Proposed rules would reduce funding recipients' burdens by reducing LOC valuation requirements and expanding the number of eligible banks - On June 7, 2024, the Federal Communications Commission ("FCC") issued a Notice of...more
Le 25 avril 2024, la Cour suprême du Canada (la « CSC ») a rejeté une demande d’autorisation d’en appeler d’une décision rendue récemment par la Cour d’appel de l’Alberta (la « CAA ») dans l’affaire Pacific Atlantic Pipeline...more
On April 25, 2024, the Supreme Court of Canada (SCC) denied leave to appeal the recent ruling of the Alberta Court of Appeal (ABCA) in Pacific Atlantic Pipeline Construction Ltd v. Coastal GasLink Pipeline Ltd. (Decision). In...more
The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more
On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (“SVB”) and subsequently appointed the Federal Deposit Insurance Corporation (“FDIC”) as...more
This past Friday, March 10, 2023, the Federal Deposit Insurance Corp. (FDIC) announced its takeover of the failed Silicon Valley Bank (“SVB”) after a run on the bank late last week caused the largest-scale U.S. bank failure...more
The impact of the California Department of Financial Protection and Innovation taking possession of Silicon Valley Bank (SVB) and appointing the Federal Deposit Insurance Corporation as receiver for SVB is receiving thorough...more
While unexpected, the closure by California regulators of, and the appointment of the Federal Deposit Insurance Corporation (“FDIC”) as receiver for, Silicon Valley Bank (“SVB”) is an event that is contemplated by most...more
Letters of Credit are an increasingly common feature of aviation leasing and finance transactions, typically as a cash replacement with respect to security deposits and/or maintenance reserves. The process for drawing under...more
Letters of credit are often issued in aircraft leasing transactions as an alternative to the provision of a cash security deposit and, less frequently, the obligation to pay maintenance reserves in cash. In an airline...more
When the bond market collapsed in Puerto Rico many clients at UBS Financial Services Incorporated of Puerto Rico had significant losses. Many had purchased shares of UBS PR closed-end funds or CEFs. UBSPR had been selling...more
On February 11, 2015, the Office of the Comptroller of the Currency (“OCC”) issued an “updated” installment to the Comptroller’s Handbook in a new booklet entitled “Deposit-Related Consumer Credit.” In doing so, the OCC stole...more