Banking and Finance Law Articles

Articles written by attorneys and experts worldwide
discussing legal aspects related to Banking and Finance.


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How Can Turkish Banking Cope with the Changing Global Banking Dynamics?

  August 12, 2014     By Herdem Attorneys at Law
The 2008 global economic meltdown had served as an important wake up call for the global banking industry. The complicated web of interrelated financial instruments created by investment banking gurus, accompanied by a lax regulatory regime came to create one of the biggest financial disasters after the Great Depression and itself termed by many as the Great Recession costing millions of people their savings, jobs and houses.

Banking Law: Client Often at a Disadvantage Vis-à-vis Bank – Lawyers Can Help

  August 6, 2014     By GRP Rainer LLP
Banking law is one of the fields of law that almost everyone comes into contact with, yet it features many pitfalls which can be expensive for clients.

Cyprus Holding Companies

  July 27, 2014     By Anastasios Antoniou LLC
Cyprus provides an established, stable and solid legislative framework under which Cyprus companies can be formed for intermediary or ultimate holding purposes within corporate groups, in project finance, cross-border transactions or even investment management contexts.

Cyprus Alternative Investment Funds

  July 24, 2014     By Anastasios Antoniou LLC
In what constitutes a pivotal step in the transformation of Cyprus into one of the primary investment funds jurisdictions, new legislation is in place to regulate the establishment of Alternative Investment Funds. The Alternative Investment Funds Law of 2014 (the Law) provides a much-expected overhaul to Cyprus' investment funds regime, which commenced with the Alternative Investment Fund Managers framework enacted in 2013.

Good News for Cayman Domiciled Private Equity Funds - Introduction of New ELP Law

  July 22, 2014     By Loeb Smith & Brady
The Cayman Islands (“Cayman”) continue to be the leading offshore jurisdiction for the establishment of both hedge funds and private equity funds. Typically, private equity funds are structured in Cayman as exempted limited partnerships (“ELPs”) and the introduction of the Exempted Limited Partnership Law, 2014 (the “New ELP Law”), which came into force on 2nd July 2014, will enhance the attractiveness of Cayman as the leading offshore jurisdiction for private equity funds.

Emoney and Payment Institution License in Cyprus

  July 21, 2014     By Tornaritis Law Firm LLC
Cyprus Guidelines on Completing and Submitting Applications for Authorization as an Electronic Money Institution (‘EMI’) and Payment Institution under Directive 2012 [“the EMD”]; the Appointment of Agents & the Establishment of Branches

European Economic Interest Groups in Italy (EEIG)

  July 19, 2014     By Studio Misuraca, Attorneys Firm
EEIG in Italy ("Gruppo Europeo di Interesse Economico", GEIE) is an associative organization. GEIE or EEIG can exclusively be used within European area, it encourages cooperation between companies, others economic entities, professionals and physical persons even, and its main requirement is that, at least, partners are coming from two States members of the U.E. This tool can be easily employed in the participation to tenders.

Significant Changes to Several Requirements on Registration of Foreign Invested Enterprises in China

  July 18, 2014     By UB & Co. Attorneys and Counselors
On June 17, 2014, the Ministry of Commerce of China issued a notice regarding the improvement of review & approval and statistical rules of foreign investment in China (the “Notice”) and the Notice shall take effect as of its promulgation date. The Notice revised several important issues regarding the review and approval of registration of foreign-invested enterprises (the “FIE”) in China.

AIFMD News Update: Distinguishing between Open and Closed-Ended Funds

  July 17, 2014     By CSB Advocates
When the AIFMD was adopted, no harmonised definition of “closed-ended” Alternative Investment Funds (“AIFs”) was provided within the Directive’s text.

Strong Regulatory Base of the Turkish Banking Sector Amid Mixed Signals

  July 17, 2014     By Herdem Attorneys at Law
Mixed signals are recently coming from the Turkish Banking sector. The industry, on the one hand, has recently seen an unprecedented levels of volume which is estimated to be USD$ 855 billion to dwarf the economic might of 22 of the 28 EU member states and on the other hand has been witnessing a reduction in the credit volume that went down to 1.130 trillion Turkish liras as of the July 2014.

