Banking and Finance Law Articles
Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Banking and Finance.
May 27, 2016 By Pavel, Margarit & Associates
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.
May 26, 2016 By Pavel, Margarit & Associates
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.
May 23, 2016 By GRP Rainer LLP
Hesse’s Finance Minister, Dr. Thomas Schäfer, has announced that the fight against tax evasion will continue. Voluntary disclosure is still the only way out for tax dodgers.
May 19, 2016 By Jurado & Farshchian, P.L.
A majority of new business entities in the U.S. are formed as Limited Liability Companies (LLC) to provide business owners with a shield from personal liability.
May 23, 2016 By GRP Rainer LLP
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.
May 14, 2016 By Valova & Angelova Law Firm
Aiming to clarify the main points of the procedure for inheritance of company shares under the Bulgarian Commercial law
BGH Bolsters Consumer Rights When Withdrawing from Pension Schemes and Life Insurance Policies in Germany
May 19, 2016 By GRP Rainer LLP
The Bundesgerichtshof (BGH), Germany’s Federal Court of Justice, has once again strengthened the rights of consumers when withdrawing from pension schemes and life insurance policies with its ruling of October 14, 2015 (Az.: IV ZR 284/12).
May 11, 2016 By Shustak Reynolds & Partners, PC
FINRA has recently filed proposed rule changes that provide much-needed clarification to how arbitration awards resulting in both sides paying money should be handled.
May 8, 2016 By APC Law Firm
The investment climate is a general description of the complex of social, economic, institutional, legal, political, social and cultural backgrounds, which leads to the attractiveness and feasibility of investing in a particular economic system (the economy, the region and corporation).
May 3, 2016 By Loeb Smith
Structure of Cayman Private Equity Funds. The most common structure for a Cayman Islands domiciled private equity fund (“PE Fund”) is as an exempted limited partnership (“ELP”) formed under the Exempted Limited Partnership Law (As Revised) (“ELP Law”).
May 2, 2016 By Loeb Smith
Shareholders of a Cayman Islands company may petition the Grand Court for an order that a company is wound up pursuant to section 92(e) of the Companies Law (As Revised) on the basis that it is "just and equitable" for it to do so.
Cayman Islands Shareholder Disputes and Corporate Insolvency: Applications for Validation Orders by Solvent Companies
May 1, 2016 By Loeb Smith
On 9 February 2016, Clifford J., sitting in the Financial Services Division of the Grand Court of the Cayman Islands gave Judgment in In Re Torchlight Fund L.P. (unreported) reaffirming the principles which the Court will take into account in determining whether to grant a validation order.
May 4, 2016 By GRP Rainer LLP
Anybody who wishes to withdraw from their life insurance policy or pension scheme can have someone review whether this is possible. This is generally more financially appealing than termination.
April 28, 2016 By Kydalov & Partners
The one of advice would be that business owners, especially if the business is successful, it is necessary to think in advance about the solving of the situation after their death, in order to protect the rights of heirs and further preservation of business . Such actions of the testator must concern two aspects: the relevant amendments to the constituent documents of the company; the drafting up of wills in relation to quality of business and business assets.
May 2, 2016 By Angualia Busiku & Co. Advocates
The licensing of investments in Uganda provides vital information for the Government in the following areas:
May 1, 2016 By Angualia Busiku & Co. Advocates
According to the Investment Code Act 1991, Section 15 (1 and 2), Uganda Investment Authority (UIA) shall issue to the applicant an investment license which shall; Authorize the holder of a license to make all arrangements necessary for establishing the business enterprise described in the license.
April 25, 2016 By Angualia Busiku & Co. Advocates
The absolute exemption on plant and machinery only applies to plant and machinery used in the agricultural sector.
April 26, 2016 By Angualia Busiku & Co. Advocates
After a company has been incorporated registered (foreign company) in Uganda, it is eligible for an investment license provided its capital investment exceeds US$ 100,000 (Foreign firms) and US $ 50,000 (Local firms).
April 24, 2016 By HG.org
In 2010, Congress implemented a new act that provides for monetary incentives for whistleblowers who report Securities and Exchange Commission violations. Whistleblowers are individuals with important information about the illegal acts of others.
April 22, 2016 By B&R Latin America IP LLC
The Hague Apostille Convention of 5 October 1961 was born out of the need to simplify the circulation of documents between different states and countries in the world. The convention applies only to public documents that need to be authorized. If both countries are part of the convention, an Apostille will be sufficient.
April 19, 2016 By GRP Rainer LLP
It is still possible to withdraw from a loan even after it has been prematurely paid off. After successfully withdrawing from the loan, the consumer can reclaim his early repayment penalty.
April 20, 2016 By OGR Legal
Recently Bangladesh Bank decided to allow NBFI to invest in Alternative Investment Fund.
April 22, 2016 By GRP Rainer LLP
In its ruling of November 6, 2015, the Oberlandesgericht Köln (Higher Regional Court of Cologne) once again strengthened consumer rights in cases involving withdrawal from a loan (Az.: 13 U 113/15).
