Banking and Finance Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Banking and Finance.
May 20, 2015 By CSB Advocates
In terms of the the MFSA Rules for Company Service Providers (“CSPs”), CSPs are required to submit a Certificate of Compliance and an Annual Financial Return.
May 19, 2015 By CSB Advocates
On the 13th May 2015, the MFSA issued a Circular addressed to Fund Managers on the inclusion of Retained Earnings as part of the Own Funds’ Computation.
May 15, 2015 By HG.org
Almost everyone has, at one time or another, come up just a little short when they needed to pay a bill or meet some other financial obligation. For many, services like check cashing and payday advances can be one way to deal with this dilemma, but they come with hefty fees and other considerations. So, what are the laws regarding check cashing and payday advances?
May 11, 2015 By Summerfield Browne Solicitors
If you have more than one shareholder in your company, then you should consider agreeing the terms of a shareholders agreement which regulates the rights and obligations of shareholders.
May 10, 2015 By CSB Advocates
The Malta Financial Services Authority (the “MFSA”) is currently in the process of setting up a Conduct Supervisory Unit. This is being done for the purposes of implementing the regulatory framework and securing adequate client protection in the industry through a supervisory regime aiming to address potential or emerging risks for clients in the financial services industry. The aim is also to strengthen the fair treatment of customers by regulated entities.
May 7, 2015 By Hazim AL-Madani Law Firm
On May 4, 2015, the capital market authority “CMA” issued its resolution Number 1-42-2015 regarding to Rules for Qualified Foreign Financial Institutions Investment in Listed Shares in Saudi Arabia.
May 4, 2015 By Pari Passu Advisory
Investors from different countries are continuing to establish their offices in Kazakhstan and many companies are willing to do business here. The rate of success stories for investors in Kazakhstan is good enough. However, there is always something new and unexpected when a foreign investor starts its business in an unknown country.
April 24, 2015 By Caputo & Partners AG
The Indian government suspects millions of untaxed money from Indian High Net Worth Individuals in Switzerland. That’s why they made a lucrative offer to famous data thief Hervé Falciani.
April 24, 2015 By Caputo & Partners AG
How many taxes do you have to pay? And where can you actually pay fewer taxes? The “Swiss Tax Report 2015″, from the highly regarded auditing and consulting firm KPMG, provides you with all the answers.
Non-Cypriot citizens may enlist to obtain the Cypriot citizenship by exception on the basis of the scheme for Major Collective Investments.
We would like to hereby inform you that the Alternative Investments Funds Law of 2014 has come into force as from the on the 18th July 2014 after its enactment by the House of Parliament on the 10th July 2014 (the “AIF Law”). As from the 18th July 2014 the AIF Law shall be the main instrument concerning the set-up, authorisation, regulation and supervision of the AIFs in Cyprus.
Large-scale projects, privatisations and a burgeoning oil and gas sector are firmly placing Cyprus on the map as a hotspot for investment from the US, Asia, Russia and the Middle East.
April 14, 2015 By Beitia-Carrillo Consultores & Asociados
Firstly, is important to understand the cause of money laundry crime. Usually, is related to drugs traffic, terrorism, trafficking of humans, others international crimes. In 1989, the group of seven (G-7), composed in those days by Italy, United Kingdom, France, Canada, United States, West Germany and Japan, create Financial Action Task Force (FATF).
April 12, 2015 By Herdem Attorneys at Law
On 06 February 2014, Turkish Parliament has enacted a 6518 Omnibus Bill, gazetted February 19th 2014, which adjoins a provision to article 3 of the Law No 4734 Public Procurement Law (“Law”) stipulating that purchase of goods and services provided to ensure innovation, local production and technology transfer under offset/industrial participation programs are not subject to Law No 4734.
April 10, 2015 By Loeb Smith
What is the single most important advantage that Cayman Islands corporate structures provides to clients?
April 10, 2015 By Capital Legal Services, L.L.C.
Non-credit financial institutions must develop and approve the personnel training and education program on CML/TF, as well as arrange employee training.
