Finance & Banking Updates

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Mobile payments update

Any mobile payment this summer? As you probably know, this is an ever growing market. According to a study of the Politecnico of Milan, the new “Mobile and App Economy” was worth 25.4 billion euro in 2013 and can reach...more

Arizona Supreme Court to Contractor: Sorry But Equitable Subrogation of a Bank’s Later Deed of Trust Trumps Earlier Mechanics’...

The smoke has finally cleared in a hard and long-fought battle between a bank and contractor both claiming priority to foreclose millions of dollars on a Phoenix condominium project. The project, well-known as Summit at...more

Federal Appeals Court Affirms Extender Statutes Trump Securities Act Statute Of Limitations

On August 19, the U.S. Court of Appeals for the Tenth Circuit reissued its original opinion affirming a district court’s holding that FIRREA’s NCUA extender statute circumvents the three-year repose period found in Section 13...more

Ninth Circuit: Banks Can Freeze Chapter 7 Debtors’ Accounts

Banks have long taken comfort in knowing that if one of their customers files for bankruptcy, the bank can freeze the debtor’s account to preserve the bank’s ability to assert a setoff against the account where the bank has a...more

How EB-5 Regional Centers and Sponsors Can Evaluate Broker-Dealer, Investment Company and Investment Adviser Registration...

This article is the second in a series of articles on how EB-5 regional centers and sponsors can evaluate broker-dealer, investment company and investment adviser registration requirements under U.S. securities laws....more

Corporate and Financial Weekly Digest - Volume IX, Issue 34

In this issue: - Oregon State Court Refuses to Enforce Forum Selection Bylaw - SEC Announces Pilot Program to Widen Tick Sizes for Smaller Companies - NFA Issues Notice Setting Effective Date for Risk...more

A Compilation of Enforcement and Non-Enforcement Actions

SEC Proposes Extension of Principal Trade Rule for Registered Advisers/Broker-Dealers - The SEC has proposed extending to December 31, 2016, the sunset date for the expiration of Rule 206(3)-3T (the “Rule”) under the...more

Federal, State Mortgage-Related Investigations Yield Largest Ever Civil Settlement

On August 21, the DOJ announced that a large financial institution agreed to resolve federal and state mortgage-related claims through what the DOJ characterized as the largest ever civil settlement with a single entity....more

HMDA proposed rule published in Federal Register

The proposed rule amending the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, was published in the Federal Register today. As such, the official comment deadline will be October 29, 2014. We...more

Crackdown on Tax Treaty Abuses

Tax authorities throughout the world are cracking down on taxpayers – individuals and corporations – that utilize some aggressive tax planning strategies....more

Deputy Comptroller Describes OCC’s SCRA, Consumer Compliance Focus

On August 18, in a speech to the Association of Military Banks of America, Deputy Comptroller for Compliance Policy Grovetta Gardineer described the OCC’s increasing supervisory and enforcement focus on SCRA compliance....more

Three Disclosure Areas of Focus for Private Equity Firms Given Increased SEC Oversight

The private equity space is an area of increased scrutiny for the SEC. The SEC’s Office of Compliance Inspections and Examinations (OCIE) earlier this year announced its intentions to examine a significant percentage of never...more

Finding Your Fix: Removing the price fix for gold and silver may cause a rethink on the reliance on spot prices in contracts

Removing the price fix for gold and silver may cause a rethink on the reliance on spot prices in contracts - First published in Mining Journal, August 2014 The fix is finished. Amid ongoing technological and...more

Mexico’s Energy Reform Provides Significant Opportunities in Oil and Gas Exploration and Production

Mexico’s new energy legislation, which went into effect on August 12, 2014, will completely restructure the Mexican energy sector, including both hydrocarbons and electricity. This legislation opens up oil and gas exploration...more

August 2014 Estate Planning Update: Protecting Investment Properties

Investment properties can be subject to lawsuits by other creditors because they are not protected by Nevada’s homestead law. Under Nevada homestead law, many classes of assets are automatically protected from creditors. ...more

Fair Valuation and Mutual Fund Directors: New Guidance from the SEC

1. Previous Guidance Codified by the Release - Much of the guidance included in the Release is already in section 404 of the CFRP. In fact, the amount of repetition in the revised section may confuse a first-time...more

The Rise of Foreign Issuer IPOs

Foreign issuer IPOs have been increasing recently as foreign issuer activity continues to improve since a marked decline in 2011 and 2012. This decline resulted in part from market volatility in the aftermath of the financial...more

The ERISA Litigation Newsletter

Editor's Overview - This month's newsletter focuses on repayment of pension plan overpayments. Our issue discusses pension plan overpayments to participants, a plan administrator's duties to seek repayment, corrections...more

China EB-5 Backlogs Expected during FY2015

On August 23, 2014, the State Department announced that the employment based fifth-preference category (EB-5) is unavailable for Chinese nationals for the remainder of FY2014, through September 30, 2014, due to the large...more

DOL Updates Procedures for Locating Missing Participants in Defined Contribution Plans

The U.S. Department of Labor recently released Field Assistance Bulletin 2014-01 (the “FAB”), which updates DOL’s guidance on locating missing participants when a defined contribution plan, such as a 401(k) plan, is...more

CEO, CFO Charged in SEC Financial Fraud Action

Since the formation of the financial task force, and its related data group, there has been speculation regarding the focus of the new program and the impact of big data techniques. One indication of how the program could...more

What’s in it for Them?

I made peace with one of the biggest enemies I had professionally and it’s something I’m proud of. We both admitted we were wrong and acted in haste because of a lack of communication and it was good for business to make...more

Important changes to Italian mandatory tender offer Rules

The Decreto Competitività (as converted into Law with amendments, the “Decree”), published on August 20, 2014, in the Italian Official Gazette (Gazzetta Ufficiale della Repubblica Italiana), has made some important changes to...more

Financial Regulatory Developments Focus - September 2014

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Credit Ratings - Financial Services - Shadow Banking - Funds - Financial Market...more

Sine Die Die Die!

Sine Die, folks! The North Carolina General Assembly has adjourned until a new legislature convenes January 14, 2015 with the members elected this November....more

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