April 20, 2016 By GRP Rainer LLP
According to a ruling of the OLG Frankfurt (Higher Regional Court of Frankfurt), the right to withdraw from a loan is not forfeited even after years have passed since the conclusion of the loan agreement (Az.: 23 U 24/15).
Withdrawing from Loans: Bundesrat Favours Longer Transitional Period for Legacy Contracts in Germany
April 19, 2016 By GRP Rainer LLP
The controversial plans to do away with what is termed the “ewiges Widerrufsrecht” (perpetual right of withdrawal) in cases involving real estate loans have been met with criticism from political quarters. The Bundesrat (the upper house of the German parliament) considers the case for a longer transitional period to be justified.
April 12, 2016 By HG.org
A common business practice for retail stores and other establishments is to have a manager or other agent of the business deposit all cash and check after the close of the business day. This is often completed after the bank has already closed. The agent usually drops a pouch in a deposit box for this purpose.
April 17, 2016 By GRP Rainer LLP
Anyone who is still considering withdrawing from a loan ought to act now. The German Bundestag has resolved to do away with the option to withdraw. Thus, withdrawal is only possible until June 21, 2016.
April 14, 2016 By GRP Rainer LLP
Investors in Scholz Holding GmbH bonds will not receive an interest payment on March 8. The due payment has been deferred until May 31, 2016.
April 6, 2016 By GRP Rainer LLP
Investors in Ekosem-Agrar GmbH are to vote on a four-year extension to the terms of two bonds. Creditor meetings are taking place on March 16 and 17.
March 31, 2016 By Soteris Pittas & Co L.L.C.
In a recent decision of the English Commercial Court in ESSAR SHIPPING LTD –v- BANK OF CHINA LTD (2015) it has been held that an applicant to an anti-suit injunction shall act promptly and not sleep on his rights.
March 31, 2016 By Shustak Reynolds & Partners, PC
FINRA, the Financial Industry Regulatory Authority, filed a complaint against VFG Securities, Inc., a small broker-dealer that allegedly generated almost 95% of its annual revenue from selling non-publicly traded REITs and other illiquid investments to its clients.
March 31, 2016 By Shustak Reynolds & Partners, PC
The Securities and Exchange Commission approved last week a new rule proposed by FINRA, the Financial Industry Regulatory Authority, which requires brokers departing one broker dealer for another, to send “educational information” to clients about their move to another firm and the financial compensation and incentives they will receive from the new firm for making the move.
March 29, 2016 By Counsels Law Partners CLP
In the modern world it is almost unthinkable that a business would operate without the help of a bank, and as such the use of cheques in Bangladesh have been increased in the past decade. Due to the high number of transactions via this mode, the possibility of a cheque being dishonoured is substantially high. As such the receiver of cheques must have adequate and effective legal recourse which they can entertain when they do face this situation.
March 31, 2016 By Jurado & Farshchian, P.L.
Hard-money lending is becoming more popular in the mortgage industry as real estate investors try to find new ways to take advantage of opportunities quickly by accessing this source of liquid capital. In addition, as interest rates rise, hard money lending becomes a way for investors to close deals faster.
March 29, 2016 By Shustak Reynolds & Partners, PC
Calling all financial advisors – time to grab your compasses and brush up on your map-reading skills. As if the path to confirmation of the Department of Labor (DOL) fiduciary rule were not controversy-ridden enough, according to Investment News, SEC Chairwoman Mary Jo White announced this week the SEC may propose its own rule that “may not mesh perfectly” with the DOL’s.
March 24, 2016 By Soteris Pittas & Co L.L.C.
The Organisation for Economic Co-operation and Development proposed a Common Reporting Standard (CRS) for the Automatic Exchange of Information with the aim of improving international tax compliance and preventing tax evasion, through the automatic exchange of information between countries that implement CRS, one of which is the Republic of Cyprus.
March 22, 2016 By Soteris Pittas & Co L.L.C.
Recently the Supreme Court of the United Kingdom in the case of JSC BTA Bank v Ablyazov  UKSC 64 made a landmark decision on the construction of freezing orders.
March 20, 2016 By HG.org
Loan modifications are most commonly made to mortgages, often because homeowners are having difficulty making mortgage payments. A loan modification lawyer restructures an existing contract to modify the repayment terms of a loan.
March 20, 2016 By HG.org
When a person files taxes in which he or she has paid a greater amount of taxes than his or her tax liability requires, he or she can receive a tax return. In some situations, a person may have taken the steps to consolidate student loans and may look for other ways to save. Some possible ways to smartly use these funds include:
March 16, 2016 By Shustak Reynolds & Partners, PC
It is every registered person’s nightmare. You receive a letter from a FINRA office notifying you that you are the subject of a FINRA investigation.
Cyprus English Court Guidance on the Liability of an Agent Towards His Principal for Benefits and Assets Acquired During Agency
March 12, 2016 By Soteris Pittas & Co L.L.C.
