On April 9, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced the establishment of the Main Street Business Lending Program (“Main Street Loan Program”), an up to $600 billion lending program for mid-size businesses ...
The insurer incorrectly notified the insured of the general conditions of insurance. Could this result in the insurer being required to pay compensation, even though the general conditions of insurance state that there is an exception excluding the insurer’s liability? In our practice, we encountered an issue surrounding the need to notify the insured of the general conditions of the insurance contract ...
While the Ukrainian Parliament continues heated debates over the open market for agricultural land, one thing remains clear - the lifting of the moratorium on sale of agricultural land is an inevitable process, which is largely driven by globalization and the expansion of influence of major world corporate groups in Ukraine. However, for the land market and agribusiness to become transparent and efficient, the relevant risk management systems have to be implemented ...
We are very excited to be supporting the UN Global Compact Network UK’s ‘Transitioning to a Net Zero’ webinar series ...
How will the UK become a Net Zero-aligned Financial Centre? Last month, the UK Government announced that the UK was to be the world’s first Net Zero-aligned Financial Centre. The Institute for Government defines “net zero” as “a balance between the amount of greenhouse gas emissions produced and the amount removed from the atmosphere” ...
The nearly global response to the spread of the deadly Coronavirus has led to governmental authorities at all levels issuing “stay-at-home orders,” “orders to close non-essential businesses,” and bans on gatherings of 10 people or more. The resulting shut-down, as well as the impact of widespread remote-working practices and displacement of personnel, may disrupt or interrupt trading and hedging activity ...
Pensions analysis: On 16 December 2022, the Pensions Regulator (TPR) published its consultation on the new defined benefit (DB) funding code of practice together with a response to its first consultation and a consultation on its proposed twin track regulatory approach to assessing valuations including its proposed Fast Track design. Suzanne Burrell, partner at Shoosmiths examines the consultation and its implications ...
The Pensions Regulator has confirmed that the DB Funding Code of Practice will now be published in April 2024. Back in December 2022, the Pensions Regulator (TPR) published the latest draft of its revised Defined Benefit Funding Code of Practice (Code). At the time, TPR intended to have the Code finalised and in force by October 2023. However, TPR has now confirmed that the Code will be delayed until April 2024 ...
Borrowers who go through the process of obtaining an FHA-insured multifamily loan generally come to the same conclusion: the juice is worth the squeeze. At the end of the day, they get to enjoy a unique blend of benefits (35 or 40-year mortgage term, below market interest rate, etc.) that simply can’t be replicated with a conventional loan. One FHA benefit that’s been getting a lot of attention lately is loan assumption ...
Every year, tornadoes in the United States cause dozens of fatalities and inflict billions of dollars in property damage. The EF5 tornado that struck Moore, Oklahoma on May 20 was the most powerful and destructive storm yet of the 2013 season. Although the Moore tornado is only one of 343 tornadoes already reported nationwide through May 23, more than 1300 occur annually in the United States, based on a three-year average ...
In recent months, high profile M&A warranty claims1 and falling premiums have dramatically increased the utilization of "representations and warranty insurance" (RWI), also known as "warranty and indemnity insurance," in mergers, acquisitions and related transactions. By one account, demand for transactional risk insurance policy limits in North America grew by eighty-six percent (86%) in 2012 ...
Obtaining a Receiving Order by a Single Creditor Introduction Under s. 43(1) of the Bankruptcy and Insolvency Act, one or more creditors may file a Petition for a Receiving Order if: 1.the debt owing to the petitioning creditor or creditors amounts to $1,000; and 2.if the debtor has committed an act of bankruptcy within six months next preceding the filing of the petition ...
The financial services sector had a busy 2020 for many reasons, and the UK’s 2021/22 financial year promises to bring further developments. In this article, we take a look at the changes expected in banking, finance and asset management. 1. Brexit The loss of passporting rights was a key consequence of the Brexit deal from a financial services perspective ...
The end is near. 2018 is fast coming to a close, and it is that time of year when corporate lawyers are counting—not the number of shopping days left until Christmas, but the number weeks, days and hours left before the end of the fiscal year. Admittedly, in the scramble to close deals, insurance requirements and indemnity provisions may not be at the top of the list of critical deal points for clients and counsel ...
On Dec. 9, Congressional Democrats, including Elizabeth Warren (D-Mass.) and Jerrold Nadler (D-N.Y.), proposed sweeping legislation that would overhaul consumer bankruptcy law. The proposed changes, if adopted, generally would make it easier for consumers to access the bankruptcy system and discharge their debts. Below is a discussion of ten critical changes proposed in the Consumer Bankruptcy Reform Act of 2020 (CBRA). 1 ...
Much of the bankruptcy chatter arising from the pandemic world in which we find ourselves is now focusing on the cascade of new bankruptcy cases that are predicted to arrive soon. We have already seen the effects of closed stores and no foot traffic on some of the big names in retail (J.C. Penney, J. Crew, Neiman Marcus, Pier 1, etc.), but many consumer cases are sure to follow, the result of the staggering number of layoffs and lost jobs that the pandemic has caused ...
Bankers confront the bankruptcy world regularly. It can be a world of somewhat unfamiliar, if not confusing, concepts and terms. Unfortunately, it can also be a world fraught with risk associated with taking actions (or not taking actions) that run afoul of the rules or jeopardize the bank’s rights against the borrower. Here are a few of the “truths” that bankers need to keep in mind in the bankruptcy world. 1. The automatic stay is, well, automatic ...
Although this is a developing area, many billions of assets under management have already been tokenised. High profile managers such as Franklin Templeton, Abrdn, KKR, Mitsui and Hamilton Lane have already launched tokenised products. Tokenised assets nonetheless still represent a tiny percentage of the funds industry. We expect this area to grow exponentially in the coming years. What is tokenisation? Tokenisation is the digital representation of 'traditional' financial assets (e.g ...
In a recent decision by the Court of Appeal of Québec, the Honourable Jacques Chamberland, J.C.A. reviewed the application of exclusion clauses contained in a home insurance policy in the context of criminal activities1. THE FACTSThe Appellant, Union canadienne compagnie d’assurance insured the building of respondent, Mrs. Lise Houle and her spouse, Christian Alexandre. The latter was growing cannabis in the insured building ...
If your estate plan was put in place more than 3 years ago, the plan is likely designed to save estate taxes at the sacrifice of income tax benefits. Estate tax is no longer a concern for married couples owning less than $11 million of assets. We recommend reviewing your estate plan to confirm that it has the flexibility to adapt to tax law changes and to secure income tax benefits ...
Under RERA, the promoter of a real estate project is obliged to obtain the requisite insurance policies required to secure the development of project and insurances as may be notified by the government. The lack of transparency and uniformity in the Indian real estate market has done little to entice insurance companies from tapping into lucrative land deals and developing insurance products for the real estate sector ...
Charitable giving is a way for businesses and individuals to save on taxes while supporting the causes that align with their values. At Schwabe, we can help clients to plan charitable gifts and make sure that their charitable giving works holistically with the plan they have created for the distribution of their entire estate. This article will cover common questions associated with charitable giving ...
Among the many extraordinary measures taken by the federal government in response to the COVID-19 pandemic is the issuance of blanket waivers of certain provisions of the federal self-referral prohibition commonly known as the Stark Law. The waivers loosen significant restrictions on physician financial relationships in an effort to provide health care providers with greater flexibility to meet the challenges of the pandemic ...