April 9, 2015 By Geraci Law Firm
The Securities and Exchange Commission (the “SEC”) has recently approved an amendment to Regulation A (“Reg A”). Previously, Reg A was a small scale public offering of “unregistered securities” capped at $1.5 million in twelve months. Today, Reg A has been modernized into “Reg A+”. The SEC created two tiers within Reg A+: Tier One and Tier Two.
April 9, 2015 By Grata Law Firm
Project finance in the strict sense of the term (i.e. where the financing structure is based on the performance of the project itself) has not yet been developed or tested so far in Kazakhstan.
March 30, 2015 By Herdem Attorneys at Law
The Financial Crimes Investigation Board (MASAK), which is a main service unit of the Ministry of Finance, having the mission of making policies and carrying out investigation and research to convey the information and the results to relevant authorities has issued a regulation on registered electronic e-mail system which has entered into force on 30 March 2015.
March 29, 2015 By Herdem Attorneys at Law
In last 10 years, energy experts have been working keenly on the establishment of a new private and competitive electricity market in Turkey.
March 26, 2015 By ERP Lawyers & Associates
If a private person or a legal corporation wants to purchase a property at the beaches of Costa Rica, whether it is to build a house, hotel, resort or business, first it should be informed about the requirements to obtain a concession in the maritime zone. To have a concession means that the person doesn’t acquire the property, but obtains a permit for using it, that allows the exploitation and enjoyment of the land, according to the parameters established by the local regulatory plan.
Proposed Price Changes for Medicinal Products and Medical Devices in National and Foreign Currency in the Ukraine
March 26, 2015 By Legal Alliance
On March 13, 2015 on the web-site of the Ministry of Healthcare of Ukraine the draft of the Regulation of the Cabinet of Ministers of Ukraine was published, which is consider to change the Regulation of the Cabinet of Ministers of Ukraine “On reference pricing for medicinal products and medical devices procured by the state and local budgets”, dated 02.07.2014 N 240, in the aspect of the declaring currency of wholesale and selling price (hereafter as the Draft of Regulation).
March 23, 2015 By HG.org
If a creditor knows that a debtor is working, one effective method for the creditor to collect on this debt is to have the debtor’s wages garnished. However, there are several laws that apply that can affect the garnishment process.
March 23, 2015 By CSB Advocates
On the 10th of March 2015 the Malta Financial Services Authority ("MFSA") published a consultation paper on the regulatory approach applicable to collective investment schemes licenced as professional investor funds (“PIFs”) and alternative investment funds (“AIFs”) in terms of the Investment Services Act.
March 20, 2015 By Capital Legal Services, L.L.C.
Transactions inside Russia with the use of international payment cards will be processed within the Russian National System of Payment Cards (NSPC)
March 18, 2015 By Grata Law Firm
Importance of so-called natural monopolies in Kazakhstan can be seen in the fact that some of Kazakhstan's largest and most powerful corporate empires, are officially subject to natural monopoly regulation.
March 16, 2015 By Emery Mukendi Wafwana & Associates
In accordance with articles 213 paragraph 1 and 214 paragraph 1 of the Constitution of February 18, 2006 as amended to date, the President of the Democratic Republic of Congo ("DRC”) promulgated on the 21st November 2014 the Law No. 14/026 authorizing the ratification by the DRC of the Treaty relating to the Grand Inga hydroelectric project between the Republic of South Africa ("RSA") and itself.
March 16, 2015 By Emery Mukendi Wafwana & Associates
The choice for the appropriate legal structure to transact business in the United States (“U.S.”) depends on a combination of factors relevant to a specific activity or sector, as well as on the needs and goals of the investor.
March 16, 2015 By Daniel M. Copeland, Attorney at Law, P.A.
Florida parents who can navigate their way through the process of divorce in as friendly a manner as possible can demonstrate to their children that people with major differences can put their feelings aside and negotiate a settlement that benefits both parties.
March 10, 2015 By Hazim AL-Madani Law Firm
Before, the execution was performed by the King or his representative according to Article (50) of the Main Laws for the issued rule in 1412H, and the stipulations of the 2nd paragraph of the 7th Article of the Regions Law issued in 1412H, and this stipulates that the Prince of each region is to be responsible for execution of the judiciary rules in its final status, and now we conclude that the administrative ruler was the one to execute such judicial rules.
