News & Analysis as of

Credit

Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

AMF Priorities in the EMIR Review - The Autorité des Marchés Financiers (the “AMF”, the French financial markets authority) published two position papers on 2 May 2017 relating to the EMIR review...more

ECB Seeks to Curb Banks' Appetite for Leveraged Finance Risk

by Jones Day on

Subsequent to the close of the consultation period following the ECB's publication of the draft guidance, the ECB issued the final guidance to banks on leveraged transactions ("Guidance") on May 16, 2017. The Guidance applies...more

How Will Proposed Reforms to the Civil Code in Japan Impact Cross Border Business? - Focusing on New Rules for Adhesion Contracts...

by Garvey Schubert Barer on

Anyone forming contracts with Japanese businesses or consumers beware: The Civil Code in Japan is likely to face the largest reforms since it became effective in 1898. On April 14, 2017, sweeping reforms to the Civil Code...more

ECB Guidance on Leveraged Transactions

by White & Case LLP on

The European Central Bank ('ECB') published its final guidance ('Final Guidance') on leveraged transactions on 16 May 2017, marking the end of a public consultation process that began on 23 November 2016. In addition to its...more

Succession Planning—Bet the Farm on It

by Ward and Smith, P.A. on

Despite recent trends toward consolidation in the agricultural industry, farming generally remains a family affair. According to the United States Department of Agriculture, 97 percent of all farms in the United States are...more

The ABCs of Fund Finance: Credit Facilities for Secondaries Funds and Funds of Funds

by Dechert LLP on

Private equity funds raised the second-highest level of capital for investments in secondary private equity interests in 2016. According to Preqin, 19 funds secured $23 billion in investor capital.1 This level was surpassed...more

KL Snapshot #12 – Janvier-Février 2017

Banque & Finance – Hubert de Vauplane - Rapport Terra Nova : Les conflits d'intérêts, nouvelle frontière de la démocratie de février 2017 - Hubert De Vauplane a été auditionné le 20/03/15 dans le cadre de la...more

CFPB seeking information on use of alternative data in credit process, including by small business lenders

by Ballard Spahr LLP on

The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process. According to the CFPB, the RFI stems from the Bureau’s desire...more

Russian Legislation Update: November 2016 - January 2017

by White & Case LLP on

Welcome to the most recent issue of our Russian Legislation Update, covering the period of November 2016 - January 2017. In this issue: - Corporate Relations - Anti-Corruption Practices - Banking - Procurement...more

Transfer of French export credit activities from Coface to Bpifrance Assurance Export S.A.S.

by White & Case LLP on

France's export credit agency Coface transferred its export credit activities to Bpifrance Assurance Export S.A.S. on 31 December 2016. The transfer is a "fundamental change" in the French export credit support system....more

Global Private Equity Newsletter - Winter 2017 Edition: Use by Private Equity Funds of Subscription Credit Facilities as a Form of...

by Dechert LLP on

Subscription credit facilities, or subscription lines, are typically revolving credit facilities secured on the capital commitments of investors. Interest rates on subscription lines are often similar to those for first lien...more

Avoiding Lender Liability for Credit-Related Actions in California

by Snell & Wilmer on

Aside from general statutory prohibitions on lender discrimination, there are certain circumstances under California law in which lenders may be held liable for credit-related actions, such as negotiating or denying credit....more

Financial Services Report, Summer 2016

by Morrison & Foerster LLP on

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Orrick's Financial Industry Week in Review

ECB Publishes Public Consultation - The European Central Bank ("ECB") has published a Public Consultation on a draft Addendum to the ECB Guide on options and discretions available in Union law. ...more

A Salary "Credit" Is Already "Permitted"

by Fisher Phillips on

The U.S. Labor Department's commentary regarding its proposed federal Fair Labor Standards Act Section 13(a)(1) exemption regulations said that it might "permit" employers to "count" or "credit" against the impending higher...more

Non-Sufficient Funds – Court Holds Bank Payments of Overdraft Amounts Are Not Extensions of Credit

by Dorsey & Whitney LLP on

The Supreme Court of Iowa recently held that non-sufficient funds fees (“NSF fees”) charged by a state-chartered Iowa bank are not subject to the usury provisions of the Iowa Consumer Credit Code (“ICCC”) because the...more

Lease Accounting Changes Are Around the Corner: How Will This Affect Borrowers Under Credit Facilities?

by K&L Gates LLP on

Off-balance sheet operating leases are an important part of many companies’ financing strategies. A key attraction of operating leases is that neither leased assets nor lease payments are recorded on a company’s balance...more

Construction due diligence: Sooner is always better than later

by Thompson Coburn LLP on

Non-payment of receivables is an ongoing problem for contractors, subcontractors and material suppliers notwithstanding the strength or weakness of the economy. Having knowledge of one’s alternative available legal remedies...more

“Abusive” Practices Under the UDAAP Prohibition

There’s a new “A” in UDAAP. The CFPB enforcement action has released new regulations for fillings under UDAAP. Adam Maarec, Laurie Lucas (associate professor of legal studies and William S. Spears Chair in Business...more

Financial Services Quarterly Report - First Quarter 2016: UK Investment Trust Companies for Credit Portfolios – Their Time Has...

by Dechert LLP on

According to statistics published by the Association of Investment Companies (AIC), the UK trade association for closed-end investment companies, in 2015 net fundraising for closed-end investment companies, including...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

Investment Statistics as of 31 January 2016 - The German Investment Fund Association BVI issued its latest investment statistics report dated 31 January 2016, giving an overview of the net assets and net sales within the...more

FRB Requests Comments on Proposed Single-Counterparty Credit Limits

The Board of Governors of the Federal Reserve System ("FRB") has requested comments on reissued proposed rules that would establish a single-counterparty credit limits ("SCCL") for domestic and foreign bank holding companies...more

Another Brick in the Wall: The Fed Reproposes Single-Counterparty Credit Limits for Large Banking Organizations

by Morrison & Foerster LLP on

On March 4, 2016, the Board of Governors of the Federal Reserve System (the “Fed”) issued a Notice of Proposed Rulemaking (“NPRM”), inviting comment on reproposed rules (the “Reproposed Rules”) that would establish single...more

When Worlds Collide: Article 2 of The Uniform Commercial Code and Chapter 11

Picture the scene: You have just received word that your customer has filed Chapter 11. You had followed my advice (see article Reducing a Customer’s Accounts Receivable in the Zone of Insolvency), and put the customer on a...more

FSCC publishes response to arrears charges complaint

by Dentons on

FSCC has responded to a complaint regarding charges on credit payments in arrears that were calculated as a percentage of the sum to be recovered, rather than on the basis of the actual cost of recovery as it should have...more

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