Profit Utilization of Limited Liability Company in Indonesia

  July 16, 2014     By Leks&Co
Profit utilization of limited liability company is regulated under Article 70-73 Law Number 40 of 2007 on Limited Liability Company (“Company Law”).

Georgia Court of Appeals Denies Grading Contractors' Claims

  July 15, 2014     By Cobb Law Group
A grading subcontractor was not paid for putting in the roads in a new subdivision; after the construction lender foreclosed upon the project developer, the subcontractor sought payment from the bank. After the trial court awarded the subcontractor its full claim plus attorneys fees, the Georgia Court of Appeals reversed. Some very important lessons for subcontractors and lien claimants are made clear in the ruling.

FATCA - Malta on the Way to Implementing its IGA

  July 15, 2014     By CSB Advocates
Following the signature of the intergovernmental agreement (“IGA”) between Malta and the US on the 16th December, 2013 whereby the latter agreed to implement Foreign Account Tax Compliance provisions (commonly known as FATCA) in Malta, the Inland Revenue Department (“IRD”) has issued draft FATCA Regulations and Guidelines implementing the said intergovernmental agreement.

A Potential Regulatory Regime for Virtual Currencies is Proposed by EBA

  July 15, 2014     By CSB Advocates
The European Banking Authority (EBA) published on the 4th of July 2014 an Opinion addressed to the EU Council, European Commission and European Parliament setting out the requirements that would be needed to regulate ‘virtual currencies'.

SAFE Issues New Regulations on Cross-Border Security

  July 11, 2014     By MMLC Group
On May 12, State Administration of Foreign Exchange (“SAFE”) issued Regulations on Cross-Border Security as well as its Implementation Guidelines (the “Regulations”). The Regulations has become effective on June 1.

Willfulness and the Civil FBAR Penalty

  July 10, 2014     By Brown, PC
In 2008, when it was revealed that wealthy individuals around the world were utilizing accounts and trusts in Liechtenstein to evade taxes, the United States initiated a coordinated effort with foreign governments to combat tax evasion through the use of offshore trusts and accounts. The U.S. Department of Justice (DOJ) has since launched criminal investigations of several foreign banks, many of which are ongoing.

Class Action Lawsuit Against Life Partners Will Move Forward Following Judge’s Ruling

  July 7, 2014     By Heygood Orr & Pearson
A Texas judge has rejected a motion by Life Partners Holdings, Inc. to toss a class action lawsuit filed by investors who allege they were misled by the life settlements company. Three Life Partners executives were also named in the lawsuit, which alleges that the company fraudulently misrepresented the nature of life settlements that were sold to investors, making them appear more valuable than they actually were.

The Regulation of Virtual Currencies - A Positive Step Undertaken by the EBA

  July 7, 2014     By CSB Advocates
On Friday the 4th of July the European Banking Authority (EBA) published an opinion addressed to the EU Council, European Commission and European Parliament outlining its view on how ‘virtual currencies' should be regulated.

An Update on the UCITS V Directive

  July 6, 2014     By CSB Advocates
The UCITS V Directive shall shortly be published in the Official Journal of the European Union later on this year.

Managing Retirement Benefits of Trust or Trusteed IRA

  June 23, 2014     By Reckmeyer Law, LLC
Congratulations on making the decision to plan for your retirement accounts through a trust or trusteed IRA. You’ve selected a cost-effective, responsible plan for your future. Now the question is, “What do I do in this plan?”

IRS Changing Terms for Offshore Account Holders

  June 23, 2014     By Brown, PC
U.S. taxpayers hiding assets abroad should take note of the Internal Revenue Service’s plan to sharply increase penalties for such acts, while those who unintentionally fail to disclose offshore accounts will experience much more leniency.

