Last Thursday and Friday, I was in Charlotte for the UNC School of Law Banking Institute. The conference is very deserving of its great reputation; it was very informative (Albeit after almost 6 hours of Dodd-Frank analysis on Thursday, I was just glad to be able to stand.) ...
1 Collateral What types of collateral are available? Collateral used in secured financings can also be used in project financings ...
The Autorité des marchés financiers (the “AMF”) published a draft Commercial Practices Guideline, which is available for public consultation on the website of the AMF until April 22, 2011. This Guideline constitutes a statement of principle on the expectations of the AMF concerning the sound commercial practices of insurers and financial institutions ...
On September 25, 2008, former President George W. Bush signed the ADA Amendments Act of 2008 (the “ADAAA” or the “Act”) into law, broadening the definition of “disability” under the Americans with Disability Act (“ADA”). The ADAAA makes it easier for people to establish that they are protected by the ADA and overturns holdings in several well-known Supreme Court decisions, which had previously narrowed the “disability” definition ...
On March 22, 2011, the Fifth Circuit ruled that the Uniformed Services Employment and Reemployment Rights Act (“USERRA”) does not support a cause of action for hostile work environment. This is the first ruling from any Circuit Court regarding the issue. USERRA, a federal statute that establishes rights for members of the National Guard and Reserve, applies to all public and private employers, regardless of size ...
Starting April 6, 2011 the Social Security Administration (SSA) resumed sending its “no-match” letters (or “decentralized correspondence (DECOR) letters”) to advise employers of reported social security numbers that do not coincide with SSA’s records. In 2007, SSA stopped sending DECOR letters due to federal litigation focused on an insert that the Immigration and Customs Enforcement agency (ICE) wanted to include with the letters ...
All businesses possess confidential information - trade secrets, customer lists, staff records - which could mean loss of business, reputational damage, or give competitors an advantage if leaked, whether deliberately or accidentally.Depending on the type of information disclosed and the type of organisation, there are potential consequences regarding public policy and data protection ...
Imitation is the sincerest form of flattery — so they say. Boosters in Wellington, New Zealand, call themselves “Silicon Welly.” And Texas Gov. Rick Perry said somewhere in America “Silicon Valley will be replicated. I want it to be in Austin” — even though central Texas dubbed itself “Silicon Hills” long ago. There’s also the Silicon Forest, Prairies, Alleys and other Valleys. Not to mention the No. 1 Silicon Alley — in New York City ...
The Memorandum of Understanding entered into between the Portuguese State and the International Monetary Fund, the European Central Bank and the European Commission (“the Troika”) sets forth a range of goals and measures that shall be implemented by the Portuguese State in order to promote competition in the markets as a means to improve economic growth ...
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 ...
The Social Network did not just tell the fascinating story of Facebook's rise to a social media power house. It showed how society is increasingly using social platforms as one of its primary channels for communication. Social media is broader than social networking sites such as Facebook or Linked-In ...
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 ...
Financial pressures often prompt an employer to review the benefits provided to employees and former employees in order to determine whether changes can be made that would decrease the cost of those benefits. Other times an employer will make changes to the benefits it offers in order to attract new employees or to better respond to the demographics of its workforce ...
The United States Court of Appeals for the Fourth Circuit recently provided additional support for calculating unpaid overtime compensationunder the Fair Labor Standard Act (“FLSA”) by paying damages to misclassified employees at 50% of the regular rate ...
On May 26, 2011, the United States Supreme Court handed down its decision in Chamber of Commerce of the United States of America v. Whitingin which petitioners had challenged a 2007 Arizona law imposing sanctions on businesses that hire unauthorized aliens. Petitioners claimed that the Arizona law, the Legal Arizona Workers Act, was expressly, or alternatively, impliedly preempted by the Federal Immigration Reform and Control Act (IRCA) ...
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 ...
In an effort to cope with the void left by the federal government’s failure to curb illegal immigration, Tennessee has joined the ranks of 15 other states that have enacted “get tough” immigration-related legislation aimed at stricter enforcement of immigration laws within their state borders by requiring public and private employers to enroll and participate in the E-Verify program to verify the employment eligibility of newly hired employees ...
The Supreme Court ruled earlier this week that the Bayh-Dole Act does not automatically vest title to federally funded inventions in federal contractors in Board of Trustees of the Leland Stanford Junior University v. Roche Molecular Systems, Inc., et al. The Bayh-Dole Act generally enables non-profit organizations, such as universities, to obtain title to inventions made under federally funded research programs while reserving march-in rights to the federal agency providing the funding ...
Recent cases in which employers have successfully defended their decisions to enforce dress and diversity policies against Christian employees have led to comments by Christian campaigners that there is "disproportionate animosity" towards the Christian faith in the UK courts ...
The Court of Appeal has confirmed that a failure by the transferor to provide the information required by Regulation 13 of TUPE does not render the transfer ineffective (Marcroft v Heartland). The underlying dispute in this case concerned the enforcement of restrictive covenants in Mr Marcroft's contract. He had been employed by PMI in its commercial insurance business ...
In Watson v University of Strathclyde, the Employment Appeal Tribunal held that the inclusion of a particular member of staff on a panel to hear an appeal against a grievance amounted to a fundamental breach of contract, so that the employee who had brought the grievance was constructively dismissed ...
It is well established that an employer who provides a reference owes the employee who is the subject of the reference a duty to take reasonable care in preparing the reference ...
The Court of Appeal has ruled that career-long compensation will only be awarded in cases where an employee has little to no prospect of ever finding an equivalent job. (Wardle v Credit Agricole Corporate and Investment Bank). Mr Wardle, aged 44, brought a race discrimination claim against his employers, the French bank Credit Agricole, when a French candidate was awarded a promotion ahead of him ...
The Court of Session has recently considered what is required to amount to a course of conduct under the Protection from Harassment Act (Marinello v City of Edinburgh Council). Mr Marinello complained that, while he was employed by the Council, two of his superiors had subjected him to almost daily abuse and criticism and he brought an action under The Protection from Harassment Act 1997 ...
