Banking and Finance Law Articles
Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Banking and Finance.
August 23, 2016 By Worcestor Law Center
Bankruptcy is not the end of the road in getting a loan. It’s neither a financial slaughter house. The old golden days when one would lose hope and feel miserable after filling a bankruptcy case are gone
August 22, 2016 By DLF Attorneys at Law
In 2015 Ukrainian legislation related to the acquisition of a significant shareholding in a bank was substantially amended. This was due to the harmonisation of Ukrainian legislation with EU legislation. Changes were, therefore, made to the laws of Ukraine as to the transparency of ownership structure, including the ultimate beneficiaries, of the banks, increase in the liability of the shareholders and related persons of the bank, etc.
August 17, 2016 By GRP Rainer LLP
The Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, was supposed to rule on May 31 on withdrawing from a loan in the case of a so-called “verbundenes Geschäft” (linked transaction). This will no longer happen because the bank has withdrawn its appeal.
August 15, 2016 By GRP Rainer LLP
Those who still want to withdraw from real estate loans concluded between 2002 and 2010 should take action now while the right of withdrawal is on its last legs. This get-out-of-jail-free card is set to lapse shortly.
August 15, 2016 By APC Law Firm
Foreign investments are invested by foreign investors’ values in objects of investment activities in order to make a profit or to achieve social effect.
August 12, 2016 By GRP Rainer LLP
The legislature has deliberately maintained the option for tax dodgers to return to a state of tax compliance by means of voluntary disclosure leading to immunity. Professional assistance is vital in this context.
August 10, 2016 By GRP Rainer LLP
Loans can be tied to a specific purpose when they are issued. A case involving withdrawal from a loan tied to what is termed a “verbundenes Geschäft” [linked transaction] will come before the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, on May 31 (Az.: XI ZR 511/15).
August 8, 2016 By GRP Rainer LLP
Just before the so-called “ewiges Widerrufsrecht” [perpetual right of withdrawal] was set to lapse, a ruling of the Oberlandesgericht (OLG) Frankfurt [Higher Regional Court of Frankfurt] has given this get-out-of-jail-free card renewed momentum. In doing so, the OLG has once again aligned itself with consumers.
July 25, 2016 By GRP Rainer LLP
Playing the get-out-of-jail-free card and withdrawing from expensive real estate loans is still possible until June 21 without consumers having to pay an early repayment penalty.
July 21, 2016 By GRP Rainer LLP
Anyone who withdraws from a real estate loan concluded between 2002 and 2010 stands to potentially benefit from low interest rates and save a lot of money. Having said that, withdrawal only remains an option until June 21, 2016.
July 20, 2016 By Kydalov & Partners
The most plausible reason of getting an immigration permit is making investments to the Ukraine economy by a foreigner, that is a convertible currency in the amount not less than one hundred (100) thousand USD registered in the proper order
July 20, 2016 By GRP Rainer LLP
Withdrawal can prove to be an extremely attractive proposition from a financial perspective, even for consumers whose loans have already been paid off. That being said, withdrawal should certainly be carried out before June 21, 2016.
July 19, 2016 By Angela Wang & Co.
In order to better protect the interests of professional investors particularly individual professional investors, the Securities and Futures Commission (“SFC”) has recently amended the Professional Investor regime under the Code of Conduct for Persons Licensed by or Registered with the SFC (the “Code”) following two consultation conclusions published in September 2014 and December 2015. These changes are summarized below.
July 18, 2016 By KCG Partners Law Firm
In a classical sense, a “greenfield investment” is the construction of a new industrial unit in a territory previously used as agricultural area.
July 18, 2016 By GVZH Advocates
Until very recently the Swiss asset management industry relied exclusively on self-regulation and was allowed to operate and develop somewhat independently from European regulation.
July 15, 2016 By Harvey Law Group
In November 2015, Myanmar had held a successful national election, which was a significant milestone towards a transparent and stable government.
