The Commodities Futures Trading Commission (the “CFTC”), pursuant to its rulemaking authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”)1, has interpreted guarantees of swap agreements to fall under the definition of a swap,2 which means that any swap guarantor must be an “eligible contract participant” (“ECP”) at the time a swap is entered into (which may occur after the date on which the guarantee and related credit facility documents are entered
On March 26, 2013, the Office of the Superintendent of Financial Institutions (“OSFI”), the Canadian bank regulator, issued an Advisory in which it identified the banks considered to be systematically important for Canada in accordance with the framework set out by the Basel Committee on Banking Supervision. These banks are the Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the National Bank of Canada, the Royal Bank of Canada and the Toronto-Dominion Bank ...
Recently, the Superior Court rendered a decision 1 which clarifies the extent of the discretion a court has when asked to ratify a hypothecary creditor's recommendation to appoint an employee of its legal counsel to act as the officer of the court entrusted with the sale by judiciary authority of the collateral secured in its favour. CONTEXT The Superior Court had to render judgment in five cases involving very similar facts ...
Law and institutions-1. Treaties Is your country a signatory to any treatises that refer to mediation? Is your domestic mediation law based on a treaty? The Philippines is currently not a party to any treaties that refer to mediation.2 ...
Here are select February 2013 rulings of the Supreme Court of the Philippines on remedial law:Civil ProcedureActions; cause of action; elements; failure to state a cause of action is ground for dismissal ...
It is not surprising that there has been so much discussion and debate surrounding the saga of Eric and Lola and the debate surrounding the saga of Eric and Loa in the past few years. Indeed, this litigation raises issues that directly affect a large number of Quebec couples who live in De facto Unions ...
On February 1, 2013, the Supreme Court overturned a controversial decision of the Ontario Court of Appeal which granted pension beneficiaries priority over dip lenders in the context of a restructuring under the Companies' Creditors Arrangement Act ("CCAA")1. The Court of Appeal's decision led many to worry that lenders would be reticent to advance funds to restructuring debtors for fear of not being able to secure charges which would outrank all other claims ...
Here are select February 2013 rulings of the Supreme Court of the Philippines on criminal law and procedure: 1. REVISED PENAL CODE Conspiracy; joint purpose and design. Conspiracy may be deduced from the mode, method, and manner in which the offense was perpetrated; orinferred from the acts of the accused when those acts point to a joint purpose and design, concerted action, and community of interests ...
Traditionally the Spanish business sector has financed its growth primarily through bank loans. However, the current restrictions on credit (derived not only from the crisis but of growing capital constraints of banks themselves) have to seek funding alternative or complementary to the bank ...
Chapter 43 Philippines Rafael A Morales1 I INTRODUCTION Banks in the Philippines are classified into (1) universal banks, (2) commercial banks, (3) thrift banks, (4) rural banks, (5) cooperative banks, (6) Islamic banks, (7) government-owned banks, and (8) other banks as may be classified by the Bangko Sentral ng Pilipinas (‘BSP’) ...
Regulatory framework- 1 What are the principal governmental and regulatory policies that govern the banking sector? The government recognises the vital role of banks in providing an environment conducive to the sustained development of the country’s economy ...
The hacker group Anonymous announced that it, in concert with Middle East- and North Africa-based criminal hackers and cyber actors, will conduct a coordinated online attack labeled "OpUSA" against banking and government websites today, May 7. Anonymous stated that OpUSA will be a distributed denial of service (DDoS) in which websites may be defaced and legitimate users may be unable to access websites ...
On April 1, 2013, the U.S. Commodity Futures Trading Commission (“CFTC”) issued a final rule exempting swaps between certain affiliated entities from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act (“CEA”) and CFTC regulations (“Final Rule”).1 This alert outlines the rule and raises some questions as to its conditions and impact. I ...
On March 28, 2013, the Commodity Futures Trading Commission (“CFTC”) issued a final order exempting specified transactions by certain regional transmission organizations (“RTO”) and independent system operators (“ISO”) from all but the general anti-fraud and anti-manipulation prohibitions of the Commodity Exchange Act (“CEA”) and related CFTC regulations promulgated thereunder (“Exemptive Order”).1 This alert outlines the Exemptive Order ...
This is the first in a recurring series of articles examining the Dodd-Frank Act and its implications for community banks. This quarter’s selection takes a closer look at reforms related to corporate governance issues.In addition to extensive provisions affecting large and small institutions, the Dodd-Frank Act set forth certain corporate governance reforms all businesses, including community banks, need to keep in mind ...
On May 1, 2013, Spilman Thomas & Battle, PLLC, in conjunction with the North Carolina Bankers Association, held The Future of Community Banking Symposium in Greensboro, N.C. It was a day-long discussion of the issues facing and opportunities for community banking. Our day was highlighted by a keynote address from Congresswoman Shelley Moore Capito (R-W.Va.), who chairs the House Subcommittee on Financial Institutions and Consumer Credit ...
Economic torts provide relief in relation to intentional interference with economic interests. This collection of torts can be divided into two categories: deceptive market practices and improper market practices. This paper concerns itself exclusively with the latter, examining the torts of inducing breach of contract, unlawful interference with economic interests and civil conspiracy ...
Here are select February 2013 rulings of the Supreme Court of the Philippines on legal and judicial ethics: Attorney; confidentiality of proceedings against attorneys; exception. Atty. Fortun filed a petition for contempt against respondents for publicizing the disbarment case against him in media. Section 18, Rule 139-B of the Rules of Court states that “proceedings against attorneys shall be private and confidential ...
Here are select March 2013 rulings of the Supreme Court of the Philippines on criminal law and procedure: 1.REVISED PENAL CODE Rape; medical examination of victim not indispensable to prove rape. An inconclusive medical report does not negate the finding that the accused (Penilla) raped AAA ...
Important Considerations In Drafting An Arbitration Provision: With the continuing increase in cross-border investments, it bears reminding that companies must plan for the eventuality that parties may not see eye-to-eye in the future – something known but not always implemented ...
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 ...
1 LegislationWhat legislation is applicable to insolvencies and reorganisations? What criteria are applied in your country to determine if a debtor is insolvent? The applicable law is Republic Act No. 10142, known as the Financial Rehabilitation and Insolvency Act of 2010 (FRIA). The FRIA took effect on 18 July 2010 ...