March 6, 2015 By Florin Legal, P.A.
In addition to each of the defenses available in an original creditor lawsuit, debt buyer lawsuit defenses include standing, limited admissibility of documents, conditions precedent, and additional damages under the FDCPA.
February 25, 2015 By Florin Legal, P.A.
Service of a Small Claims Lawsuit is often a consumers first interaction with the civil court. Here is a quick explanation of what to expect at a Florida Small Claims Pretrial.
February 25, 2015 By Florin Legal, P.A.
Five Common Defenses to a Credit Card Lawsuit include reviewing consent orders, inconsistencies, contract amendments, counterclaims, and payment plans.
Life settlement providers, brokers, and investors have filed lawsuits regarding these life insurance investments. For more information about filing a life settlement investment lawsuit, contact the lawyers at Heygood, Orr & Pearson by calling toll-free at 1-877-446-9001.
This year, Chapter 11 bankruptcy is getting an overhaul. These changes are designed to make filing for Chapter 11 bankruptcy easier for businesses.
No doubt that the technological evolution and its wide range usage in various fields became a part of our daily lives, accompanied by this evolution,it’s usage between people in civil and commercial transactions grew significantly.,
The basics of buying freehold property in Abu Dhabi are the same as anywhere else in the United Arab Emirates. However, unlike Dubai, Abu Dhabi does not till date have specific laws/regulations regulating sale and purchase of real estate by foreigners (i.e. off plan sale, real estate brokers and agents, escrow accounts, jointly owned property (Strata Law), etc). Such being the case one needs to be even more careful and exercise greater due diligence while purchasing property in Abu Dhabi.
China’s state television accused Bank of China, one of the biggest state-owned commercial banks in China of violating the currency exchange rules and involves in shadow banking and money laundering on a large scale. This news is rather alarming to the EB-5 community as China provides more than 85% of the EB-5 investment.
Most probably many people would not know more about where offset/industrial participation discussions were moving toward before the article titled “The defence industry: Guns and Sugar” was published on The Economist’s on 25 May 2013.
Prior to Directive 2007/64/EC of The European Parliament and of the Council of 13 November 2007, the framework of the payment services markets of the Member States was fragmented into 27 national legal systems.
As of 21 November 2014, Cyprus is included in the Third Schedule of the “Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands”, which lists the Countries and Territories which are considered by the Cayman Islands Monetary Authority implementing equivalent legislation on the prevention of money laundering as the Cayman Islands
On December 4th the Official Gazette published Law 1/2014 amending the Capital Companies Act to implement corporate governance modifications. This reform is based on the Report of the Committee of Experts submitted to the Council of Ministers on the 23rd of May 2014.
Malta continues to receive glowing reviews internationally as a stable financial services centre of repute within the European Union.
Business clients dealing with international trade frequently asked us whether an independent bank guarantee issued under the URDG 758 (the ICC Uniform Rules for Demand Guarantees 2010) is valid, binding and enforceable under the Italian law or not and, if not, whether and how it can be amended in order to ensure it is valid, binding and enforceable as an independent bank guarantee under the Italian law.
This reform is of crucial importance since it makes numerous amendments to the listed company’s regime.
Turkey, as an emerging market, has its ups and downs to invest from time to time. These times depend on several different factors, but tracing them has crucial importance for investors. Focusing into Mergers & Acquisitions deals can be inspiring when taking decisions for investments.
A director of a limited company in Thailand must be liable to the shareholders and the company itself when he or she conducts the business of the company.
Procedures of Land Acquisition in the Framework of Investment – Land Acquisition Deriving in Indonesia
Land Acquisition in the framework of investment is particularly regulated by Decree of State Minister for Agrarian Affairs/ Head of the National Land Agency Number 21 of 1994 on Procedures of Land Acquisition for Company in the Framework of Investment (“Kepmenag No.21/1994”).
While many private investigators complete work in the field by conducting surveillance on a subject and photographing them in certain acts, digital private investigators focus more on gathering digital evidence. This information may be used in family law cases, employment disputes, personal injury cases or myriad other cases.