Planning for the Million Dollar Balance Retirement Account

  June 20, 2014     By Reckmeyer Law, LLC
A million dollar retirement account sounds like a significant sum. If something tragic were to happen, a retirement account of this size would seem to financially care for it’s beneficiaries for a long time. However, studies have shown that a typical inheritance is spent within 17 months.

Licence and Registration, Please! – New Licensing and Registration Regime for Directors of Cayman Companies

  June 20, 2014     By Loeb Smith & Brady
On 4th June 2014, the Directors Registration and Licensing Law, 2014 (the “Law”) came into force in the Cayman Islands. The Law requires all directors (wherever they reside in the world) of “Covered Entities” to register with the Cayman Islands Monetary Authority (“CIMA”). The Law has also introduced a licensing regime for “Professional Directors” and “Corporate Directors”.

Divorce and Credit Card Debt – Known and Unknown

  June 17, 2014     By Stange Law Firm, PC
More and more couples are racking up excessive amounts of debt. To make matters worse, some debt, especially credit card debt, is hidden from the other spouse. Some blame this phenomenon on the fact that more marriages consist of two-income couples. Each spouse may find it difficult to relinquish control of his or her own money. But when divorce is on the horizon, how is this debt ultimately divided?

Loan Funds Take the Stage in Malta

  June 17, 2014     By CSB Advocates
Spurred by various enquiries on the matter, the MFSA has last week launched the Investment Services Rules for Loan Funds (the “Rules”) which provide for the licensing and regulation of collective investment schemes investing through loans (“Loan Funds”). This paper will analyse the Rules and how these fit into the current Maltese fund legislation.

Moneyval's Statement Calling for Enhanced Due Diligence Measures for Bosnia and Herzegovina Transactions

  June 12, 2014     By CSB Advocates
On 1st June 2014, the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) issued a public statement about the persistence of deficiencies in the anti-money laundering and counter financing of terrorism (AML/CFT) regime in Bosnia and Herzegovina.

Congo-Brazzaville: Bill on the Creation of a Congolese Investment Fund has been Adopted

  June 11, 2014     By Emery Mukendi Wafwana & Associates
According to a bill presented during the Ministers’ Council of August 8th, 2013, the Republic of Congo just promulgated Law No. 1-2014 of January 6th, 2014 on the establishment of a Congolese investment fund.

Development Bank of Southern Africa Amendment Bill

  June 11, 2014     By Emery Mukendi Wafwana & Associates
The main objects of the Bill are to propose amendments to the Development Bank of Southern Africa Act, 1997 (Act No 13 of 1997 - "the Act")

Protect your Financial Security During and After Divorce

  June 9, 2014     By Stange Law Firm, PC
A growing number of people are divorcing late in life. No matter what the reason it is imperative to protect your financial security throughout and after the divorce process. You have accumulated a lot of things during the marriage—now is the time to retain as many as possible. There are savings and investment accounts, real estate and other personal and in some cases business assets to consider. An estate plan must be updated, health and other insurance replaced and the list goes on.

TTIP: Who Will Benefit from Better Compliance and Trade Dispute Resolution?

  June 9, 2014     By Herdem Attorneys at Law
The economic relations between European Union and the United States have been far from smooth. Even during the Cold War, when the two economic powers were supposed to be on the same side of the Cold War divide, rows occurred that led to a serious political tensions.

Extra! Extra! Read All About It! IRS Commissioner Announces That Changes Are In the Offing For OVDP 2012

  June 6, 2014     By DeBlis & DeBlis
On June 3, 2014 the new IRS Commissioner, John A. Koskinen, gave a speech before the International Business - OECD International Tax Conference. His speech covered the history of the offshore enforcement initiative since the UBS debacle in 2009. His remarks acknowledge what most professionals in the tax community have recognized since the inception: that OVDP needs more tweaking in order to meet the overall goals of enforcement and fairness.

Incorporating a Limited Liability Company in Italy

  June 6, 2014     By CTM Avvocati
Limited Liability Company is one of the simplest companies to use in the Italian market with limited costs and -of course- limited liability. This article features the main steps and information you will need to incorporate it.

