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Finally A Clear Ruling On A Much Needed Bankruptcy Preference Defense

The United States Bankruptcy Court for the District of Delaware has finally clarified that the administrative expense claim for goods delivered post-bankruptcy filing may be set off – dollar for dollar – to reduce any open...more

What Community Bank Board Members Need to Know About D&O

A bank director’s responsibilities are similar to directors of other types of corporations, including the duties of loyalty and care. Federal banking regulators have strong enforcement powers to address violations of law,...more

Blog: FCA castigates the principals of appointed representatives in the general insurance sector

The FCA has just published a damning Thematic Review: “Principals and their appointed representatives in the general insurance sector“. The FCA asked 190 network principals to complete an online survey; asked 15 of these...more

Practical Cybersecurity Guidance from TheCityUK and Marsh

TheCityUK and Marsh have jointly published a report urging UK financial and related professional services sectors to step up their efforts to address cyber risk. The report (headed “Cyber and the City”) suggests that...more

Regulatory decisions

Senior managers regime, certification regime and conduct rules - Crucially, this period has seen the start of implementation of the new regime for individual accountability, although it will take a further year for it to...more

European Commission Adopts Delegated Regulation on RTS Specifying Obligation to Clear Derivatives Traded on Regulated Markets and...

On June 29, 2016, the European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (“MiFIR”) with regard to RTS specifying the obligation to clear derivatives traded on...more

Blog: EIOPA publishes technical advice on the identification & calibration of infrastructure corporates

The European Insurance and Occupational Pensions Authority (EIOPA) has published the final version of its Technical Advice to the European Commission on the identification and calibration of infrastructure corporates. Our...more

Florida Court Rejects Auto Body Shops' Effort to Revive their Antitrust Claims Against the Auto Insurance Industry

On May 12, District Judge Gregory Presnell (Middle District of Florida) denied plaintiffs' motion for reconsideration in the In re Auto Body Shop Antitrust Litigation, delivering another victory to insurers seeking to derail...more

Do You Know What’s In Your Portfolio Company’s D&O Insurance?

When a venture capital or private equity firm invests in a portfolio company (PC) and places a general partner on the PC’s board, they typically require that the PC agree to defend and indemnify the board member in any...more

Blog: Part VII Transfers: UK Court makes an order affecting a New York excess & surplus lines trust

The Copenhagen Reinsurance Company (CopRe) asked the UK High Court to make an Order sanctioning the intra-group transfer of the whole of its (re)insurance business to the Marlon Insurance Company (Marlon). Each of CopRe and...more

SEC Staff Issues No-Action Letter on Index Fund Investments in Insurance Companies and Securities Related Businesses

SEC staff expands upon prior no-action positions to permit funds that track a third-party index to invest in insurance companies and securities related businesses beyond the limitations set forth in Sections 12(d)(2) and...more

Poland: new tax on banks and other financial institutions

Poland’s Banking Tax Act, introducing a tax on banks and insurance companies in Poland, is in force. The Banking Tax Act applies to selected financial institutions - domestic banks, consumer lending institutions and...more

The Financial Report - Volume 5, No. 5 - March 2016 (Global)

The buzz phrase of the moment in the financial services industry is robo adviser. On Monday, February 29, The Wall Street Journal published a Journal Report in the Personal Finance Section of that day’s newspaper. The...more

Ninth Circuit Finds No Reliance On Auditor’s Qualified Opinions

In 2009, the Securities and Exchange Commission sued Danny Pang and his two companies for allegedly defrauding investors of hundreds of millions of dollars by misrepresenting investments in the life insurance policies of...more

UK Financial Regulatory Developments - February 2016 #13

Treasury renews TAFA designation - Treasury has renewed two designations under the Terrorist Asset Financing etc Act (TAFA). (Source: Treasury renews TAFA designation)... DBIS updates PSC guidance - DBIS has...more

New Rules for 831(b) Captive Insurance Companies

On December 18, 2015, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), as part of a 2016 appropriations bill. The PATH Act includes significant changes to Internal Revenue Code section...more

The Long Long Game: The EU Financial Regulatory Agenda Into 2016 and Beyond

2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more

Asset protection: Back to basics

Asset protection trusts can be highly effective vehicles for protecting wealth in today’s litigious society. But these trusts can be complex and expensive, so they’re not right for everyone. For those seeking simpler asset...more

Insight on Estate Planning - February/March 2016

When interest rates are low, it’s high time for estate planning - Interest rates remain at record lows, and while many experts believe they’ll begin to rise soon, it’s likely they’ll rise slowly. So it’s an ideal time to...more

Year in Review: Legislation and Guidance for Financial Institutions in 2015

Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of...more

Blog: UK’s PRA publishes Questions & Answers on the Senior Insurance Managers Regime

The UK’s PRA has published a set of Q&As on the Senior Insurance Managers Regime that are well worth reading if you outsource your internal audit or actuarial functions, and you’re still struggling to make sense of the rules...more

Reflections on the Yates Memo

The Department of Justice (DOJ) released a potential game-changing enforcement policy to DOJ staff on 9 September 2015 called ‘Individual Accountability for Corporate Wrongdoing’ (the Yates Memo). The Memo, publicised...more

Life and Annuity Series: Trend in Excessive Fee Decisions

The trend of excessive fee decisions relating to the insurance industry continues: - ..In re Davis New York Venture Fund Fee Litigation—The SDNY's opinion denying the motion to dismiss is notable for two...more

As Litigation Risk Increases, Private Equity Sponsors Should Re-Evaluate Their Professional Liability Insurance Programs

Private equity fund sponsors are facing increased litigation risk from regulators and private parties, including limited partners and stakeholders in portfolio companies.  As a result, private equity firms should re-examine...more

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

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