Your IRA is protected from creditors if you have to file bankruptcy, but what happens to that IRA if you die and leave it to a child? Many assumed that the inherited IRA retained that creditor protection in a child’s bankruptcy. The United States Supreme Court ruled otherwise in Clark v. Rameker, 134 S. Ct. 2242 (2014).
A recent decision by the Supreme Court of Ohio highlights the importance of having clear terms in contracts between general contractors and subcontractors, especially in regard to payment provisions.
Parties to a contract usually feel a sense of security knowing that their agreement is embodied in a written, properly executed document containing all of the agreed upon terms. However, if such an agreement is a “dual source” supply contract executed under Michigan law, the parties may not be as secure as they believe.
Just how limited is your liability if you own a limited liability company?
TQM is commonly known for the principles of continuous improvement, awareness of total cost of quality, recognition that everyone holds responsibility for quality, customer orientation/focus, process orientation, commitment of senior management etc. However, quality has been commonly associated with industries where it originated and not with services which are difficult to measure, evaluate and apply a zero-defect concept to.
The Alternative Investment Funds Law of 2014 was enacted by the parliament on the 10th of July 2014 and entered into force on the 27th of July 2014.
The broad scope of the Foreign Account Tax Compliance Act (“US FATCA ”) introduced by the United States (“US”) and the implementation of that broad scope of application into Cayman Islands law means that it is very important for Cayman Islands domiciled entities to each undertake an assessment of whether or not it is a Financial Institution under Cayman Islands law for the purposes of US FATCA.
Securitisation transactions in Malta, that is the raising of capital through the transfer of assets and risk from the transferee (“Originator”) to special purpose vehicles (“SPVs”) and converting the same into financial instruments issued by the latter, are regulated by the Securitisation Act (Chapter 484 of the Laws of Malta) (“Act”).
The European Securities and Markets Authority (ESMA) has recently published a consultation paper on the asset segregation requirements under the Alternative Investment Fund Managers Directive (AIFMD).
In light of the launch of a regulatory structure for private pensions forwarded by the MFSA the Minister for Finance Prof. Edward Scicluna recently launched the Third Pillar pension scheme, also referred to as the Personal Retirement Scheme which is accompanied by another scheme called the Individual Savings Account.
The MFSA is currently amending its legislative and regulatory framework in order to make Malta an efficient jurisdiction for structuring private equity funds.
Collateral Assignments in Respect of Credit Agreements: Belt or Suspender for Foreign Companies in Turkey?
Turkey has been one of the fastest growing economies during the course of the last decade.
The European Central Bank (ECB) has published the results of the stress-test that it has conducted over the past year in respect of the 130 largest banks in the euro area, considering their financial position as at the 31st December 2013.
Investment risk factors seniors, elders, and their friends and family should be aware of.
FIDIC, (Federation Internationale Des Ingenieurs Conseils), International Federation of Consulting Engineers aims to find a resolution in construction sector. There are five different FIDIC contracts in different colors that regulates different and separate obligations and rights.
There are many fraud schemes used by sellers intent on defrauding seniors and elders of their hard-earned money. Learn what they are to protect yourself.
The MFSA recently circulated a notice outlining additional criteria with respect to the licensing of entities that would like to offer online forex trading to retail clients in terms of the Investment Services Act, Chapter 370 of the Laws of Malta.
When the business faces a cash flow problem, many business owners use the payroll taxes collected but not yet turned over to the IRS.
First to be explored is the legal nature of the so called “nominee shareholder”. Nominee shareholder is a shareholder of a company holding shares nominally only, that is, only in name. In such a way the identity of the ultimate beneficial owner (“UBO”) of the shares is not disclosed.
Collecting on a judgment even in ideal circumstances can often be a time-consuming and complex process, and that presumes the debtor is solvent, and doing business and/or making money. When the judgment enforcement against a debtor who is a company or legal entity, which appears to be (or is) out of business, the process can be considerably more troublesome and taxing.
On September 6, 2014, the Ministry of Commerce ("MOFCOM") issued the Outbound Investment Management Rules (the "Rules"), which took effect on October 6, 2014. The Rules have replaced old MOFCOM regulations regarding Chinese outbound investment projects. On April 8 2014, the National Development and Reform Commission ("NDRC") issued a regulation regarding measures for the administrative approval and filing of outbound investment projects (the "Measures").