U.S. District Court Upholds Multiple Willful FBAR Penalties Against Taxpayer

  June 5, 2014     By Brown, PC
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS’s assessment of multiple willful FBAR penalties against an American business man and bank director.

Transatlantic Trade and Investment Partnership: An Answer to the Shift of Global Economic Balances?

  June 4, 2014     By Herdem Attorneys at Law
Long gone are the days the American economy by itself producing almost the 50% of the total world economic output immediately following the Second World War. Gone, together with the predominance in the global economic output is the cheap energy prices that sustained the American economy and its new role back in the post war world as the workshop of the world following the British political and economic decline.

Alphabet Soup for Installment Agreements

  June 3, 2014     By DeBlis & DeBlis
What is an installment agreement? An installment agreement is an option for those who cannot pay their entire tax bills by the due date. It allows taxpayers to pay the amount due over a period of time

US Persons with Secret Bank Accounts in Switzerland

  June 2, 2014     By Caputo & Partners
In case you have a secret account in Switzerland with a Swiss bank, if you are a US person, if you have received a letter from a Swiss bank demanding to waive your rights to have bank secrecy, is a good idea if you start to act proactively. You can qualify for the OVDP or you file a late FBAR. It is worth to analyse this complex topic on a case-by-case basis.

U.S. to Ease Initial Enforcement of FATCA (Foreign Account Tax Compliance Act)

  June 2, 2014     By Brown, PC
With FATCA set to take effect on July 1, financial institutions around the world have been lobbying to delay implementation of the law, citing concerns about costs and potential disruptions to global markets.

The Shifting Landscape of the OVDP Opt-Out

  June 2, 2014     By Brown, PC
Since the IRS announced the 2009 Offshore Voluntary Disclosure Program (OVDP) over five years ago, our firm has been assisting taxpayers submit accurate and complete disclosures in accordance with the program guidelines and procedures. The evolution of the OVDP through the 2011 and 2012 programs has brought a longer look-back period, steeper penalties, and more insight into IRS positions and procedures at different points in the program.

The Protection of Depositors in the Event of a Bank Failure

  June 2, 2014     By CSB Advocates
The liability of financial supervisory authorities and deposit-guarantee schemes. However, it has proved not to be sufficient: bank failures still do happen, causing serious negative consequences not only on depositors’ personal level – they become unable to recover their savings – but also on a general level, since the solidity of the financial sector will appear undermined. With a view to limit such risks, deposit-guarantee schemes have been created and are being constantly improved.

FBAR and FATCA – Two Abbreviations That Can Wrap You Around the IRS Axle

  June 1, 2014     By DeBlis & DeBlis
FBAR and FATCA are two important abbreviations for those who have overseas financial interests. Failure to file the FBAR report, in view of the IRS’s continuing application of FATCA, can get you into what old military veterans used to call FUBAR.

Pilot Programme for Mutual Connection of Transactions in Shanghai and Hong Kong Stock Markets Approved

  May 26, 2014     By UB & Co. Attorneys and Counselors
The China Securities Regulatory Commission (“CSRC”) and the Securities and Futures Commission (“SFC”) have approved, in principle, the development of a pilot programme for establishing mutual stock market access between Mainland China and Hong Kong in order to promote the common development of the capital market.

Update on MiFID II and MiFIR

  May 26, 2014     By CSB Advocates
ESMA, the European Securities and Markets Authority issued consultation documents for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) on 22nd May 2014.

Five Points You Should Know About the Cheques (Checks) in the UAE

  May 26, 2014     By Al Rowaad Advocates & Legal Consultancy
The payment of the cheque (check in American English) should not be conditional. Whereas, if the payment of the cheque was related to some conditions, and those conditions were not fulfilled, the cheque will still remain due on its date

Cheques (Checks) in the UAE

  May 26, 2014     By Al Rowaad Advocates & Legal Consultancy
Cheque (Check in American English) is a replacement for money. It is one of the most common methods to execute payments especially in commercial transactions. Since a cheque is meant to replace money, people must have trust in it. Therefore the UAE penal law levied a punishment against anyone issuing insufficient funds its due date. Such a crime is known as the bounce cheque crime.