July 14, 2016 By Molina & Co.
Panama is a land blessed by God, where you can enjoy on the same day the tropical heat of its beaches and the fresh air from the high lands.
July 12, 2016 By Hammond, Minciu and Associates
Most investors and companies that wish to incorporate a company in Romania chose to form a limited liability company (SRL). As Romanian lawyers we are often asked to advise on the type of company to be formed. In many cases we agree with the client’s initial instructions as to the form of the company to be incorporated.
July 12, 2016 By Shustak Reynolds & Partners, PC
Last fall, the SEC initiated disciplinary proceedings against financial advisor and self-proclaimed “Financial Myth Buster” Dawn Bennett, accusing her of publicly inflating her client assets under management (or “AUM”) and exaggerating her investment returns.
July 12, 2016 By Youssry Saleh Law Firm
In general : Business entities in Egypt that have been incorporated after the enactment of the Law 8 of 1997 enjoy further guarantees and incentives.
July 11, 2016 By Youssry Saleh Law Firm
Tax system :As a result of enactment of the Tax Law 91 for the year 2005, and its amendment by the Presidential Decision No. 96 for the year 2015, the taxation system in Egypt has been transformed.
July 8, 2016 By Youssry Saleh Law Firm
Consider: the case of foreign entities marketing their products to Egypt directly without the requirement of business entity incorporation in Egypt but with the help of certain form of representation.
July 6, 2016 By AMS Advocaten
In a recent case before the Court of Appeal of Amsterdam, a dismissal of a company’s own application for bankruptcy was upheld in appeal. The Court of Appeal found that the authority of a company to apply for its own bankruptcy had been misused. When is there misuse?
July 6, 2016 By GRP Rainer LLP
There have been many instances of banks and savings banks using ambiguous statements in guidance on the right of withdrawal regarding the commencement of the withdrawal period. Consequently, it is still possible to withdraw from these loans even years after they were taken out in most cases.
July 6, 2016 By DLF Attorneys at Law
The long announced plans of Ukraine in relation to massive privatization are being gradually implemented. The importance of privatization is backed by the need, on the one hand, to fulfill the state budget, and, on the other hand, to increase the effectiveness of state enterprises’ management.
July 5, 2016 By Youssry Saleh Law Firm
Legal Framework: Post 25th of January, 2011 Revolution Direction following Revolution of 25th of January, 2011, Egypt has been heading towards the future in a slightly different track. Political and economic distress has led to significant changes in the political, economic and legal landscapes.
July 1, 2016 By GRP Rainer LLP
Even minor deviations from the respective standard guidance render guidance on the right of withdrawal flawed in the case of loan agreements. In most cases, it is still possible to withdraw from these.
Perfecting Your Security Interest – Requirements for Listing a Debtor’s Name on Florida Article 9 Filings
June 28, 2016 By Jurado & Farshchian, P.L.
Florida lenders seeking to secure a lien against the personal property of a borrower in default must follow the guidelines detailed in Article 9 of the Uniform Commercial Code (UCC) and Florida’s Article 9, which governs secured transactions and is applied to a wide range of consumer and commercial credit transactions.
June 28, 2016 By GRP Rainer LLP
The countdown is on for withdrawing from real estate loans. The deadline for withdrawing from legacy contracts is June 21, 2016. After this date, the so-called “ewiges Widerrufsrecht” (perpetual right of withdrawal) will cease to exist.
June 27, 2016 By Hammond, Minciu and Associates
The Romanian courts do not necessarily operate with the speed and efficiency that may be found in Western Europe or the USA but this should not prevent a practitioner considering the following steps against a Romanian debtor. Consider here both the enforcement of a decision issued by a competent court as well as a seizure order against a debtor’s assets.
June 27, 2016 By GRP Rainer LLP
It is often possible to save several thousand euros by withdrawing from a real estate loan. Having said that, this so-called “ewiges Widerrufsrecht”, or perpetual right of withdrawal, shall cease to exist for legacy contracts on June 21, 2016.
