Banking and Finance Law Articles
Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Banking and Finance.
February 23, 2017 By Giambrone Law
The rising level of investment scams poses a major threat to the financial security of many individuals. The speed with which the fraudsters operate and the methods they employ leaves little time for the target to question the proposition or recognise that it is a scam until it is too late.
February 22, 2017 By Serap Zuvin Law Offices
Recently, on January 1, 2017, the Law on Movable Pledge in Commercial Transactions (“Law”) entered into force and prevailed the Law on Commercial Enterprise Pledge Law dated, 1971 and numbered 1447 (“Annulled Law”).
February 9, 2017 By Cores & Associates, LLC
Perhaps one of the most vital, and frequently neglected, aspects of personal and estate planning is legal and financial protection, in the event of incapacity or disability. Many older people, and their families, fear that the onset of physical or mental disability for their elderly loved ones as they advance in age.
February 6, 2017 By HG.org
When a person believes that another is hiding assets that he or she may have an interest in, he or she may hire a private investigator to help locate these assets. By tracking down these assets, a person may be able to make a difference in a legal case, attach the assets for a judgment or otherwise benefit from this information.
February 6, 2017 By HG.org
Due diligence is the reasonable inquiry into a business proposal or through the process of buying or selling something of value. Through this process, individuals and businesses can often determine whether an investment or transaction may be a good deal.
February 1, 2017 By ERP Lawyers & Associates
Factoring -also known as assignment of invoices or discount of invoices- is one of the most widely used financial tools in Costa Rica. This type of financing has been practiced for many years in the country and it´s frequently used by companies that need to improve their liquidity promptly and to continue their company with normality.
February 1, 2017 By ERP Lawyers & Associates
When investing money, when looking for financing, and even, when you want to safeguard your heritage or own assets for the benefit of your loved ones, there is a word that describes and motivates a person from the thoughts to the actions; that word is: trust.
January 30, 2017 By Hassan Elhais
Bank loans can be the stepping stone to a new life for many people, especially when it comes to home loans. However, the contract for such a financial loan comes with responsibilities and duties to stick to a repayment schedule, with stiff penalties for those who default.
January 27, 2017 By Carter Capner Law
One of the common alternatives for investors is a stock option.
January 26, 2017 By Peiffer Rosca Wolf Abdullah Carr & Kane, APLC
The Aztec Oil & Gas Investor Center is the resource for investors in oil and gas programs organized by Aztec Oil & Gas, an oil-and-gas company that filed for Chapter 11 bankruptcy. This website is not affiliated with Aztec.
January 19, 2017 By AB LexMall & Associates
The Central Securities Depository (CSD) functions in a form of a “bank” for securities where all transactions (debit and/ or credit of securities) of investors are made. This Article Presents an overview on the establishment and functions of Central Securities Depository.
January 12, 2017 By AMS Advocaten
Unfortunately, it often happens that a creditor misses the boat because the debtor keeps their assets in a legal entity. The debtor may be liable, but because the collateral assets are lodged with the legal entity, the creditor is left empty-handed. In the Netherlands, in such a case the creditor may rely on the doctrine of identification. However, the current case-law is that this appeal is accepted only in exceptional circumstances. A recent Dutch ruling by the Supreme Court illustrates this.
December 30, 2016 By Kaimakliotis LLC
There have been recent amendments to the Stamp Duty Law of Cyprus (Law 19/1963) (the “Law”) with the aim of modernising and simplifying the Law. The main amendments relate to the rates of stamp duty payable for different types of documents. This short memo provides an overview of the stamp duty regime in Cyprus
December 30, 2016 By Barnea & Co. Law Offices
It is sometimes difficult to identify historical milestones as they occur, especially if they are small and sometimes may seem almost insignificant. However, on December 15, 2016, in a magistrate court in Tel-Aviv a historic event occurred: for the first time in Israel, an Israeli company was convinced for bribing a foreign public official.
December 30, 2016 By JGPC Business & Corporate Law
You have an idea for a new software program and a passion for business, but will that be enough for you and your software startup company to succeed?
December 27, 2016 By Aleksey Pukha & Partners
From January 2017 the procedure of agreement conclusion will be simplified for services exporters.
Mortgage Rates Continue To Fall in Germany – Get-Out-of-Jail-Free Card for Loans from June 10, 2010 Onwards
Mortgage rates continue to fall. In view of this trend, withdrawing from a real estate loan that was taken out from June 10, 2010 onwards could be a financially attractive proposition.
December 22, 2016 By N. Pirilides & Associates LLC
The Board of Directors of a CIF shall consist of at least two executive Directors and two independent non-executive Directors. The majority of the Directors shall be Cyprus residents. The independent non-executive Directors shall be persons of reputation and good standing, experienced and well-known in the business community for their skills and abilities, who can themselves, promote the company’s goals.