Deconstructing the “Act of Production” Doctrine

Tax cases are document-intensive cases. As any white-collar criminal defense attorney knows all too well, summonses and grand jury subpoenas routinely seek documents. And there is a good reason why. If the government cannot get the requested documents, it often cannot make a case. It is for this reason that the seminal issue in document production cases is whether the taxpayer has a Fifth Amendment privilege with respect to documents that he possesses.

The Rules Governing Taxation of Foreign Nationals

Below are the rules governing taxation of foreign nationals.

Islamic Banking in Turkey: A Safe Haven for the Investors?

The last decade in Turkey has seen an immense macro-economic growth that spilled over to various different branches of the national economy. The banking sector has been one of the leading industries to benefit from this growth. What accounted for such growth was in part domestic and in part international.

New Law Passed to Modify Contract Law in the Cayman Islands

The Contracts (Rights of Third Parties) Law, 2014 (the “Law”) has now been passed into law in the Cayman Islands and is expected to enter into force shortly. The Law will grant to one or more persons who are not parties to a contract (each a “Third Party”) the ability to enforce rights and benefits expressly granted to the Third Party in the contract.

Car Accidents in Egypt with Foreigners

Be absolutely free from the driving rules - is the most popular "law" in the Egypt for car holders. There are probably only women drive carefully but that fact doesn't decrease the count of accidents with people on the streets. Car accident may happen with anyone in any country. Here an a real example of financial fraud according to the car troubles.

Fraud Technical Advisors: An End-Run Around Tweel?

United States v. Tweel is the most famous example of a motion to suppress in a tax case. In Tweel, the Fifth Circuit Court of Appeals held that it constitutes trickery, fraud, and deceit for the IRS to conduct a criminal investigation under the guise of a civil examination. Because of how fact-sensitive the holding of this case is, a recitation of the facts is necessary.

Malta Individual Investor Program – Facilitating Citizenship Through Investment in the Republic of Malta

The Republic of Malta allows investors to apply for citizenship, with all of its advantages. Acquiring Maltese citizenship also confers the benefits of European Union citizenship, since Malta has been a member of the European Union since 2004. Maltese citizenship also provides a visa exemption to more than 160 countries around the world, including the U.S.A.

Los Angeles Area Man Arrested on Financial Elder Abuse Charges

A financial advisor was recently arrested at a seminar in Los Angeles on financial elder abuse charges.

“FATCA” Law is Striking Fear into Foreign Banks

Law That May Reduce Tax Evasion Goes Into Effect On July 1 The Foreign Account Tax Compliance Act (FATCA) became law in the United States in 2010, but the clock is still ticking on its implementation. The clock will stop ticking on July 1, 2014.

Treasury Guaranty for Large Scale Projects In Turkey

According to the New Regulation on Undertaking of Liabilities by the Undersecretariat of Treasury ("Regulation"), which has entered into force on 19.04.2014, the Treasury may provide guaranty for public private partnership ("PPP") projects over the limits that have been determined by the Regulation.

When Will the Cayman Courts Pierce or Lift the Corporate Veil of a Cayman Company

The general legal principles regarding corporate personality under the law of the Cayman Islands are similar to those under English law.

What Can A Tax Attorney Do For Me?

Of the professionals that you can turn to for help with IRS problems, tax attorneys can most effectively help you sort through legal issues. Hiring such an expert is the most efficient way of getting on the right track. Here are seven reasons that make them valuable and indispensable.

Ten Ways To Avoid Becoming a Guest of “Club Fed”

Contrary to popular belief, the IRS doesn’t want to throw you in jail. Criminal investigations consume a lot of resources, take time, and are expensive. For most taxpayers, a criminal investigation isn’t a first step, but rather the last step in a lengthy process to get you to resolve your tax debt. In other words, it’s rare that an agent will show up on your doorstep one day with cuffs in hand.