June 27, 2016 By Youssry Saleh Law Firm
Import is strictly regulated by the Egyptian government permitting Egyptian nationals only and fully owned and managed Egyptian companies to import into Egypt. For importation into Egypt for the purpose of trade, companies/individuals should register with the Register of Importers.
June 23, 2016 By Kydalov & Partners
Business acquisition is a complex and long process that can confound even the most experienced businesspersons, because different business aspects, legal aspects, and human factors are important. This article will show you basic errors.
OLG Frankfurt: Unclear Commencement of Term Renders Guidance on Right of Withdrawal Ineffective in Germany
June 23, 2016 By GRP Rainer LLP
If the guidance on the right of withdrawal in a loan agreement includes the words “die Widerrufsfrist beginnt frühestens mit Erhalt dieser Belehrung” (the withdrawal period shall commence at the earliest upon receipt of this guidance), withdrawal is likely to be an option.
June 22, 2016 By GRP Rainer LLP
Another hearing before the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, concerning withdrawal from consumer loans has been scheduled for May 24 (XI ZR 366/15). The BGH will then have to rule on an appeal brought by a bank.
June 21, 2016 By Shustak Reynolds & Partners, PC
The Securities and Exchange Commission (“SEC”) announced that it obtained a court ordered “freeze” of the assets of three individuals, including Ash Narayan, formerly of RGT Wealth Advisors, who, the SEC alleges, siphoned millions of dollars from the accounts he managed at RGT for professional athletes and others while he was the manager of RGT Wealth Advisor’s Orange County, California office.
June 9, 2016 By Patrikios Pavlou & Associates LLC
The Republic of Cyprus and the Government of the Republic of Latvia signed in Brussels, on 24 May 2016, a Treaty for the Avoidance of Double Taxation on Income (‘DTT’).
June 5, 2016 By Hassan Elhais
Banks and financial institutions are a part of everyone’s life. The financial relationship between a person and his bank is government by documents and agreements.
Wohnimmobilienkreditrichtlinie Enters into Force in Germany: Withdrawal Still Possible until June 21, 2016
June 3, 2016 By GRP Rainer LLP
The entry into force of the Wohnimmobilienkreditrichtlinie heralds the end of the so-called “ewiges Widerrufsrecht” (perpetual right of withdrawal) for real estate loans. It will no longer be possible to withdraw from legacy contracts from June 21, 2016.
June 2, 2016 By GRP Rainer LLP
According to the Bundesgerichtshof’s (BGH) ruling of March 16, in which it bolstered consumers’ right of withdrawal, consumers’ reasons for availing themselves of their right of withdrawal are irrelevant.
June 1, 2016 By GRP Rainer LLP
Banks often claim that the right of withdrawal has been forfeited as a way of fending off attempts to withdraw from a loan. However, this argument generally fails to convince.
The Supreme Court of Romania, in motivating the decision, considered that the tax audit is the document that underlies the issuance of the tax decision, namely that document that records the findings of the fiscal inspection bodies, "it does not represent an administrative act” so as defined by art. 41 of Ordinance no. 93/2003 regarding the Romanian Fiscal Procedure Code, also it does not represent "a receivable title" as it is defined by art. 110 par. 3 of the Romanian Fiscal Procedure Code.
For individuals receiving dividends from a Romanian legal entity, starting in January 2016 it is maintained the 5% percentage of the gross dividend paid. Also, since January 2016, the persons who obtain income from dividends do not owe social health insurance contribution for that income in case they obtain income from wages, pensions, independent activities, association with a legal person, etc., except the earnings from intellectual property rights.
Hesse’s Finance Minister, Dr. Thomas Schäfer, has announced that the fight against tax evasion will continue. Voluntary disclosure is still the only way out for tax dodgers.
