Operations Report - May 2007


Standing By

Launch the bottle rockets! The new rules for commercial letters of credit will become effective July 1, 2007.

The UCP 600 will replace the former ICC rules, designated UCP 500, adopted in 1993. The UCP

600, like UCP 500, is not self-executing. It applies only to credits that invoke it.


No New Surges

The Defense Department just published its proposed rule to implement the much-criticized and illnamed Talent Amendment, and it surprised everyone.


MiFID Outsourcing

MiFID (the Markets in Financial Instruments Directive) is intended to promote a single EU market for wholesale and retail transactions in financial instruments.


The NACHA Enchilada

For many, reading NACHA rules is about as entertaining as tuning into a PBS pledge drive. But the pocket-protector types will need to listen up.


CRA Recrafted

The Office of Thrift Supervision (“OTS”) is publishing a final rule effective July 1, 2007 revising four areas of its Community Reinvestment Act (“CRA”) regulations to reestablish uniformity between its rules and those of the other federal banking agencies.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:


Morrison & Foerster LLP on:

Popular Topics
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.