Understanding the PFIC Rules Without Suffering a Migraine

The PFIC regime was not introduced until 1986. Prior to 1986, U.S. taxation of foreign corporations was strictly tied to control of the corporation held by U.S. persons. This allowed not only the foreign mutual fund to avoid U.S. taxation, but also U.S. persons who invested in the fund. How so?

An Update on MiFID II/MIFIR in Malta

On the 23rd of April 2014, the European Parliament adopted updated rules for MiFID II. The Directive and the Regulation are expected to enter into force in June 2014.

Malta - Industry Update - UCITS V

On the 25 February 2014 an agreement was reached for the amendment of the UCITS Directive (2009/65/EC). UCITS V has been designed to enhance investor confidence and protection by introducing additional safeguards:

MFSA Clarifies the Limits Applicable to Cross Sub-Fund Investments

Subject to certain conditions, a sub-fund of a PIF or of an AIF which is constituted as a SICAV is allowed to invest up to 50% of its assets into another sub-fund or sub-funds within the same umbrella scheme.

Malta Confirms its Individual Investor Programme (IIP)

The Malta Individual Investor Programme (IIP) is to allow for the grant of citizenship by a certificate of naturalization to foreign individuals and their families who contribute to the economic development of Malta.

Regulating Corporate Services Providers in Malta

On the 24th December 2013, Chapter 529 of the Laws of Malta was promulgated, comprising the new Company Service Providers Act. This Act aims to regulate corporate services providers with a view to strengthen the industry’s arsenal against abuse of the financial system for the purposes of money laundering and terrorist financing.

Lifting the Veil on the Civil FBAR Penalty

It should come as no surprise that the IRS has authority to assess FBAR civil penalties. However, what might come as a surprise is that an FBAR violation doesn’t automatically mean that a penalty will be asserted. Why not?

No Laughing Matter: The Criminal Consequences of Failing to Report Foreign Bank Accounts

United States citizens, residents and other persons must annually report their direct or indirect financial interest in, or signature authority over, a financial account that is maintained with a financial institution located in a foreign country if, for any calendar year, the aggregate value of all foreign accounts exceeded $ 10,000 at any time during the year.

Islamic Compliant Project Finance in Turkey

Islamic finance has been gaining ground in global markets as well as in Turkey throughout the recent years. In this regard what is especially important for the business world is the transformation of Islamic finance from simple financial tools to highly specialized tools for project finance.

Don't Get Snared in Any of the Three Stages of Money-Laundering

Law enforcement and financial regulators everywhere are on the lookout for money laundering. Big corporations and financial institutions hire compliance experts, and those experts cooperate fully rather than face huge fines and penalties.

Liens and Levies Make the IRS a Collection Agency on Steroids

Sometimes the problem with “food for thought” is that it can almost choke you with its stark simplicity. Take our tax system, for example. The federal government prints our money, regulates the places where we keep it and has vast powers to take it away from us if we don’t give them their cut.

Stock Risk Comes With Some Life Insurance Policies

The rising stock market has also broadened the appeal of certain investments such as variable universal life and indexed universal life insurance policies that are linked to stock performance.

California Insurance Agent Sentenced For Financial Fraud That Targeted Seniors

A Los Angeles area insurance agent accused of defrauding senior citizens will spend five years in jail and was ordered by the court to pay $1.2 million to compensate his victims.

White Collar Crime: Entrapment and Ignorance of the Law Can Snare the Unwary

The most common white-collar offenses run the gamut of nonviolent crimes from antitrust violations to money laundering. The FBI estimates that white-collar crime costs the United States more than $300 billion annually. These estimates do not take into account cases where aggressive and ambitious prosecutors snare an unwary person, who eventually pleads guilty in the face of intimidation and threats. Then there is the plethora of regulations where ignorant noncompliance is, nevertheless, a crime.