A majority of new business entities in the U.S. are formed as Limited Liability Companies (LLC) to provide business owners with a shield from personal liability.
The idea of life insurance forming a component of one’s retirement plan is increasingly losing credibility. According to media reports, consumers ought to anticipate further cuts in 2016.
Aiming to clarify the main points of the procedure for inheritance of company shares under the Bulgarian Commercial law
BGH Bolsters Consumer Rights When Withdrawing from Pension Schemes and Life Insurance Policies in Germany
The Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, has once again strengthened the rights of consumers when withdrawing from pension schemes and life insurance policies with its ruling of October 14, 2015 (Az.: IV ZR 284/12).
FINRA has recently filed proposed rule changes that provide much-needed clarification to how arbitration awards resulting in both sides paying money should be handled.
By APC Law Firm
The investment climate is a general description of the complex of social, economic, institutional, legal, political, social and cultural backgrounds, which leads to the attractiveness and feasibility of investing in a particular economic system (the economy, the region and corporation).
Structure of Cayman Private Equity Funds. The most common structure for a Cayman Islands domiciled private equity fund (“PE Fund”) is as an exempted limited partnership (“ELP”) formed under the Exempted Limited Partnership Law (As Revised) (“ELP Law”).
Shareholders of a Cayman Islands company may petition the Grand Court for an order that a company is wound up pursuant to section 92(e) of the Companies Law (As Revised) on the basis that it is "just and equitable" for it to do so.
Cayman Islands Shareholder Disputes and Corporate Insolvency: Applications for Validation Orders by Solvent Companies
On 9 February 2016, Clifford J., sitting in the Financial Services Division of the Grand Court of the Cayman Islands gave Judgment in In Re Torchlight Fund L.P. (unreported) reaffirming the principles which the Court will take into account in determining whether to grant a validation order.
Anybody who wishes to withdraw from their life insurance policy or pension scheme can have someone review whether this is possible. This is generally more financially appealing than termination.
The one of advice would be that business owners, especially if the business is successful, it is necessary to think in advance about the solving of the situation after their death, in order to protect the rights of heirs and further preservation of business . Such actions of the testator must concern two aspects: the relevant amendments to the constituent documents of the company; the drafting up of wills in relation to quality of business and business assets.
The licensing of investments in Uganda provides vital information for the Government in the following areas:
According to the Investment Code Act 1991, Section 15 (1 and 2), Uganda Investment Authority (UIA) shall issue to the applicant an investment license which shall; Authorize the holder of a license to make all arrangements necessary for establishing the business enterprise described in the license.
The absolute exemption on plant and machinery only applies to plant and machinery used in the agricultural sector.
After a company has been incorporated registered (foreign company) in Uganda, it is eligible for an investment license provided its capital investment exceeds US$ 100,000 (Foreign firms) and US $ 50,000 (Local firms).
In 2010, Congress implemented a new act that provides for monetary incentives for whistleblowers who report Securities and Exchange Commission violations. Whistleblowers are individuals with important information about the illegal acts of others.
The Hague Apostille Convention of 5 October 1961 was born out of the need to simplify the circulation of documents between different states and countries in the world. The convention applies only to public documents that need to be authorized. If both countries are part of the convention, an Apostille will be sufficient.
It is still possible to withdraw from a loan even after it has been prematurely paid off. After successfully withdrawing from the loan, the consumer can reclaim his early repayment penalty.
By OGR Legal
Recently Bangladesh Bank decided to allow NBFI to invest in Alternative Investment Fund.
In its ruling of November 6, 2015, the Oberlandesgericht Köln (Higher Regional Court of Cologne) once again strengthened consumer rights in cases involving withdrawal from a loan (Az.: 13 U 113/15).
According to a ruling of the OLG Frankfurt (Higher Regional Court of Frankfurt), the right to withdraw from a loan is not forfeited even after years have passed since the conclusion of the loan agreement (Az.: 23 U 24/15).