By STA Law Firm
All change is not growth, as all movement is not forward (Ellen Glasgow). The term ‘change’ in simplest form means going from one state to a new state. Although the word ‘change’ is broad enough to connote positive as well as negative change, the likelihood of ‘change’ unfolding positive or welcoming outcome cannot always be pre-determined. A well-conceived and planned change could however result in positive if everything related with the plan goes right.
The MFSA recently published a set of documents formalising the implementation of the National Private Placement Regime (‘NPPR’) in Malta.
MFSA Thematic Review on Compliance with the Requirements on Governance, Compliance & Risk Management in Malta
The MFSA recently published a circular addressed to the compliance officers of investment services license holders with consolidated feedback from the Securities and Markets Supervision Unit.
In 2012, OECD has reported that economy-wide transformation will require cumulative investment in green infrastructure in the range of USD 36-42 trillion between 2012 and 2030, i.e. approximately USD 2 trillion or 2% of global GDP per year. Today more less is being invested annually. Therefore, a remarkable investment gaps exist that needs to be addressed.
It is not possible to "pledge" registered shares under Cayman Islands law because title to the shares cannot be transferred by physical delivery. Any grant of security over registered shares that is called a "pledge" will typically be either (i) a legal mortgage or (ii) an equitable mortgage/share charge, depending on its terms. If the security purports to be something else, the chances are that it will be entirely ineffective.
A brief overview about the guarantees that Ukrainian legislation provides for foreign investors and which steps should be done to enjoy them.
The recession has two valuable lessons for credit managers: First, even the best businesses can become significant credit risks, and, second, we have all had more practical experience in extending credit and collecting on past-due receivables. This article focuses on practical tips which credit managers can implement today to reduce the likelihood of nonpayment.
When does a limitation begin to run? Limitation periods (also known as ‘prescriptive’ periods) are an important element in litigation. A claim will be out of time if it is not made within the limitation period and the claimant will not be able to take legal action (subject to strict exceptions).
The turning point for regulating the market dates back to 2001 for Turkish banking industry after a major banking crisis in Turkey.
A levy is performed by a “levying officer”-- for a Los Angeles collection attorney, this is either the LA Sheriff, or a private process server working with the sheriff under specific legal levy instructions. A levy is best summarized as the process by which a levying officer goes out, and takes assets of the debtor involuntarily. This happens whether the debtor wants it to happen or not. The assets are either sold at auction or simply collected and paid to the creditor.
The effect of climate change is not only an environmental problem today as it directly relates to the resource based industries. In today’s world, the scientific assessments lead the players of energy to reflect on their project viability. In direct proportion to the growth in financing renewable projects, insurance companies and underwriters are also expected to formulate their risk assessments on resource-oriented allocation models.
Turkish banking industry is considered one of the strongest in Europe. The crisis ridden global banking industry had experienced numerous difficulties following the 2008 market collapse, but Turkish banking industry had survived the crisis with relatively insignificant scars.
By Global Jurix
Today, the Real Estate Investment Trusts [REITs] are highly successful in more than 20 countries worldwide, including USA, UK, Australia, France, etc. Therefore, SEBI has rightly allowed trading of such REITs in India also, in August 2014, to pave the way for desired growth and transparency in the vast and fast-paced real estate sector of India. Besides bringing in the globally accepted practices, these REITs are expected to infuse a new lease of life and zing in the Indian real estate sector.
After a vendor extends credit, it is vital that the vendor continually monitor the debtor for changes in its credit profile in order to minimize the vendor's risk of nonpayment. The following list of 20 early warning indicators, will help you see the risk coming before it happens.
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 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 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.
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.
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.
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
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
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.
When the AIFMD was adopted, no harmonised definition of “closed-ended” Alternative Investment Funds (“AIFs”) was provided within the Directive’s text.
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 is regulated under Article 70-73 Law Number 40 of 2007 on Limited Liability Company (“Company Law”).
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.
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.
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'.
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.
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.