December 21, 2016 By Nicoll Davis & Spinella, LLP
Corporate governance is the structure of rules, practices, and processes that guides the way a company communicates with stakeholders, achieves objectives, and measures performance. It also serves as a system of checks-and-balances that holds corporate leaders accountable.
December 14, 2016 By Zamansky LLC
When choosing an investment advisor to help grow your nest egg or investment portfolio, you need to choose carefully. You have a lot to lose, and if you choose an inexperienced or untrustworthy advisor, you could find yourself in the position of needing to take legal action in order to recover fraudulent investment losses.
December 13, 2016 By Signum Law Firm
The former Law of the RK, “On Payments and Transfers”, did not fully regulate interrelations of all subjects of the payment services market. Therefore, on 26 July 2016, the President of the RK signed the Law of the RK, “On Payments and Payment Systems”, (the Law) which came into force on 10 September 2016.
December 8, 2016 By Shustak Reynolds & Partners, PC
For the first time since 1983 when the Supreme Court issued its decision in Dirks v. SEC, the Supreme Court yesterday clarified what “personal benefit” the tipper of non-public, inside information must receive from the tippee to sustain a conviction against the tippee who trades on that inside information.
December 6, 2016 By Loeb Smith
Cayman Islands holding companies, operating companies, and investment funds structured as companies pay dividends and make other distributions to shareholders and investors all the time, but what are the Cayman Islands’ rules governing the payment of dividends and making of distributions?
The EU Single Accounting Directive 2013/34/EU, which repealed the 4th and 7th Accounting Directives on Individual and Consolidated Accounts, introduced a simplified procedure for financial statement reporting. This Directive was transposed into Maltese law via legal notice 289 of 2015 in virtue of the ministerial powers conferred on the Minister of Finance in virtue of the Accountancy Professions Act (Chap. 281 of the Laws of Malta).
November 28, 2016 By GVZH Advocates
With access to finance becoming more difficult for start-ups and small businesses, the evolution of crowdfunding is becoming an emerging alternative funding source for project owners seeking starting capital.
Poor payment discipline in Bosnia and Herzegovina is a burning problem of a modern society faced by all legal entities, but also individuals. The best prevention is regular checking the credit worthiness of business partners and refusing business with those who have difficulties in paying.
By KM Legal Net
Subrogation in loan agreements (“surroga del mutuo” or “portabilità del mutuo”) is an innovation introduced in Italy by the Budget Law of 2008, known as “Legge Bersani” and consequently disciplined by art. 120-quater of legislative decree n. 385/1993 (Testo Unico Bancario - Consolidated Banking Act).
On the 4th November 2016, the MFSA issued a consultation document on amendments being proposed to the Investor Compensation Scheme Regulations S.L 370.09 (‘‘Regulations’’), a subsidiary legislation issued under the Investment Services Act Chapter 370 of the Laws of Malta.
There are various forms of fraud that plague the world in terms of damage to systems, financial gain, personal injury and many other issues as well. These schemes are often concocted by individuals that are attempting to rob a person or company of hard-earned money or benefits in order to gain personally from these.
Ahead of the deadline for the member states to transpose MIFID II into national legislation which is now set for 3 July 2017 deadline for the Markets in Financial Instruments Directive II (“MiFID II”), the European Securities and Markets Authority (“ESMA”) published a Questions and Answers document (Q&As) with the aim of promoting common supervisory approaches and practices in the application of MiFID by providing guidance with respect to the following investor protection topics:
KYC or know your client seems to be a mantra repeated by many institutions these days, whether is it from banks of financial authorities the mantra KYC is repeated.
How to Establish and Incorporate a Limited Liability Company in Romania Using a Corporate Lawyer in Bucharest
What seems to be relevant in the present article is the current legislation in Romania which allows any private or corporate entities to incorporate a limited liability company in Romania. In this regard, the article proposes to give an overview of the legal steps in order to incorporate a limited liability company in Romania by a corporate lawyer in Bucharest.
The main goal of the revised scheme is a further encouragement of Immediate Foreign Investments.
The Council of Ministers of the Republic of Cyprus, on the 13th of September 2016 has issued an amended Regulation in relation to the Scheme for Naturalisation (Citizenship) of Investors in Cyprus by Exception.
It has since become common for contracts with real estate brokers to be concluded online or by email. It is possible to withdraw from these contracts provided the statutory notice periods are observed.
By KM Legal Net
Franchise can be a wonderful approach to achieving success in life, as for many people owning a franchise can be a less risky alternative to a standard corporate job. Surely, the empowerment this strategy represents and the reliance on a consolidated brand can be an attractive opportunity, but it is important to carefully consider the terms of the agreement you sign when becoming a franchisee.
"Failure to Use" as a Legal Ground to Cancel the Registration of the Trademark ‘’McDonald’’ in Armenia
In 2014 WEST LLC company registered in the Federation of Russia, has submitted a number of applications to the Administrative Court of RA, requesting to cancel the registrations of the trademarks owned by McDonalds Corporation and registered by the Agency of the Intellectual Property of the Republic of Armenia (McDONALD'S).