Withdrawing from Loans: Bundesrat Favours Longer Transitional Period for Legacy Contracts in Germany
The controversial plans to do away with what is termed the “ewiges Widerrufsrecht” (perpetual right of withdrawal) in cases involving real estate loans have been met with criticism from political quarters. The Bundesrat (the upper house of the German parliament) considers the case for a longer transitional period to be justified.
A common business practice for retail stores and other establishments is to have a manager or other agent of the business deposit all cash and check after the close of the business day. This is often completed after the bank has already closed. The agent usually drops a pouch in a deposit box for this purpose.
Anyone who is still considering withdrawing from a loan ought to act now. The German Bundestag has resolved to do away with the option to withdraw. Thus, withdrawal is only possible until June 21, 2016.
Investors in Scholz Holding GmbH bonds will not receive an interest payment on March 8. The due payment has been deferred until May 31, 2016.
Investors in Ekosem-Agrar GmbH are to vote on a four-year extension to the terms of two bonds. Creditor meetings are taking place on March 16 and 17.
In a recent decision of the English Commercial Court in ESSAR SHIPPING LTD –v- BANK OF CHINA LTD (2015) it has been held that an applicant to an anti-suit injunction shall act promptly and not sleep on his rights.
FINRA, the Financial Industry Regulatory Authority, filed a complaint against VFG Securities, Inc., a small broker-dealer that allegedly generated almost 95% of its annual revenue from selling non-publicly traded REITs and other illiquid investments to its clients.
The Securities and Exchange Commission approved last week a new rule proposed by FINRA, the Financial Industry Regulatory Authority, which requires brokers departing one broker dealer for another, to send “educational information” to clients about their move to another firm and the financial compensation and incentives they will receive from the new firm for making the move.
In the modern world it is almost unthinkable that a business would operate without the help of a bank, and as such the use of cheques in Bangladesh have been increased in the past decade. Due to the high number of transactions via this mode, the possibility of a cheque being dishonoured is substantially high. As such the receiver of cheques must have adequate and effective legal recourse which they can entertain when they do face this situation.
Hard-money lending is becoming more popular in the mortgage industry as real estate investors try to find new ways to take advantage of opportunities quickly by accessing this source of liquid capital. In addition, as interest rates rise, hard money lending becomes a way for investors to close deals faster.
Calling all financial advisors – time to grab your compasses and brush up on your map-reading skills. As if the path to confirmation of the Department of Labor (DOL) fiduciary rule were not controversy-ridden enough, according to Investment News, SEC Chairwoman Mary Jo White announced this week the SEC may propose its own rule that “may not mesh perfectly” with the DOL’s.
The Organisation for Economic Co-operation and Development proposed a Common Reporting Standard (CRS) for the Automatic Exchange of Information with the aim of improving international tax compliance and preventing tax evasion, through the automatic exchange of information between countries that implement CRS, one of which is the Republic of Cyprus.
Recently the Supreme Court of the United Kingdom in the case of JSC BTA Bank v Ablyazov  UKSC 64 made a landmark decision on the construction of freezing orders.
Loan modifications are most commonly made to mortgages, often because homeowners are having difficulty making mortgage payments. A loan modification lawyer restructures an existing contract to modify the repayment terms of a loan.
When a person files taxes in which he or she has paid a greater amount of taxes than his or her tax liability requires, he or she can receive a tax return. In some situations, a person may have taken the steps to consolidate student loans and may look for other ways to save. Some possible ways to smartly use these funds include:
It is every registered person’s nightmare. You receive a letter from a FINRA office notifying you that you are the subject of a FINRA investigation.
Cyprus English Court Guidance on the Liability of an Agent Towards His Principal for Benefits and Assets Acquired During Agency
In a recent decision of the English Supreme Court inFHR EUROPEAN VENTURES LLP –V- CEDAR CAPITAL HOLDINGS LLC (2015) it has been held that, where an agent acquires a benefit, which came to his notice, as a result of his fiduciary or trustee position (including a business opportunity), the equitable rule is that the agent shall be treated as having acquired the benefit, or opportunity on behalf and for the account of his principal.