Add the Letter ‘T’ to FATCA, and No One’s Getting Fat Except the IRS

In 2010 President Obama signed P.L. 111-147, the Hiring Incentives to Restore Employment Act. The purpose of the law is in its eponymous title, but the IRS got into the act with the Foreign Account Tax Compliance Act (FATCA) provisions.

A Primer on the Foreign Earned Income Exclusion

Ordinarily, the United States taxes U.S. citizens and resident aliens on their worldwide income, even when they live and work abroad for an extended period of time. To provide some relief, a U.S. citizen or resident who meets certain requirements can elect to exclude from U.S. taxation a limited amount of foreign earned income plus a housing cost amount. A double tax benefit is not allowed, however, and a taxpayer cannot claim a credit for foreign income taxes related to excluded income.

Whistleblowers Helping the Public By Exposing Fraud

The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted to assist the government with discovering financial fraud. A recent SEC whistleblower received a $14 million dollar reward for reporting a real estate scam.

Bid Rigging in Turkey

Bid rigging is mostly a current issue at public institutions however it has become widely encountered at public sector as well ant it surely causes serious financial damage.

Maintenance and Preservation of Partnership Structure in Turkiash M&A Transactions

The one of the most significant principle in an M&A transaction is “the principle of maintenance of partnership structure” (or the maintenance principle) under Turkish Commercial Code.

Crowd Funding in Turkey: The New Panacea for the Credit Shortages?

It is convenient neither for the consumers nor for the producers to get accustomed to a global financial market which is marked by liquidity shortages after a decade of growing global money supply to be present virtually in every part of the globe.

Transfer Agents in the Going Public Process

Transfer agents play a key role in the going public process. Transfer agents are the record keeper for a company’s securities when it goes public. Share ownership is reflected on the issuer’s shareholder list. In addition, transfer agents issue and cancel certificates to reflect changes in the ownership of securities and act as an intermediary for the company and its stockholders during the going public process.

Accredited Investors l Rule 506 Requirements

Regulation D under the Securities Act of 1933,as amended (the “Securities Act”), sets forth a safe harbor from the registration statement requirements of the Securities Act for certain private placements of securities. In connection with these exemptions, offerings made in reliance upon Regulation D, Rule 504, 505 and 506 can be made to up to 35 non-accredited investors and an unlimited number of “accredited” investors.

Section 4(1) Exemption

Rule 144 (“SEC Rule 144”) under the Securities Act of 1933 (“Securities Act”) provides a safe harbor from the registration provisions of the Securities Act for resales of restricted and control securities by persons other than the issuer if all conditions of the rule are complied with.

Form 8K Reporting of Reverse Mergers

The Securities and Exchange Commission (“SEC”), Division of Corporate Finance frequently notes disclosure deficiencies in the disclosure of reverse merger transactions in on 8-K Filed. This post summarizes SEC staff comments in response to reports on Form 8-K reporting of reverse mergers with public shell companies or similar transactions that result in a public company no longer being designated as a shell company.

US Listings For Foreign Issuers

Typically, foreign companies seeking to raise capital attempt to obtain public company status. Foreign companies that go public in the U.S. may complete a public offering by registering securities with the Securities and Exchange Commission (“SEC”) under the Securities Act of 1933, as amended (the “Securities Act”) or by registering a class of securities under the Securities Exchange Act of 1934 (the “Exchange Act”).

OTCMarkets OTCQX l Dual List USA

The OTCMarkets OTCQX offers foreign issuers seeking to go public in the U.S. an appealing alternative to listing on a stock exchange. Foreign issuers whose securities are listed on a foreign stock exchange that qualify for the exemption from the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),

Private Placement Memorandums 101

A private placement memorandum (“PPM”) is also referred to as a confidential offering circular or memorandum. PPM’s are typcially prepared by securities lawyers who assist private companies with their going public transactions. PPM’s are used to raise capital by selling either debt or equity in an exempt offering that has not been registered with the SEC. These exempt offerings are often called private placements.

