Finance & Banking Updates

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Seventh Circuit Limits Construction Lender’s Use of Title Insurance Policy to Cover Construction Liens Created by Lender’s Cutoff...

In a recent decision written by Judge Sykes, affirming a decision from the Western District of Wisconsin, in an issue governed by Wisconsin law, the Seventh Circuit ruled that a title insurer has no duty to indemnify a...more

SEC Issues Guidance on Personal Securities Transactions Reporting

On June 26, 2015, the Securities and Exchange Commission (SEC) issued a guidance update on Rule 204A-1 of the Investment Advisers Act of 1940 (Advisers Act). Rule 204A-1 requires, among other things, certain advisory...more

Red Notice Newsletter - June 2015

This month on the anticorruption front, an energy company announces the U.S. Department of Justice (DOJ) has declined to bring charges following an Foreign Corrupt Practices Act (FCPA)-related investigation, the protracted...more

Meet the New Sharif: Bankruptcy Court Jurisdiction in the Wake of Wellness International

The 1978 Bankruptcy Code was hailed as a comprehensive bankruptcy overhaul, designed, in part, to eliminate the uncertainty as to which matters could be handled by a bankruptcy referee depending on the outcome of a summary...more

Alberta's NDP Government's Flagship Bill Bans Corporate and Union Donations to Political Parties in Alberta

On June 23, 2015, the Alberta legislature unanimously passed the first bill of Alberta's new NDP government. Bill 1, An Act to Renew Democracy in Alberta passed in third reading with the unanimous support of all parties,...more

"SEC Proposes Long-Awaited Mandatory Compensation Clawback Rules"

On July 1, 2015, the U.S. Securities and Exchange Commission (SEC) issued long-awaited proposed rules that would implement the incentive-based compensation recovery (clawback) provisions of the Dodd-Frank Wall Street Reform...more

Private Equity Newsletter - Summer 2015 Edition: Recent Developments in Acquisition Finance

As we discussed in a prior newsletter, the evolving landscape for regulated financiers under the Leveraged Lending Guidance1 promulgated by the Federal Reserve Board, FDIC and OCC has increased uncertainty for regulated...more

Recent Developments Affecting UCC Filings in New Jersey

New laws and regulations affect the information that must be listed on a financing statement and require electronic filing of all financing statements. There have been two recent developments affecting Uniform Commercial...more

Russian Legislation Update

In This Issue: - Undesirable organizations - Banking - Employment/Court Practice: a Company’s CEO and Members of the BOD - Excerpt from Undesirable Organizations: On 23 May 2015 the Russian...more

US Supreme Court Decision in Bank of America, N.A. v. Caulkett

In a 9-0 decision released on June 1, 2015, the US Supreme Court ruled, in Bank of America, N.A. v. Caulkett, 135 S. Ct. 1995 (2015), that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien...more

District Court Says TCPA Plaintiffs Are Not Required To Plead Their Phone Numbers; Allows Plaintiff’s Negligence Claim Premised On...

The District of South Carolina recently rejected the argument that TCPA claims must be dismissed if a plaintiff does not specify the telephone number that was allegedly called. See Williams v. Bank of America, No. 14-4809-RBH...more

FTC, Florida AG File Action to Stop Alleged Telemarketing Debt Relief Scam Targeting Seniors

The Federal Trade Commission (FTC) and the Florida Attorney General (AG) have jointly filed a complaint in a Florida federal court against several companies and their individual owners alleging that the defendants engaged in...more

SEC Proposes Clawback Rules

Yesterday, the SEC proposed the long-awaited executive compensation clawback rules under Section 954 of the Dodd Frank Act. Weighing in at over 100 pages, there is a lot to digest. This McGuireWoods client alert provides an...more

JPOA Extended until July 2015: “Temporary” Iran Sanctions Relief Continues until July 2015

Since the end of November 2013, the so-called P5 + 1 (the United States and its partners, China, France, the United Kingdom, Germany and Russia) have been negotiating with Iran regarding its nuclear program. The negotiations...more

Blog: SEC Issues Concept Release Regarding Potential Additional Audit Committee Disclosures

The concept release seeks public comment on possible new reporting requirements focused on the audit committee’s responsibilities with respect to its oversight of the independent auditor. As the release notes, SOX mandated...more

FCA Publishes Decision Notices In Respect Of Three Former Members Of Keydata’s Senior Management

In this decision report, we consider the FCA’s decision notices issued to the former chief executive, sales director and compliance officer of Keydata Investment Services Ltd in connection with the sale of structured...more

Whistleblower Aims to Uncover Bank Fraud

Whistleblower Nicholas Wilson has alleged that HSBC, Great Britain’s largest bank, has committed fraud totaling in £1 billion throughout the last three decades. He also claims that despite his allegations being backed by...more

NY BitLicense Update: 45 Days to Apply

After almost a year of discourse and revision, New York’s Department of Financial Services’ final “BitLicense” regulation has been published in the New York State Register and an application has been made available. This...more

Energy Technology Connections Newsletter: Your Law Firm Link to Industry News - June 2015

In This Issue: - Leaders in the News - Innovator Profile - Event Highlights - Washington Update - Energy Navigator - Upcoming Events - Excerpt from Leaders in the...more

Ouch! SEC’s Proposed Executive Compensation Clawback Rules Carry a Sting

On July 1, 2015, the Securities and Exchange Commission proposed long-awaited rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 mandating any company whose securities are...more

CFPB Drives Action Against Auto-Finance Company

Putting the brakes on what it viewed as aggressive debt-collection tactics, the Consumer Financial Protection Bureau (CFPB) filed suit in Ohio federal court on June 17, 2015, against Security National Automotive Acceptance...more

Iran: No decision reached; further extension of limited sanctions relief until 7 July 2015

Yesterday, the P5+1 (made up of the United States, Russia, China, the United Kingdom, France and Germany) together with Iran, announced the extension of the Joint Plan of Action (JPOA) Relief Period (JPOA Relief Period) for...more

Bank payment obligations and the URBPO – an update

Two years ago, the International Chamber of Commerce launched the URBPO – the Uniform Rules for Bank Payment Obligations. Since then, the market has been increasingly using bank payment obligations (BPOs) as an alternative to...more

Supreme Court Further Clarifies Stern v. Marshall

As we have previously discussed, the Supreme Court held in Stern v. Marshall that Congress did not have the authority under the Constitution to empower bankruptcy judges to decide legal claims that are based entirely on state...more

UK Regulatory Proposals on Removing Impediments to Resolvability

The Bank of England, the UK authority with powers to “resolve” failing banks, is consulting on how it might exercise its power of direction to remove impediments to resolvability. The Bank may require measures to be taken by...more

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