Some of the effects of the recently enacted Business Collateral Act.
Real estate investors are prevalent in the California real estate market, and they have driven the values for the past few years. What, then, should California real estate investors look out for when purchasing real property as an investment?
Free zones in Jordan offer investors exemptions from income and social services taxes, custom duties and import duties.
According to the Regulation of Regulating Non-Jordanian Investments, Foreign investors are allowed full ownership in many sectors, including manufacturing, hospitals, hotels, and Agriculture.
According to Jordanian Corporate law, the non-operating Foreign Company in Jordan is a Company or an entity which has its regional or representative office in Jordan for operations that it conducts outside the Kingdom for the purpose of using such a regional or representative office for managing its operations and coordinating them with its headquarters, and it is prohibited from carrying out any business or commercial activity inside the Kingdom.
The consular and diplomatic protection's public law studied the interaction between the State’s law and the supranational legal orders
Companies have been formed in the past for many reasons in Romania. Over the past few years the Romanian Trade Registry has endeavoured to clean up the number of Romanian dormant or non-trading companies which had been set up in the first flush of a free trade economy as shown on the register. In many cases the owners have let these companies die as they had no interest in them or their assets.
On 30 October 2015, the president of the Republic of Kazakhstan (“RK”) signed the Business Code (“BC”). BC is a consolidated code that embodies basic legal acts on regulations of enterprise. The adoption of BC renders some regulatory legal acts invalid.
Recent updates to the Hong Kong stock exchange listing rules.
The Royal Decree Number: – (24/A), dated in 18/02/1437H, was issued stipulating to form the 1st Court of the Banking Disputes Committee, and the 1st Court of the Appeal Committee of Banking Disputes and Violations, according to (Secondly) and ( Fifthly) paragraphs of the Royal Decree number 37441, dated in 11/08/1433H.
A lot of investors are entitled to claim damages after an investment has gone wrong. It is possible to suspend the statute of limitations for these claims by properly submitting applications for conciliation.
Asset securitization is the development and implementation of a set of legal measures aimed at the preservation of property. This practice has evolved in a separate area in connection with the increasing number of raiders, corporate conflicts with Ukrainian partners, lots of losses of already privatized objects, return of previously purchased objects from private property to the State, etc.
It is proposed that a new law (the “Law”) be enacted, to permit the formation of a new type of vehicle in the Cayman Islands – a Cayman Islands limited liability company (an "LLC").
On 16 October 2015, the Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “CRS Regulations”) were brought into effect.
“Per Stirpes” literally means “by roots or stocks; by representation” and is used interchangeably with “right of representation” by estate planning attorneys when referring to a particular method for distributing assets of a decedent. Another common method for distributing assets is referred to as “per capita”. Using ther method, each member of the same generation of a decedent will receive an equal share of the decedent’s estate.
Many of our estate planning clients have heard about a Financial Power of Attorney but are not clear as to why they should have one or how they might benefit from having this legal document. At the outset, it is important to consider, “Who takes care of my financial interests if I become incapacitated and unable to handle my own financial affairs?”
On regional level, Cote d’Ivoire belongs to three major regional entities: The Economic Community of West African States (ECOWAS), The West-African economic and monetary Union (WAEMU). These countries share the same currency, the same central bank (BCEAO), and the same business law. The Organisation for the Harmonisation of Business Law in Africa (OHADA)
Cameroon is described as the largest economy of Central Africa because of its demographics (20 million), with an area of 475,442 km², and a diversified economy. As a state party to the Organisation for the Harmonisation of Business Law in Africa (OHADA) and the Economic and Monetary Community of Central Africa (CEMAC), Cameroon has adopted financial regulations enacted for the whole countries of CEMAC.