Poland has yet to adopt regulations implementing AIFMD, but that does not mean that nothing will change on the Polish market for private equity and closed investment funds in the next few months, before the new regulations are enacted here ...
Several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have brought compensation of financial institution executives into the public eye. Although disclosure of executive and director compensation dates back to the 1930s, Dodd-Frank’s most highly publicized requirement, “say-on-pay,” shifts the disclosure to a dialogue with shareholders, essentially allowing shareholders to vote on compensation for certain executives ...
A debtor files for bankruptcy protection, and his or her creditors are sent notice of the filing. Despite having received the notice, due to a breakdown in internal procedures one of the creditors, a bank, accidentally takes action to collect on the debt after the filing of the bankruptcy case – thus violating the automatic stay. Since the violation was unintentional, surely the bank cannot be sanctioned, right? Wrong ...
In my last article, “ECOA Gets More Teeth in North Carolina,” I wrote about the recent North Carolina Court of Appeals decision, RL Regi North Carolina, LLC v. Lighthouse Cove, LLC,…,and Connie S. Yow (COA12-1279). As expected, it did not take long for this important decision to limit the enforcement of some spousal guaranties. Approximately one month after the Lighthouse decision, Wells Fargo v. Triplett v ...
CONTENTS Requirements for ITC and ITR claims: A judgment of the Court of Québec sets the record straightRestrictive covenants transactional context vs ...
In November 2012, Lavery published a newsletter concerning the announcement made by the Harper government on October 24, 2012 of the adoption of new regulations to protect consumers who use prepaid credit cards so that they are better able to choose the forms of payment best suited to their needs. At that time, on October 27, 2012, the draft Prepaid Payment Products Regulations (the "Federal Regulations") were published for comment in Part I of the Canada Gazette ...
The U.S. Commodity Futures Trading Commission (the “CFTC”) has issued interpretive guidance regarding which Dodd-Frank1 requirements apply to certain non-U.S. swap transactions (the “Cross-Border Rule”).2 In order to facilitate parties’ compliance with the Cross Border Rule, the International Swaps and Derivatives Association (“ISDA”) has published the ISDA 2013 DF Agreement for Non-U.S. Transactions (the “Non-U.S ...
On November 21, 2013, the Supreme Court of Canada issued its judgment in the case of La Souveraine, Compagnie d’assurance générale v. Autorité des marchés financiers, 2013 SCC 63, a decision which is now critically important in the context of the distribution of insurance products in Quebec ...
Confirmation of the W.Va. Attorney General's Authority to Hire Private Counsel on Behalf of the State For more than a decade, the circuit courts in West Virginia have wrestled with the issue of whether the State Attorney General has the ability to retain private attorneys to pursue litigation on behalf of the State. The Supreme Court of Appeals of West Virginia recently issued a decision confirming the Attorney General does, in fact, have that authority. In State of W. Va. ex rel ...
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 the end of 2013 draws near, taxpayers should consider the effect of the new 3.8% surtax on investment income. Beginning January 1, 2013, a 3.8% surtax is placed on certain investment income for individuals, trusts, and estates. The surtax is imposed in addition to all other taxes imposed by the Internal Revenue Code (including the alternative minimum tax). Prior to the end of 2013, individuals, trustees, and executors should consider ways to minimize the 3.8% surtax ...
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 ...
On October 15th 2013 the New Hotel and Restaurant (Taxation) Ordinance 2013 came into effect. This ordinance amends the former Hotel and Restaurant (Taxation) Ordinance which was into effect prior to October 15th.There are a wide range of new provisions which clients should be aware of ...
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 ...
On September 26, 2013 the Supreme Court released its decision in the Envision1 case. The case deals with the amalgamation of two credit unions, but has broader implications for the tax treatment of amalgamations in Canada, and will be of interest to Canadian corporations contemplating a merger in the future. In 2001, two BC credit unions amalgamated to form Envision. The transaction was undertaken for non-tax reasons, but structured to obtain a particular tax outcome ...
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 ...
If you made gifts in calendar year 2012 that should be reported on a federal gift tax return (Form 709) and you extended the deadline to file your gift tax return, the deadline to submit a timely-filed return is October 15, 2013 ...
CONTENTS The Pros and Cons of Arbitration Clauses in Commercial Contracts Pirating and Using Software Without a Licence: The BSA The Software Alliance Case Interprovincial Taxation: The Importance of Severing Residential Ties on Departure Security Under Section 427 of the Bank Act: Do the Rights of a Bank Rank Ahead of Those of the Holder of a Retention Right? THE PROS AND CONS OF ARBITRATION CLAUSES IN COMMERCIAL CONTRACTS Catherine Méthot and André Paquette Arbitration clauses
The Nation published the result of a survey that basically asked two specific issues : (i) how easy (or clear) you think the tax system? and (ii) what is the main reason why some people evade taxes? Any analysis of the tax system should take into account an absolute truth: no one likes to pay taxes . As we have discussed on other occasions ... a person can understand why you pay taxes, but like ... or want to pay ... mmmm ... I do not think: that's another thing ...
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 ...
