implement the European Directive 2010/76/EC of 24 November 2010 (“Capital Requirements Directive III” or “CRD III Directive”) ...
New Off-shore Loan Reporting Regulations – Bank Indonesia is to commence imposing fines as of July 2011, for the June 2011 reporting period. Note that for corporations, there is no minimum loan reporting limitation, whereas for individuals, only loans or groups of loans which together exceed US$200,000 or its equivalent must be reported.Bank Indonesia keeps track of foreign loan obligations for statistical purposes and to assist it in formulating monetary policy ...
The Royal Decree of 3 March 2011 regarding the evolution of the supervisory architecture of the financial sector (“Koninklijk besluit betreffende de evolutie van de toezichtsarchitectuur voor de financiële sector” / “Arrêté royal mettant en oeuvre l'évolution des structures de contrôle du secteur financier”) (the “Royal Decree”) entered into force ...
