Transfers

News & Analysis as of

CHAPS and CREST settlement days to be extended in summer 2016

I bring good news from the Bank of England. Whether you have been up all night trying to close a £1 billion securities transaction for your client, or you are buying a house and there’s a last minute snag, the deadline for...more

Bankruptcy Avoidance Litigation Part I — Do I Really Have to Give That Payment Back?

(Part one in a two-part series on avoidance litigation in bankruptcy cases) While initial consumer and commercial bankruptcy filings have, in recent years, ebbed in the wake of the historic highs of the Great Recession,...more

FINRA Requests Comment on Proposed Rule Requiring Delivery of FINRA Disclosure Document to Customers of Transferring...

On May 27, 2015, FINRA solicited comment on a proposed rule (the “proposed rule”) that would require a firm to which a representative has recently transferred to provide material prepared by FINRA (the “FINRA Disclosure...more

Zhang: BC SC Refuses to Rectify Share Transfer

In Zhang v. Canada (A.G.) (2015 BSCS 1256), the British Columbia Supreme Court refused to grant rectification of a transaction in respect of which the taxpayers had no common intention to avoid capital gains tax on a share...more

The UCC Shelter Rule: What Is It and How and When Should It Be Invoked?

What if a note is missing an endorsement or there are other problems with the negotiation of the note (e.g., the allonge is not properly affixed), such that the person to whom the note was delivered and who is in possession...more

District Court Orders Transfer of Case During Claim Construction Briefing: Did the Transfer Stay the Briefing Deadlines?

Defendants LG Electronics Inc. and LG Electronics U.S.A., Inc. (collectively, "LG") filed a motion to clarify the district court's order transferring the case to the district of New Jersey, seeking a ruling that the court's...more

City's Revenue Transfer From its Wastewater Utility to its General Fund Is Justified

California Appellate Court Holds that Transfer Did Not Violate Proposition 218 - In a challenge to the transfer of revenues from a city’s wastewater utility to its general fund, a California Appellate Court held Tuesday...more

Mortgage Servicing Transfers: Meeting the Operational and Regulatory Demands

In This Presentation: - The “Old” Ways - New Federal Framework for Servicers - Dodd-Frank Act - National Mortgage Settlement - CFPB at the Center - CFPB Regulations (Reg X) - CFPB...more

Eighth Circuit Says Focus is on the Intent of the Debtor in Fraudulent Transfer Law, Does Not Address Ponzi Scheme Presumption

This case is the product of yet another dispute in the extensive, multi-billion dollar fraud perpetrated by Tom Petters. In 2005, as the sole board member of Petters Group Worldwide, LLC (“PGW”), Petters directed the...more

Pensions Alert UK: April 2015 reforms: Final regulations made

The introduction of the DC flexibilities announced in last year’s Budget is now only a matter of days away, and in recent weeks various sets of regulations have been made in final form which will come into force on 6 April...more

Combating pension scams

For some time now, the issue of transfer requests and pension scams (often referred to as pension liberation) has been a difficult one for trustees of occupational pension schemes. On the one hand, members may have rights to...more

Pension News

In This Issue: - Budget Reforms - DC Charges and Governance - Department for Work and Pensions - Legislation - Public Service Pension Schemes - Other News - On the Horizon - Excerpt from...more

UK update - TUPE service provision changes become more complex with the potential involvement of multiple clients and contracts

In Ottimo Property Services Ltd -v- Duncan and another, the Employment Appeal Tribunal has decided that, where several different clients change service provider at or around the same time, each individual service provision...more

Connecticut Law May Force Employer to Transfer Pregnant Employee

So, in yesterday’s post, I alerted you to a portion of the state’s pregnancy discrimination law that you may not have been aware of, namely Conn. Gen. Stat. Sec. 46a-60(a)(7)(E). If you haven’t read it yet, I’d suggest you...more

Second Circuit Denies Petition for En Banc Review of Fairfield Decision

On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the...more

Bridging the Week - December 2014 #3

US Judge Says Sentinel 2007 Transfers to BNY Mellon Cannot Be Reversed as Made in Good Faith - The Bank of New York Mellon Corporation (formerly Bank of New York) was absolved of having engaged in “egregious...more

Global HR Hot Topic—November 2014: Employment Law Toolkit for Cross-Border M&A Deals

Some years ago, a leading London corporate lawyer told The New York Times that in "merging two regular companies...you just do it and sort out the people issues afterwards." (A. Sorkin, "A Lawyer's Lawyer: Bridging Borders,"...more

New Value Does Not Need to Remain Unpaid

In In re Proliance International, Inc., et al., Judge Sontchi of the United States Bankruptcy Court for the District of Delaware held that a preference defendant’s preference exposure is reduced upon application of paid and...more

Sports, Media and Entertainment Intelligence - September 2014 (Global)

FIFA rejects FC Barcelona appeal against transfer ban - The FIFA Appeal Committee has rejected FC Barcelona's appeal against its decision to impose a year-long transfer ban and significant fines against the club for...more

Kazakhstan’s Law on Legalisation of Property

Legalisation allows release from liability and legitimises the turnover of property. The Law on Amnesty of Kazakhstan Citizens, Repatriates (Oralmans), and Individuals Having Kazakhstan Permanent Residence Permit in...more

CFPB extends remittance transfer rule depository institutions exception and finalizes other revisions

The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more

Infobytes Special Alert: CFPB Bulletin Re-Emphasizes Focus On Mortgage Servicing Transfers

On August 19, 2014, the CFPB issued Bulletin 2014-01 to address “potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights.” The bulletin, which is the latest in a...more

Court Holds Payday Lender Violated EFTA By Requiring Preauthorization For Electronic Repayment

On July 30, the U.S. District Court for the Northern District of California held that a payday lender whose loan agreements requiredborrowers to consent to electronic withdrawals of their scheduled loan payments violated the...more

Revised CRA Policy Heralds Focus on Contemporaneous Transfer Pricing Documentation

CRA released an updated transfer pricing memorandum, TPM-05R, Requests for Contemporaneous Documentation, in March, which describes the procedural aspects of transfer pricing documentation requirements in substantially more...more

Upcoming Repeal Will Shorten Environmental To-Do List for Indiana Property Sellers

Soon, sellers of real property in Indiana can cross off one requirement from their closing checklist. On July 1, 2014 the law repealing the Indiana Responsible Property Transfer Law (IRPTL) becomes effective, which will...more

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