Bonds

News & Analysis as of

Bank Bond Covers Third-Party Losses Arising out of Bank Employee’s Fraud, Eighth Circuit Holds

Fidelity bonds are purchased primarily to protect against loss to the policyholder’s own assets, from things like employee theft or embezzlement. In Avon State Bank v. BancInsure, Inc., however, the Eighth Circuit interpreted...more

Under the Dome: Inside the Maine State House

Thank you for your readership. The First Regular Session of the 127th Legislature is nearing its end. For now, the Legislature has adjourned but plans to reconvene on July 16. As the pace of legislative developments is now...more

New MSRB Rule Will Increase Available Information Regarding Trades of Municipal Securities

Last month, the Securities and Exchange Commission (the “SEC”) approved amendments by the Municipal Securities Rulemaking Board (the “MSRB”) to MSRB Rule G-14 regarding the reporting of trades of municipal securities. These...more

Proposed Bonds to Encourage Public Private Partnerships And Improve Infrastructure

The nation’s infrastructure is in need of dire repair. On February 2, 2015, to encourage private investments in infrastructure through public-private partnerships (“P3s”) and as part of his 2016 proposed budget, President...more

New UAE Commercial Companies Law - Debt Capital Markets

On 31 March 2015, the new Federal Law (No. 2 of 2015) concerning Commercial Companies (the NCCL) was issued and published in Federal Gazette No. 577 in the United Arab Emirates (the UAE) (the Official Gazette). The NCCL comes...more

Treasury Revises Issue Price Regulations

The Treasury Department published in the June 24, 2015 Federal Register new proposed regulations for determining the “issue price” of bonds. The same announcement also withdrew the proposed regulations published in 2013 (the...more

Distressed Downloads - June 2015

A Battle in the Making in the Oil and Gas Sector: Second Lien vs. High Yield Debt - In the oil and gas industry, there is a storm brewing between holders of second lien debt and unsecured high yield bonds. These...more

Initial Public Offerings under the New UAE Commercial Companies Law

The long anticipated UAE Federal Commercial Companies Law no. 2 of 2015 (the “New Companies Law”) was issued on 25 March 2015 and will be in force by 1 July 2015, replacing UAE Federal Commercial Companies Law no. 8 of 1984...more

$84 Million Settlement in Northwestern Mutual Annuity Class Case

March 26 marked the beginning of the end for the storied 14-year litigation concerning Northwestern Mutual Life Insurance Pre-MN annuities when the Eastern District of Wisconsin granted preliminary approval of a proposed...more

Challenges to the Development of the Sukuk Market

Corporate, sovereign and government-related entities issued sukuk worth US$116.4 billion in 2014, according to Standard and Poor’s. As more financial institutions around the world engage in the management, arrangement or...more

Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by...more

Bonds and Sukuk Issuances under the New UAE Commercial Companies Law

The long anticipated UAE Federal Commercial Companies Law no. 2 of 2015 (the “New Companies Law”) was issued on 25 March 2015 and will be in force by 1 July 2015 to replace the existing UAE Federal Commercial Companies Law...more

Nevada Legislature Changes Procedure For Certain Bonds (AB 170)

AB 170, a bill amending NRS 350.020 passed by the Nevada Legislature, was signed by the Governor on June 11, 2015. It amends subsection 3 of NRS 350.020 which specifies the procedures to be followed to issue general...more

Bonding off a Private Mechanic’s Lien In Kentucky

In my previous post, I discussed the basics of filing a private mechanic’s lien in Kentucky. Today, the subject will turn to the release of a private mechanic’s lien by execution of a bond. Execution of a bond for release of...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Budget Negotiations Run Hot and Cold - Late last Friday evening, the Appropriations Committee...more

Kruger: FX Derivatives Gains/Losses Taxed Only When Realized

In Kruger Incorporated v. The Queen (2015 TCC 119), the Tax Court held that the taxpayer could not value its foreign exchange options contracts on a mark-to-market basis, with the result that certain losses were not...more

The Third Circuit Affirms the Denial of Third-Party Releases for Lack of Adequate Disclosure

The Third Circuit Court of Appeals recently affirmed the decisions of the District and Bankruptcy Court denying, for reasons of inadequate disclosure, the approval of a third-party release provision in the Chapter 11 plan of...more

Under the Dome: Inside the Maine State House

Under the Dome: Inside the Maine State House provides a high-level overview of recent activity at the Maine State House. Bonds by Day - As the end of the session nears, the 13-member Appropriations Committee...more

North Carolina General Assembly Week in Review

The Senate started its budget process this week, with a draft schedule being handed out to senators on Wednesday outlining precisely how the General Assembly can have a budget in place and approved by June 30. Distributed at...more

Minnesota Legislative Update: 2015 Legislative Session Wrap-up

After 10 years of budget deficits, the Minnesota Legislature convened in January to set the state’s biennial budget with a projected $1.9 billion surplus. This surplus spurred hope of an orderly session and predictions of tax...more

The CSRC and the SFC Announces Launch of the Mainland-Hong Kong Mutual Recognition of Funds Scheme

Introduction - On May 22, 2015, the Hong Kong Securities and Futures Commission (“SFC”) and the China Securities Regulatory Commission (“CSRC”) issued a joint announcement on the decision to implement the Mainland-Hong...more

FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public

The Financial Industry Regulatory Authority issued Regulatory Notice 15-16 to solicit comments on proposed amendments to FINRA Rules governing communications with the public. FINRA is proposing to amend FINRA Rule 2210 so...more

ICMA Publishes Updated Model Sovereign Bond Clauses

The model clauses should lead to greater consistency and efficiency in sovereign bond restructurings. On May 11, the International Capital Market Association (ICMA) published a revised version of its model collective...more

Amendments to Spanish Corporate Laws Add Flexibility to Bond Issuances by Spanish Companies

New rules relax certain structural and procedural legal restrictions, helping Spanish companies access debt capital markets. On 27 April 2015, the Spanish parliament passed Law 5/2015, of 27 April, of corporate finance...more

Interaction between on-demand bonds and the underlying contract revisited by the English High Court

Introduction - From our previous alerts, which can be found here and here, we know that bonds and guarantees are complex instruments, the consequences of which depend not on what they are called, but their terms, the...more

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