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Blame It on the Bossa Nova! A One Note Samba for Inbound Real Estate in the U.S

As an undergraduate at West Point, I was a Spanish and Portuguese major. My Brazilian “thing” had already started a decade earlier as a ten year old growing up in the Panama Canal Zone seeing Pele play for his Brazilian team...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

Taxing Non-Residents on Capital Gains from UK Residential Property – UK Government Consults on New Rules

The UK does not generally impose tax on capital gains of non-UK residents in relation to real estate properties in the UK. However, the Government has announced that tax will be imposed on future capital gains made by non-UK...more

Central Bank brings Exempt Unit Trusts into the AIFMD net, REITs may escape, SPVs exempt for now

The Central Bank of Ireland (the “Central Bank”) issued feedback on 28 March 2014 to its consultation in relation to whether investment structures, most notably exempt unit trusts (“EUTs”), should be considered to be...more

Canadian Investment Firm Building Upscale Mobile Home Parks In Florida

As ties between Canada and Florida continue to strengthen, Canadian investment in the region continues to increase. Tricon Capital Group, the Canadian company whose profit rose five-fold last year after betting on U.S....more

U.S. and European Cross-Border Real Estate Investment: Key Structuring Considerations

Deploying real estate capital across international markets can be a complex exercise, and structuring cross-border investments so that capital can be brought back efficiently adds to the complexity. Accommodating the...more

Rating Agency Developments - March 27, 2014

On March 19, S&P released its methodology for rating CDOs of project finance debt. On March 17, Fitch released its criteria for analyzing RMBS under the Ability-to-Repay and Qualified Mortgage rules....more

2014 U.K. Budget: Impact on Alternative Asset Managers

Chancellor George Osborne delivered his fifth coalition Budget today. In a wide-ranging statement, there are a significant number of tax-focused proposals that will make changes across the U.K. tax system. Some of these...more

LIFE-CYCLE: A legal guide to developing, investing in and managing buildings sustainably (Global)

Real estate is a major consumer of resources. Everyone needs a place to live and work and we use real estate for that purpose. Modern life means that energy and other resources will be consumed in the development and...more

Bank of America Foreign Exchange and Mortgage Practices Under Investigation

On Tuesday, Bank of America disclosed in its annual report with the US Securities and Exchange Commission (SEC) that “government regulators” in North America, Europe and Asia are investigating its foreign exchange and...more

Credit Crunch Digest - February 2014

This issue of the Credit Crunch Digest focuses on developments in a major Barclays Libor-related case; a multibillion-dollar Bank of America settlement with mortgage securities investors; Morgan Stanley’s settlement with the...more

Orrick's Financial Industry Week in Review - February 24, 2014

ESMA Q&A on Application of AIFMD - On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers...more

Japan Back In Spotlight For Real Estate Investment

Japan is back in the spotlight for international real estate investors. Recent surveys indicate that Japan was the third most active market globally in 2013 after the U.S. and the U.K., with transaction volumes of...more

Orrick's Financial Industry Week in Review - February 3, 2014

Protocol on the Operation of the ESMA MiFID Database - On January 29, the European Securities and Markets Authority (ESMA) updated its protocol on the operation of its MiFID database (ESMA/2013/68b). The...more

CSBS Announces Four More State Agencies Transitioning To Uniform Mortgage Test

On January 7, the CSBS announced that, as of January 1, four additional state or U.S. territorial agencies began using the National SAFE MLO test. With the addition of these four agencies—the Nevada Department of Business &...more

Financial Services Legislative and Regulatory Update -- January 13, 2014

In This Issue: Leading the Past Week; Executive Branch; International; and Upcoming Hearings. Excerpt from Leading the Past Week - Last week closed with the long anticipated ability-to-repay and...more

REsource - Winter 2013/2014

In This Issue: Bringing Non-U.S. Capital Into (and Back Out of) U.S. Real Estate; A Wider Play of Shale: A Hydraulic Fracturing Primer; California Clears Way for Pollution Clean-Up with AB 440; and Which Way is the...more

Banking & Financial Services E-Note - December 19, 2013

In This Issue: - Several Swiss Regional Banks to Cooperate with U.S. Tax Rules - Volcker Rule Approved by Federal Regulators - Treasury Secretary Sets Goal of Foreign Bank Reform in 2014 - Largest Mortgage...more

Orrick's Financial Industry Week in Review - December 16, 2013

Final Rules Implementing the Volcker Rule - On December 10, the Fed, CFTC, FDIC, OCC and SEC issued final rules to implement Section 619 of the Dodd-Frank Act (the Volcker Rule), which prohibit insured depository...more

Real estate finance – Shari’ah compliant transactions

Produced in partnership with K&L Gates LLP - Real estate is an increasingly important asset class for Islamic-compliant transactions and banks in the UK. Islamic-compliant finance has proved to be an alternative source...more

The Portfolio Interest Exemption: A Pretty Good Thing

You know what’s better than earning portfolio interest? Nothing. OK, that may be an overstatement. But for non-U.S. lenders looking to earn a return on their U.S.-based investments, with respect to paying U.S. taxes, that’s...more

Chinese Developer Makes Large Footprint in U.S.

We have previously written here on CrunchedCredit about Chinese banks lending in the U.S. With recent news that Chinese state-owned developer Greenland Group has agreed to purchase a 70% stake in Brooklyn’s Atlantic Yards...more

JPMorgan Settles $5B RMBS Suits Brought By German Banks

On October 23, JP Morgan agreed to pay an undisclosed sum to settle cases brought by three German banks in the Supreme Court of the State of New York concerning the banks’ alleged purchase of $5 billion of RMBS....more

Rating Agency Developments - November 06, 2013

On October 29, S&P revised U.S. residential mortgage input file format. On October 28, S&P proposed revisions and is seeking comment on changes to Italy and Spain RMBS methodology and assumptions....more

Orrick's Financial Industry Week in Review - November 4, 2013

The Fed Approves New Fee Schedules - On October 31, the Fed announced new fee schedules, effective January 2, 2014, for payment services the Federal Reserve Banks provide to depository institutions (priced services). ...more

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