Bank Indonesia (“BI”) recently issued Regulation No. 21/2/PBI/2019 on theReporting of Foreign Exchange Flow Activities (Kegiatan Lalu Lintas Devisa)(“Reg. 21/2”) on 7 January 2019, which came into effect on 1 March 2019. Reg. 21/2 partially revokes BI Regulation No ...
New Off-shore Loan Reporting Regulations – Bank Indonesia is to commence imposing fines as of July 2011, for the June 2011 reporting period. Note that for corporations, there is no minimum loan reporting limitation, whereas for individuals, only loans or groups of loans which together exceed US$200,000 or its equivalent must be reported.Bank Indonesia keeps track of foreign loan obligations for statistical purposes and to assist it in formulating monetary policy ...
In an attempt to assist the stabilization of the Indonesian currency, Bank Indonesia (BI) changed the limit of the maximum value of foreign currency (US$) purchased through a spot transaction which is done without a specific purpose (underlying documents), from US$100,000 per month for each customer/foreign party to US$25,000 or equivalent per month for each customer. This new limit is set out under Bank Indonesia Regulation No ...
The regulation on the national payment gateway has finally been issued. Bank Indonesia (“BI”), through its regulation No. 19/8/PBI/2017 (“PBI 19/8”) aims to establish national payment system interoperability by implementing switching interconnectivity. The following is a general overview of PBI 19/8 ...
The morning news reports flashes a report that your customer was actually a Ponzi scheme and defrauded numerous people. Of course, this is terrible news for the innocent victims, but, you ask yourself, could my bank be somehow liable…why would anyone want to sue us… we did not defraud anyone, did we? To paraphrase the infamous bank robber Willie Sutton on why they would sue your bank: “Ms. Plaintiff’s Lawyer, why do you sue banks?.. ...
Those who have been following it will know that the Bank of England / Prudential Regulation Authority’s consultation on proposed new rules for Critical Third Party suppliers (CTPs) closed on 15th March ...
On 30 March 2011, Bank of Italy published a set of supervisory provisions concerning banks’ remuneration and incentive policies and practices (the “New Regulations”) with the purpose to implement the European Directive 2010/76/EC of 24 November 2010 (“Capital Requirements Directive III” or “CRD III Directive”) ...
1. Background and Rationale The Thai financial market has been revolutionized by rapid changes in technology, particularly, with the advent of distributed ledger technology (“DLT”) and digital assets in recent years. This has led to a surge of interest from traditional investors and corporate entities, both small and large, eager to participate in this dynamic market. These technologies have been driving financial innovation and progress ...
Last week, Waller kicked off its multi-part series examining the near- and medium-term impact of President-elect Biden on the financial services industry with Part I of a discussion analyzing the likely direction of financial services regulatory reform under the Biden administration. Part II continues the discussion and incorporates emerging information regarding Biden’s financial regulatory platform ...
Because of a recent decision by the Tennessee Court of Appeals, a bank may not rely as heavily on a Power of Attorney (“POA”) as much as it may have relied previously for immunity to claims brought against the bank by the Grantor of the POA. A bank may now be held liable for transactions made by the Agent, even when the POA grants broad and virtually unrestricted authority to the Agent. Until recently, there appeared to be a conflict in the Tennessee Code ...
A Business Friendly Decision from the Tennessee Supreme Court By: Woody Woodruff and Becca Brinkley In a recent opinion, the Tennessee Supreme Court ruled that a lender that extends credit to a business may, under the right circumstances, also enforce a personal guarantee against the business owner, even if the owner does not sign in his personal capacity ...
Through Decree No. 301/2021, published in the Official Gazette on May 8th, 2021 (the “Decree”), the National Executive Power provided certain modifications to the Tax on Credits and Debits in Argentine Bank Accounts and Other Operations (the “Tax”), established by Competitiveness Law No 25,413 and its amendments (the “CL”) ...
There are indirect, and potential direct, implications for lending transactions from the Pension Schemes Act 2021. Both lenders and borrowers, as well as pensions trustees, have an interest in knowing what's changed and how that might impact their deals. The Act received Royal Assent on 11 February 2021 and updates the Pensions Act 2004. It primarily relates to funding and security of Defined Benefit or ‘Final Salary’ Schemes (‘DB Schemes’) ...