The law reducing the Cyprus Property Transfer Fees for transfers applies only to the first sale of a property and it abolishes or reduces Transfer Fees provided that the Contract of Sale has been deposited .
Being a Cypriot citizen is an advantage which entails a plethora of benefits also deriving from the Membership of the Republic of Cyprus in the European Union. In an uncertain, developing world a second passport is an investment in the future. It offers among other advantages greater stability and security, portfolio diversity, investment opportunities and asset protection.
Guidance on the right of withdrawal featuring the footnote “Nicht für Fernabsatzgeschäfte” (not for long-distance transactions) is ineffective. The Oberlandesgericht (OLG) Düsseldorf [Higher Regional Court of Düsseldorf] ruled that it is possible to effectively withdraw from loans accompanied by this kind of guidance.
According to a ruling of the Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, from July 12, it is possible to effectively withdraw from loan agreements featuring the wording that the withdrawal period shall commence “frühestens mit dem Erhalt dieser Belehrung” [at the earliest upon receipt of this guidance] (Az.: XI ZR 564/15).
Many business owners establish their enterprises as a limited liability company (LLC) or corporation for asset protection purposes.
In the current economic climate, more and more people in the Netherlands have problems repaying consumer credits. To protect consumers, lenders (banks) must comply with strict standards to prevent so-called excessive lending. We use a recent case to enlighten you as to how excessive lending is underwritten in the Netherlands.
It is possible to believe the innovations of the Sharing Economy are due to a collective and empowering business model that places the emphasis on the individual and that this is a revolutionary outgrowth of information accessibility. However, one would be dismissing the very economic fundamentals that are the foundation for future growth and prosperity of the larger global economy.
Nearly every discussion on the status of the Tel Aviv Stock Exchange (TASE) questions whether Israel’s corporate governance rules have contributed to the downtrend in the number of companies listing on it.
Consumers could potentially save several thousand euros at the last minute by withdrawing from their loans. However, the withdrawal period is set to come to an end at exactly 12am on June 21.
Thailand’s reputation is that of a business-friendly country and together with foreign investment has made it a leading centre of trade in Southeast Asia. Thailand has emerged as an internationally recognized destination for service and industry sectors with tax incentives, well-developed infrastructure, cost-effective workforce as well as ideal geographic location.
Changes to the legislation of Ukraine for small and medium-sized businesses.Recent projects of changes in legislation concern primarily small and medium business, as this business actively uses organizational and legal forms of business such as limited liability company (more than 95% business associations have just such legal form) and company with an additional liability.
On 24 March 2016, the PRC Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly released the Notice on the Comprehensive Roll-out of the Business Tax (“BT”) to Value Added Tax (“VAT”) Transformation Pilot Programme (Circular Caishui  Number 36) ("Circular").
It is still possible to withdraw from a large number of real estate loans. The end of the withdrawal period only concerns loans that were concluded between November 2002 and June 2010.
While the right of withdrawal for real estate loans concluded between 2002 and 2010 is set to come to an end on June 21, the courts will continue to grapple with the subject of withdrawal beyond this date.
In this memorandum, the mechanics of Sukuk Issuance is broadly outlined and some key information is provided about the regulations on sukuk issuance in TR.
The right of withdrawal for real estate loans concluded between November 2, 2002 and June 10, 2010 is set to come to an end on June 21, 2016. In the case of more recent agreements, withdrawal remains an option.
It is often the case that a purchaser of a business does not have the resources for a full cash sale and will request that the seller finance some of the purchase price. This can be advantageous for both parties, but requires that the parties consider a number of issues, as we highlight in this article.
Anyone who still wants to make timely use of their get-out-of-jail-free card before June 20, 2016 and withdraw from a loan can benefit from low interest rates or reclaim an early repayment penalty
By Loeb Smith
The Cayman Islands have now brought into effect the long-awaited Limited Liability Companies Law, 2016 (the "LLC Law") which introduces a new Cayman Islands limited liability company (an "LLC"). The LLC Law was published on 8th June 2016 but had not been brought into effect until 8th July 2016 in order to provide the Companies Registry with sufficient time to implement internal systems for dealing with registration of new LLCs.
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
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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
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.
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.
In a classical sense, a “greenfield investment” is the construction of a new industrial unit in a territory previously used as agricultural area.
In November 2015, Myanmar had held a successful national election, which was a significant milestone towards a transparent and stable government.
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.
In general : Business entities in Egypt that have been incorporated after the enactment of the Law 8 of 1997 enjoy further guarantees and incentives.
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.
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.
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.
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.
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.
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?
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.
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.
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.
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.
Perfecting Your Security Interest – Requirements for Listing a Debtor’s Name on Florida Article 9 Filings
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.
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.
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.
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.
OLG Frankfurt: Unclear Commencement of Term Renders Guidance on Right of Withdrawal Ineffective in Germany
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.
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.
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.
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.
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’).
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
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.
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.
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.
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.