The case of the arrangement respecting White Birch Paper (the “White Birch Group”) was one of the most significant matters brought before the Commercial Division of the Superior Court of Quebec in 2010. Not only did this matter receive a lot of attention on account of its crossborder aspect and the number of parties involved, it also constituted a precedent for sales of assets under the new provisions of the Companies’ Creditors Arrangement Ac t (the “CCAA ”) ...
On August 30, 2011, Hart Stores Inc./Magasins Hart inc. ( hereinafter “Hart”), filed for protection under the Companies’ Creditors Arrangement Act (hereinafter the “CCAA”). As part of the restructuring, Hart closed down 32 out of 92 points of sale and laid off 640 out of 1,600 employees. Included in the lay off are five executives, who are the subject of this bulletin.The executives were all laid off by means of a simple notice of termination ...
Data protection in the United States is about to undergo a major change, and everyone needs to be ready. The California Consumer Privacy Act (CCPA), signed into law June 28, 2018, enters into effect Jan. 1, 2020. It creates several new obligations for many United States-based businesses with regard to the collection, treatment, and sale of personal information ...
The installation of CCTV cameras is a highly emotive and controversial issue in many countries. Hong Kong’s data privacy law does not contain any specific provisions regarding the use of CCTV, although the Privacy Commissioner (PC) has issued guidance on CCTV surveillance and the use of drones ...
Canadian Lawyer By Tim Wilbur Cecilia Barnes knew from an early age she wanted to be in business. She entered law school so she could work with entrepreneurs and business executives. When Barnes looked for opportunities after graduating, she focused on working in-house. “I thought, I've taken all of these courses in business and trademark and copyright. So, any company is going to be so excited to have me ...
Protected Cell Companies A Guernsey protected cell company (“PCC”) is a single legal entity. It is one company with one board of directors, one memorandum and articles of incorporation and one company registration number. A PCC comprises a core and any number of cells. Assets which are not comprised in a cell are deemed to be comprised in the core. No regulatory or filing processes are required to create a cell of a PCC ...
The Bangko Sentral ng Pilipinas (BSP, the Philippine Central Bank) recently issued Circular No. 518, s. 2006, which authorizes banks to enter into joint venture agreements (JVA) with real estate development companies for the development of properties acquired by banks in settlement of loans and other advances, either through foreclosure or dacion en pago (ROPAs) ...
On October 16, 2023, the Council of the Central Bank of Chile ("CBCh") published in consultation a proposal to systematize and update the exchange information requested to entities that are part of the Formal Exchange Market (the "Project"), in compliance with the regulation of the Foreign Exchange Regulations Compendium ("FERC"), together with a reformulation and restructuring of this regulatory body ...
The Central Bank of Chile submitted to public consultation amendments to Chapters III.J.1.3 and III.J.2 of the Compendium of Financial Regulations of the Central Bank of Chile about issuance of payment cards with provision of funds and operation of payment cards, respectively. The aforementioned, with the purpose of adapting such regulation to new business models and promote the development of an efficient, safe, and inclusive payment means market ...
On 30 September 2022, the Foreign Exchange Supervisory Committee (“FESC”) of the Central Bank of Myanmar (“CBM”) issued Letter No. FE-73 (23/2022) as a result of discussions held during meeting No. (53/2022). The letter has allowed fuel import entities to make repayments of financing agreements in Chinese yuan (“RMB”) in a bid to prevent delays in oil distribution to consumers in Myanmar ...
On 30 December 2022, the Central Bank of Myanmar issued letter No. FE-1/2861(Ka) concerning the Foreign Exchange Supervisory Committee Meeting Resolution No. (78/2022). The most pressing issue faced by foreign companies in Myanmar was resolved by the decisions made in paragraphs 1(d) of the meeting resolution no. 78/2022 ...
On 9thDecember 2020, the Central Bank of Nigeria (CBN) the Central Bank of Nigeria (CBN) issued a circular on “New License Categorisations for the Nigerian Payments System” (NPS Circular). The NPS Circular set out the different licences, their permissible activities and the share capital requirements. You may access our earlier article on the NPS Circularhere ...
The Central Bank of Chile ("CBC"), on August 3, 2023, agreed to publish for public consultation the proposed amendment to Chapter III.B.4 of the Compendium of Financial Regulations ("CFR") regarding the securitization of assets, contemplating the possibility of acquiring "self-securitized" or "retained securitization" instruments by banks ...
Outsourcing has for years been gaining popularity. Together with an increase in the number of businesses, their branches, subsidiaries as well as capital groups, increasing attention is drawn to the costs of their operations. Such activities as personal, payroll, procurement, IT, or back office in the case of financial institutions are unnecessarily duplicated in the case of companies in a capital group or generate greater costs than if carried out by an external specialized firm ...
Summary On January 13, 2020, the Committee on Foreign Investment in the United States (CFIUS) issued final regulations to implement the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA)1 (the “Regulations”2). The Regulations go into effect on February 13, 2020. CFIUS’s existing regulations (the “Pilot Program”) will continue to apply to transactions that close prior to February 13, 2020 ...
Effective Oct. 15, 2020[1], the Committee on Foreign Investment in the United States’ (CFIUS) mandatory filing requirement will shift from a critical technology[2], industry-specific focus to one focused on export controls. It will focus on whether the U.S. regulatory authorization would be required to export the target U.S. business’ critical technology to the foreign person party to the transaction, including certain parties in the foreign person’s ownership chain ...
As anticipated, on May 29, 2013, the Consumer Financial Protection Bureau delivered the final version of amendments to its January 2013 Ability-to-Repay/Qualified Mortgage rules (the bureau released an early draft of the amendments when the original rule was published). For more information about the Ability-to-Pay/Qualified Mortgage rules, see our prior alerts.1 The rules, as well as the amendments, take effect on January 10, 2014 ...
On June 1, 2023, the Consumer Financial Protection Bureau along with Federal Reserve, OCC, FDIC, NCUA and FHFA (collectively, the “Agencies”) issued a Notice of Proposed Rulemaking seeking comment on rules to implement quality control standards for automated valuation models (AVMs) used by residential mortgage originators and secondary market issuers in determining the collateral worth of a mortgage loan that is secured by a consumer’s principal dwelling ...
April 27, 2022 By: Michael Flynn On April 25, the CFPB announced that it is invoking an aspect of its oversight authority to enable it to supervise and examine certain nonbank lenders when it determines the company’s activities and products pose a risk to consumers. The announcement highlights the CFPB’s intent to more closely supervise at least some FinTech companies and other nonbank consumer financial services providers, comparable to its supervision of banks ...
March 31, 2022 By: Michael Flynn In a March 28 speech, CFPB Director Rohit Chopra announced that the CFPB intends to enforce aggressively against large financial institutions that are repeat offenders, and will ask other federal regulators to take a similar approach. This will include utilizing stronger sanctions, even up to banning business practices, forcing divestiture of business lines, and working with state regulatory agencies to obtain license revocations where appropriate ...
March 31, 2022 By: Michael Flynn On March 16, 2022, the CFPB announced it will expand the scope of its enforcement activities regarding discrimination beyond the specific areas covered by ECOA, by applying the UDAAP unfair practices standard to discriminatory practices in all consumers financial segments ...
