Beware of Debtors Bearing Gifts: Eleventh Circuit Upholds TOUSA Bankruptcy Decision by Miller Canfield on 5/23/2012 Sleep better at night knowing that the loan you made to your borrower is supported by collateral from the borrower’s subsidiaries? You may want to keep one eye open. On May 15, 2012, the U.S. Court of Appeals for the Eleventh...more
Spotlight on Auto Finance (Part 2 of 3): New Database to Combat Fraud Against Military and Veterans by BuckleySandler LLP on 5/23/2012 The federal government is increasing scrutiny of financial services companies’ practices affecting active military members, veterans and their families. Earlier this year, the CFPB along with the FTC, the Department of...more
In Florida Real Estate, The Question is Where to Invest - Not If, or When: Toll Brothers, NuWire Give Their Views on Top Florida... by Rosa Eckstein Schechter on 5/23/2012 Looks like Florida is getting popular in real estate investment circles again. Builders are building, planning to build, looking for places to build. It's an amazing thing to consider, given the past few years of dire...more
Consulting Payments To A Related Entity Did Not Avoid Unreasonable Compensation Issues by Charles (Chuck) Rubin on 5/23/2012 An accounting firm operated as a C corporation. The firm paid substantial fees to three related entities created by the founding shareholders of the firm. The fees were so high as to reduce the net income of the firm to a de...more
Little Hoover Commission Votes To Approve Governor’s Reorganization Plan by Allen Matkins Leck Gamble Mallory & Natsis... on 5/23/2012 Yesterday morning, the Little Hoover Commission voted to approve the Governor’s Reorganization Plan, subject to the members appointed by the Speaker of the Assembly (Mark Vargas) and the Senate Rules Committee (Jonathan...more
InfoBytes, May 18, 2012 - A Weekly In-depth review of news & developments in the financial services industry. by BuckleySandler LLP on 5/23/2012 Topics In This Issue: Federal Issues - State Issues - Courts - Miscellany - Firm News - Mortgages - Banking - Consumer Finance - E-Commerce Excerpt from Federal Issues: Federal Prudential Regulators Issue Final...more
Assessing Risk? ethiXbase is an Invaluable Tool by Thomas Fox on 5/23/2012 Put another way, what is the best one-stop database site for anti-corruption and anti-bribery on a worldwide basis? I think that the answer is will lead you to one resource that I would suggest you take a very hard look and...more
Financial Industry Alert: FSA Releases Finalised Guidance on Payment for Order Flow Arrangements by Orrick, Herrington & Sutcliffe LLP on 5/22/2012 On 14 May 2012, the FSA issued its finalised guidance on payment for order flow (“PFOF”) arrangements following its October 2011 guidance consultation. The FSA approached the industry back in October for feedback...more
FSA and BoE Paper on PRA Designation of Investment Firms by Orrick, Herrington & Sutcliffe LLP on 5/22/2012 On 17 May 2012, the FSA and the Bank of England (BoE) published a short paper on how the Prudential Regulation Authority (PRA) will exercise its powers to designate certain investment firms....more
Mergers & Acquisitions Law Report - May 7, 2012: Summary of Required Financial Statements of Businesses Acquired or to Be Acquired by Orrick, Herrington & Sutcliffe LLP on 5/22/2012 Reproduced with permission from Mergers & Acquisitions Law Report, 15 MALR 686, 05/07/2012. Copyright 2012 by The Bureau of National Affairs, Inc. Rule 3-05 of Regulation S-X requires audited financial statements to be...more
ECOFIN Reaches Agreement on CRD IV by Orrick, Herrington & Sutcliffe LLP on 5/22/2012 On 15 May 2012, the Council of the EU announced that the Economic and Financial Affairs Council (“ECOFIN”) has reached agreement on the CRD IV proposals. CRD IV is a package of EU reforms on prudential requirements for credit...more
FSA Guidance on the Practice of PFOF by Orrick, Herrington & Sutcliffe LLP on 5/22/2012 On 14 May 2012, the FSA published guidance on payment for order flow (“PFOF”) arrangements. These are arrangements where a broker receives payment from market makers in exchange for sending order flow to them. Firms should...more
Orrick's Financial Industry Week In Review - May 21, 2012 by Orrick, Herrington & Sutcliffe LLP on 5/22/2012 In This Issue: - Financial Industry Developments · FHFA Releases Draft Strategic Plan · Large Bank Stress Testing Guidance Finalized · Stress Testing for Community Banks · CFTC Rule on Swap...more
MERS Has Power To Assign Interest in Deed of Trust, California Appeals Court Rules by Ballard Spahr LLP on 5/22/2012 The California Court of Appeal has ruled that the Mortgage Electronic Registration Systems, Inc., or MERS, has the power, as nominee beneficiary, to assign its interest under a deed of trust. In its May 17, 2012, opinion...more
Financial Services Legislative And Regulatory Update -- May 21, 2012 by Mintz Levin - Public Finance on 5/22/2012 In This Issue: Leading The Past Week; Legislative Branch; House of Representatives; Executive Branch; OCC; CFTC; SEC; FHFA; and Upcoming Hearings. Excerpt from Leading The Past Week The news last week was...more