Over the last few years, the Canadian Council of Insurance Regulators1 (“CCIR”) has taken an active interest in the issue of the electronic commerce of insurance products and the necessity of ensuring the adequate protection of the interests of consumers in this context ...
As a worldwide asset class private equity has seen more uncertainty than most over recent years. It is now more than four years since the calamitous collapse of the global economy and over that period private equity has continued to lack direction. Since its pioneering days of the 1970s and 1980s and through the leverage fuelled 1990s and 2000s private equity has seen more than its fair share of spectacular successes ...
The Board of the Central Bank of Ecuador issued a new rule governing interest rates for late payment, which seeks to encourage timely payment of claims by customers of the institutions of the national financial system.The new rule establishes a scale of percentages to calculate the default rate of up to 10% in credit operations. The settlements will be made only for the amount due of principal and only from the date of non-payment until the day of fulfillment of obligations ...
A recent decision by the English High Court emphasises the limited scope of the duties on facility agents arising from standard facility terms. The role of facility agents in these circumstances has been found to be “solely mechanical and administrative” in nature. A link to the full text of the decision can be accessed here ...
A Report into effective approaches to audit committee reporting has been published by the Financial Reporting Lab, which is a forum set up by the Financial Reporting Council (FRC) to encourage better communication between listed companies and investors in the UK. The aim of the Report is to provide insight from companies and investors on effective approaches to audit committee reporting ...
Whilst adding some clarity, the case doesn't make a "no MAC in financial condition" representation any easier for a lender to rely upon.MAC in loan agreementsMAC definitions come in many forms but generally refer to changes which have an adverse effect either on the borrower's business generally, its financial condition, and/or the ability of the lender to call on its security ...
Invoice financing includes factoring, invoice discounting and asset-based lending. It can be accessed by the SME and corporate market to unlock the value of unpaid debts and assets of a business, such as stock, plant and machinery.This type of financing has distinct advantages. In invoice discounting, funders may be able to offer up to 85% of the value of unpaid debts well before that debt is due to be paid. This dramatically reduces the credit cycle, getting cash back into the business sooner ...
FCA clarifies applications timetable The transitional period for the implementation of AIFMD in the UK ends on 22 July 2014 and existing alternative investment fund managers' (AIFMs) must hold the correct Part 4A permission by that date ...
The Turks and Caicos Islands (TCI) has just enacted a revamped investor residency programme, entitling successful applicants to a permanent residence certificate (PRC). Qualifying criteriaThe qualifying criteria are:- Villasa. Investment of not less than $300,000 in actual construction of a new home, or in renovation of a distressed property as a home for the applicant and his or her dependants, on the islands of Grand Turk, Salt Cay, South Caicos, Middle Caicos or North Caicos; orb ...
Trusts and Private Foundations often serve the same purposes. One transfers goods (money, real estate, shares, etc.) to an Private Foundation or trustee to be managed for the benefit of one or more others. Those “others” can be the ones who have transferred the goods to the trustee or the Private Foundation, but not necessarily so ...
A creditor affected by asset-stripping by a debtor doesn’t have to remain a passive victim of dishonesty. Creditors have probably had trouble since time immemorial with dishonest debtors—ones who deliberately and unlawfully attempt to escape from their obligations ...
On July 24, 2013 the First Circuit Court of Appeals, applying an “investment plus” test, concluded that a Sun Capital private equity investment fund was engaged in a “trade or business” for purposes of determining whether the fund could be jointly and severally liable under ERISA for the unfunded pension withdrawal liability of the portfolio company ...
The Financial Services Commission (“FSC”) which was established on April 1, 2011 under the Financial Services Commission Act, 2010-21 (the “Act”) has been mandated to, amongst other things, supervise and regulate the operations of the financial services sector other than the banking services ...
Translation of the FAQ on the New Foreign Exchange Rules:What currency should be used to pay the salaries of employees in angola?The salaries of employees who are foreign exchange residents in Angola, irrespective of the sector of activity, must be paid in Kwanzas, the national currency. When Will i start to receive my salary in KWanzas?As of 1 July 2013, in accordance with the implementation calendar of Law 2/12 of 13 January, defined by Order no ...
Banks are classified into universal banks, commercial banks, thrift banks (composed of savings and mortgage banks, stock savings, loan associations and private development banks), rural banks, cooperative banks, and Islamic banks. The General Banking Law governs primarily universal and commercial banks, as well as cooperative banks ...
The financial services sector tends to define “high-net-worth individual” (HNWI) asan individual or a family possessing substantial amount of investable funds. There is no generally accepted prefixed denominationof the size of wealth that an individual must possess in order to fall within this category. However, high net worth is commonly used in terms of liquid assets exceeding a certain amount while precise figures differ by financial institution and region ...
2012 was a challenging year for Australia's loan markets. Australian loan markets were affected by continued uncertainty in global markets due to concerns over the Eurozone, the slowdown in China, a weak recovery in the US and, towards the end of the year, concerns around the US "fiscal cliff". Locally, there has been a lack of confidence among corporates, resulting in sluggish M&A activity. Certain sectors of the economy remained relatively soft, such as the retail sector ...
The FCA’s new webpage, published on 24 July 2013, will record permissions and passports granted under the AIFM Directive. The FCA is currently updating the Financial Service Register to include firms which have been granted new permissions under the Directive, as well as any associated management passports. However, in the meantime, information will be published on the webpage. For more information in respect of the Directive, please visit our AIFMD microsite ...
The Court has now issued its written decision. This provides further analysis and confirms the position that we previously reported. Parties represented The Scottish Environment Protection Agency, Scottish Natural Heritage, East Ayrshire and South Lanarkshire Councils and the Lord Advocate on behalf of the Scottish Ministers were all represented at the hearing ...
On July 2, 2013, the U.S. District Court for the District of Columbia1 (the “District Court”) vacated Rule 13q-1 (the “Rule”) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) ...
On July 10, 2013, the United States Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 506 of Regulation D under the Securities Act of 1933, as amended, that will lift the ban on general solicitation for certain private offerings, including offerings of private fund interests (“New Rule 506(c)”). New Rule 506(c) will become effective 60 days after publication in the Federal Register ...
On July 10, 2013, the Securities and Exchange Commission (SEC) adopted the new, much-anticipated rules that lift the ban on general solicitation and advertising in connection with certain private offerings of securities ...
Court decisions regarding company names are rare. So the recent decision of the Western Cape High Court in the case of Bloomberg’s Posterity Investments (Pty) Ltd v The Registrar of Companies and Bloomberg LLP is worth discussing. What makes company name cases interesting from an intellectual property (IP) law point of view is that they deal with issues that are very similar to the issues that are dealt with in trade mark infringement and passing-off cases ...
After the recent downturn, examiners have been placing more emphasis on reputation risk. This emphasis, however, is being applied paternalistically, in a way that is limiting legitimate transactions. I have heard of examiners advising bankers to terminate relationships with payday lenders because of reputation risk. The examiners are implicitly saying the risk of such association will so damage an institution's reputation as to jeopardize safety and soundness ...