SEC Registration Statements l Question & Answer

Addressing the most common questions we receive about going public using Form S-1 and the SEC registration statement process.

Section 16 Reporting

Shareholders and management of private companies are often unaware of their reporting obligations upon completion of a going public transaction. Section 16(a) of the Exchange Act of 1934 (the “Exchange Act”) requires the reporting of beneficial ownership by the officers, directors and stockholders who hold stock directly or indirectly, beneficially owning more than 10% of the company’s common stock or other class of equity securities registered under Section 12(b) or 12(g) of the Exchange Act.

The JOBS Act’s Amendments to Form D

On July 10, 2013, the SEC adopted final rules as required by Title II of the JOBS Act, which directed the SEC to eliminate the ban on general solicitation and advertising for certain offerings conducted under Rule 506 of Regulation D, of the Securities Act of 1933, as amended (the “Securities Act”) provided the securities are sold only to accredited investors.

Sanusi’s Suspension: Legal or Illegal - Nigeria

The suspension of erstwhile Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi by President Goodluck Jonathan has generated a lot of heated legal debate on the legality or illegality of the suspension.

Turkish Banking Sector is Still Resilient

Recently one of the world renowned leading credit rating institutions has stated that Turkish banking industry has the necessary liquidity capacity to pay back the short term debts.

Current Status of Temporary Capital Restrictions in the Cyprus Banking System

Cyprus continues to implement a series of temporary capital restrictions measures, with the aim to support the banking sector and safeguard the stability of the Cypriot banking system. The temporary Cyprus restrictive measures were implemented through decrees issued by the Minister of Finance pursuant to the provisions of the Restrictive Measures on Transactions in case of Emergency Law of 2013.

New Age for Pension Funds in Turkish Market

Turkey has been incrementally applying for new implementations on the grounds of mitigate the current account deficit. New Individual Retirement System is one of the most efficient way for this new austerity plan.

Turkey and Aircraft Financing Junction: Sukuk Issuing

Despite a slowdown in 2013 with 13% decline by sukuk volume, it is most likely to witness a distinct expand in next year since it will lie beyond Gulf region.

Whistleblower Reward Is $63.9 Million In JP Morgan Mortgage Fraud Case

A whistleblower will receive $63.9 million for providing information to the government that lead to a recovery.

Base Erosion and Profit Shifting Action Plan: Effects on PE Funds

BEPS ( "Base Erosion and Profit Shifting") is a tax strategy which is driven by asymmetries and mismatches amongst different jurisdictions in terms of tax issues.

Concessions in Albania / PPP in Albania

According to the assessment, the application of the laws of the PPP / concession in Albania is estimated to achieve "high efficiency" compared to international standards, the implementation of AML being a strong pillar and institutional frameworks and policy pillars were weak.

Democratic Republic of the Congo: Delay in Application of Uniform Act on Business Accounting Systems

The entry into force of the OHADA Treaty in the Democratic Republic of the Congo (DRC) resulted in the immediate application of the Treaty, its Regulations and Uniform Acts. It also led to the repeal of any DRC anterior legal instruments contrary to the Treaty and its Uniform Acts.

Turkish Banking Industry Outlook 2014

The Turkish Banking sector is expected to operate in crunchy year in 2014. The concerns related with Fed's actions that might result with the end of monetary expansion clearly signals that the year 2014 might be tough one for the emerging economies.

Democratic Republic of the Congo – OHADA: Delay in Uniform Act to Regulate Company Accounting Systems

DRC: Delay in the application of the Uniform Act organizing and harmonizing company accounting systems.

Democratic Republic of the Congo: Impact of the “Doing Business” Report on Tax and Duties Payments

Progress towards tax and duties payment in the Democratic Republic of the Congo in connection with the “Doing Business Report”.

The Contracts (Rights of Third Parties) Bill, 2014 proposes changes to Cayman contract law

The Cayman Islands Government has published a new bill that will modify contract law in the Cayman Islands when it is passed into law by mid-March 2014.


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