This English law decision not only serves as a timely reminder of a bank’s duty of confidentiality to its clients but is potentially worrying as the case confirms loss of opportunity to earn future profits as a recoverable head of damage following breach of confidence. Jackson v Royal Bank of Scotland (2005) UKHL3, [2005] A ER(d)280 Facts: Jackson (trading under the name Sampson Lancastrian (Sampson)) had entered into a contract to supply dog chews to another UK entity, Economy Bag ...
National Westminster Bank plc v Spectrum Plus Limited and Others [2005] UKHL 41 Overruling the 25-year old judgement in Siebe Gorman & Co. Limited v Barclays Bank Limited [1979 2 Lloyd’s LR142], the House of Lords has held that a charge over book debts where the chargor is free to draw on the account into which proceeds of such book debts are paid, creates a floating charge, rather than a fixed charge ...
Concord Trust v Law Debenture (http://www.lawdeb.com/). Law Debenture House of Lords considered the obligations and liabilities of bond issue trustees in relation to notices of acceleration ...
In December 2019, Bank Negara Malaysia (BNM) issued a discussion paper on “Climate Change and Principle-based Taxonomy”1. The discussion paper highlights the risks arising from climate change and environmental degradation to the economy. It outlines guidance for financial institutions in identifying these risks and classifying economic activities that contribute positively to climate change objectives. According to BNM, 10.3% of the total assets of banks and 24 ...
Our partner, Felipe Moro, and our associate, Diego Lasagna, authored this year’s Thomson Reuter’s Practical Law guide about Banking Regulation in Chile, which provides, “a high level overview of the governance and supervision of banks, including legislation, regulatory bodies and the role of international standards, licensing, the rules on liquidity, foreign investment requirements, liquidation regimes and recent trends in the regulation of banks ...
The Federal banking agencies recently issued an interim final rule (Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances) permitting banks to mitigate the effects of the current expected credit loss, or CECL, accounting standard. Introduced in 2016 by the Financial Accounting Standards Board, CECL replaces the incurred loss methodology for financial assets and requires banks to recognize lifetime expected credit losses ...
As it is considered as of general interest, we would like to mention that on December 30, 2005, the Federal Official Gazette published an executive order amending Article 117 and Article 118 of the Financial Institutions Law ...
Good news in times of crisis: The eagerly awaited draft of the Restructuring and Insolvency Directive Implementation Act (RIRL-UG) was published yesterday. The law with which Directive (EU) 2019/1023 (Restructuring Directive) is implemented in Austria is to come into force on July 17, 2021 (at the end of the implementation period). The review phase will run until April 6, 2021 ...
When a client or customer files for bankruptcy, a business’ treatment of that customer’s account must change. Many businesses have dedicated bankruptcy departments or teams that deal with these accounts. However, it can take a while before the account is flagged or transferred to the bankruptcy team. Further, some smaller business bankruptcy teams are comprised of other department employees just wearing a “bankruptcy hat” when working on those accounts ...
As consumer bankruptcy filings remain an all-too-common occurrence, many lenders continue to find themselves in the often murky world of bankruptcy. As a result, on top of ensuring adherence to the numerous confusing regulations applicable to commercial loan transactions, lenders must navigate the federal bankruptcy laws. This article sheds some light on one bankruptcy process lenders are often faced with: reaffirmation agreements ...
U.S. Bankruptcy Judge Jacqueline P. Cox recently found that three Illinois attorneys violated their ethical obligations by failing to return their client's phone calls. She ordered the attorneys to return roughly half of their already-court-approved, and paid, flat fee. In In re: Molnar in the U.S. Bankruptcy Court for the Northern District of Illinois in February, the debtor filed a petition under Chapter 13 ...
October 26, 2023 By: Jarrett Osborne-Revis In Breanne Martin v. Leslie Gladstone, the Second District Court of Appeal recently decided a case that could reverberate throughout the receivership and bankruptcy industries. This case comes at a propitious moment as bankruptcy proceedings and receiverships – particularly for distressed commercial real estate entities – trend upward in California ...
