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
On June 20, 2011 in Singapore, ICANN ( Internet Corporation for Assigned Names and Numbers), the global co-ordination body for Internet addresses, approved the new program for the thematic extension of GTLDS. This program will certainly lead to significant growth in the number of domain names (GTLDS) on the Internet ...
On June 20, 2011, in Singapore, ICANN (Internet Corporation for Assigned Names and Numbers), the global coordination company for Internet addresses, approved the new program for the thematic extension of gTLDs. This program will certainly lead to significant growth in the number of domain names (gTLDs) on the Internet ...
The Hungarian Parliament enacted Act no CXII of 2011 on Information Rights and the Freedom of Information ("New Data Protection Act"), which will replace the currently effective Act no LXIII of 1992 on the Protection of Personal Data and the Publication of Data of Public Interest ("Old Data Protection Act") from 1 January 2012. Below, we briefly summarize the main changes brought about by the New Data Protection Act ...
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 ...
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) ...
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) ...
On 10 October 2011 the Council of Ministers of the European Union approved a new Directive on consumer rights in the European Union. This directive is aimed at strengthening the rights of consumers in all Member States of the European Union by bringing uniformity to the rules applicable to all European citizens with a special focus on the online shopping sector ...
Super injunctions and online libel revisited--Injunctions are ‘pointless’, ‘unbelievably expensive’ and counterproductive because ‘there’s an assumption of guilt about which you can do nothing...’ These are just some of the frustrated words of Top Gear presenter Jeremy Clarkson when he abandoned his super injunction (obtained in September 2010 to silence rumours he had an affair with ex-wife Alexandra Hall, whilst married to current wife Frances) on 26 October 2011 ...
The Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”) recently adopted new rules (the “Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”), and the Commodity Exchange Act (the “CEA”) that will require registered investment advisers with at least $150 million in private fund assets under management to file Form PF with the SEC ...
On November 7, 2011, the Consumer Financial Protection Bureau (“CFPB”) announced that it will provide financial companies and individuals who are the subject of potential enforcement actions with an “Early Warning Notice Letter.” The CFPB’s letter and process is similar to the Securities and Exchange Commission’s “Wells Notice” where companies and individuals typically receive written notice that the staff intends to recommend enforcement action against them ...
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 ...
At its open meeting on October 18, 2011, the Commodity Futures Trading Commission (“CFTC”) adopted final rules (the “Position Limit Rules”) to establish speculative position limits for 28 physical commodity futures and options contracts (“Core Referenced Futures Contracts”) and futures, options, swap, or swaption contracts that are economically equivalent to such Core Referenced Futures Contracts (together with the Core Referenced Futures Contracts, collectively, “Referen
If your trademarks and business names contain letters with accents and you are the owner of domain names linked with them, it is important to familiarize yourself with the following. With a view to offering owners the possibility of registering domain names that comply with French spelling, the Canadian Internet Registration Authority (the « CIRA »), the organization that manages the register of ...
The use of social media, discussion forums and other websites for business purposes, as a means of communicating with the public, raises increasingly significant compliance issues for regulated entities of the financial sector. Such use may expose registered or certified representatives and, consequently, their firms, to previously unheard of but nonetheless real non compliance and reputational risks ...
On Friday, December 2, 2011, the International Swaps and Derivatives Association ("ISDA") and the Securities Industry and Financial Markets Association ("SIFMA") jointly filed a lawsuit in the U.S. District Court for the District of Columbia against the Commodity Futures Trading Commission ("CFTC") and a petition for review in the U.S ...
On October 28, 2011, the Quebec Court of Appeal upheld a judgment of the Superior Court (1) allowing for clauses of a loan agreement to be modified by The Court so as to reflect the common intention of the parties after it was proved that there was a discrepancy between the real intention of the parties, as stated in a letter of intent, and the wording of the document drawn up to implement the letter of intent, namely a loan agreement ...
Ukrainian sports law is in the early stages of its development and the prospects for its future growth directly depend on resolution of certain conceptual problems. One such problem is regulation of contracts in sports law. The pressing nature of this problem is evidenced by the fact that today the investment into both professional and amateur sports is on the rise in Ukraine ...
A creation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. Law 111-203 ("Dodd-Frank Act"), the Consumer Financial Protection Bureau ("CFPB") is charged with regulating consumer lending activities of financial institutions and, in partnership with state attorneys general, enforcing numerous federal consumer protection laws ...
Defined Benefit Pension Plans: i) The Temporary Funding Relief Measures Will Likely Be Extended! ii) A New Statutory Framework for Federal Not-For-Profit Organizations iii) Conversion of Debt Into Shares By a Corporation in Financial Difficulty; Pay Attention to the Tax Consequences! iv) Conflicting Rights of Hypothecary Creditors and Tenants DEFINED BENEFIT PENSION PLANS: THE TEMPORARY FUNDING RELIEF MEASURES WILL LIKELY BE EXTENDED! François Parent fparent@lavery ...
Last quarter, we focused on the available defenses to West Virginia Consumer Credit and Protection Act, W. Va. Code § 46A-1-101 et seq. (“WVCCPA”) claims. This article, we will focus on the potential damages that a consumer can recover - actual damages, statutory penalties, and attorney’s fees. First, a consumer would be entitled to actual damages – physical and/or emotional – that a creditor’s or debt collector’s alleged violations of the WVCCPA may have caused the consumer ...
The Investment Industry Regulatory Organization of Canada (IIROC, formerly known as the Investment Dealers Association of Canada (IDA)) is a self-regulatory organization recognized by the Autorité des marchés financiers (AMF), which mainly deals with disciplinary complaints against its members. For this purpose, the IIROC has supervisory and investigative powers as well as the power to impose disciplinary sanctions. It can impose various penalties on its members, including fines ...
In its judgement in the case of Banque Nationale Du Canada v. Agence Du Revenu Du Quebec, 2011 QCCA 1943, issues on October 21, 2011, the Court of Appeal of Quabec discussed two grounds of dispute that might be of interest to the hypothecary creditors of tax debtors when the tax authorities rely on provincial statutory provisions pertaining to deemed trusts, NAMELY: 1. THE LIMITS OF THE SCOPE OF THE DEEMED TRUST; AND 2. THE ESTOPPEL ...
In its judgment in the case of Banque Nationale Du Canada v. Agence Du Revenu Du Quebec, 2011 QCCA 1943, issues on October 21, 2011, the Court of Apperal of Quebec discussed two grounds of dispute that might be of interest to the hypothecary creditors of tax debtors when the tax authorities rely on provincial statutory provisions pertaining to deemed trusts, namely: 1. The limits of the scope of the deemed trust; and 2. The Estoppel ...