In a recent decision of the English Supreme Court inFHR EUROPEAN VENTURES LLP –V- CEDAR CAPITAL HOLDINGS LLC (2015) it has been held that, where an agent acquires a benefit, which came to his notice, as a result of his fiduciary or trustee position (including a business opportunity), the equitable rule is that the agent shall be treated as having acquired the benefit, or opportunity on behalf and for the account of his principal.
March 9, 2016 By Hughes Krupica
Some of the effects of the recently enacted Business Collateral Act.
March 7, 2016 By Blake Wilson Law Group
Real estate investors are prevalent in the California real estate market, and they have driven the values for the past few years. What, then, should California real estate investors look out for when purchasing real property as an investment?
March 9, 2016 By Ihqaq Law Firm
Free zones in Jordan offer investors exemptions from income and social services taxes, custom duties and import duties.
March 10, 2016 By Ihqaq Law Firm
According to the Regulation of Regulating Non-Jordanian Investments, Foreign investors are allowed full ownership in many sectors, including manufacturing, hospitals, hotels, and Agriculture.
March 8, 2016 By Ihqaq Law Firm
According to Jordanian Corporate law, the non-operating Foreign Company in Jordan is a Company or an entity which has its regional or representative office in Jordan for operations that it conducts outside the Kingdom for the purpose of using such a regional or representative office for managing its operations and coordinating them with its headquarters, and it is prohibited from carrying out any business or commercial activity inside the Kingdom.
March 8, 2016 By Studio Legale Ferraro Guglielmi
The consular and diplomatic protection's public law studied the interaction between the State’s law and the supranational legal orders
Companies have been formed in the past for many reasons in Romania. Over the past few years the Romanian Trade Registry has endeavoured to clean up the number of Romanian dormant or non-trading companies which had been set up in the first flush of a free trade economy as shown on the register. In many cases the owners have let these companies die as they had no interest in them or their assets.
On 30 October 2015, the president of the Republic of Kazakhstan (“RK”) signed the Business Code (“BC”). BC is a consolidated code that embodies basic legal acts on regulations of enterprise. The adoption of BC renders some regulatory legal acts invalid.
Recent updates to the Hong Kong stock exchange listing rules.
The Royal Decree Number: – (24/A), dated in 18/02/1437H, was issued stipulating to form the 1st Court of the Banking Disputes Committee, and the 1st Court of the Appeal Committee of Banking Disputes and Violations, according to (Secondly) and ( Fifthly) paragraphs of the Royal Decree number 37441, dated in 11/08/1433H.
A lot of investors are entitled to claim damages after an investment has gone wrong. It is possible to suspend the statute of limitations for these claims by properly submitting applications for conciliation.
Asset securitization is the development and implementation of a set of legal measures aimed at the preservation of property. This practice has evolved in a separate area in connection with the increasing number of raiders, corporate conflicts with Ukrainian partners, lots of losses of already privatized objects, return of previously purchased objects from private property to the State, etc.
It is proposed that a new law (the “Law”) be enacted, to permit the formation of a new type of vehicle in the Cayman Islands – a Cayman Islands limited liability company (an "LLC").
On 16 October 2015, the Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “CRS Regulations”) were brought into effect.
“Per Stirpes” literally means “by roots or stocks; by representation” and is used interchangeably with “right of representation” by estate planning attorneys when referring to a particular method for distributing assets of a decedent. Another common method for distributing assets is referred to as “per capita”. Using ther method, each member of the same generation of a decedent will receive an equal share of the decedent’s estate.
Many of our estate planning clients have heard about a Financial Power of Attorney but are not clear as to why they should have one or how they might benefit from having this legal document. At the outset, it is important to consider, “Who takes care of my financial interests if I become incapacitated and unable to handle my own financial affairs?”
On regional level, Cote d’Ivoire belongs to three major regional entities: The Economic Community of West African States (ECOWAS), The West-African economic and monetary Union (WAEMU). These countries share the same currency, the same central bank (BCEAO), and the same business law. The Organisation for the Harmonisation of Business Law in Africa (OHADA)
Cameroon is described as the largest economy of Central Africa because of its demographics (20 million), with an area of 475,442 km², and a diversified economy. As a state party to the Organisation for the Harmonisation of Business Law in Africa (OHADA) and the Economic and Monetary Community of Central Africa (CEMAC), Cameroon has adopted financial regulations enacted for the whole countries of CEMAC.
MFSA Conducts a Thematic Review on Compliance with the Requirements on Corporate Governance in Malta
In 2015, the MFSA conducted a Thematic Review Questionnaire amongst 60 authorised trust companies (‘authorised persons’), which represent approximately half of the licence holders authorised in terms of the Trusts and Trustees Act. The Questionnaire focused on the governance structure of authorised trustees and other fiduciaries to verify the extent to which selected companies have proper governance structures in place.
Common Reporting Standard Enters into Effect for Investment Funds in the Cayman Islands on January 1, 2016
By Loeb Smith
What is CRS? The Common Reporting Standard (CRS) will impact Cayman Islands domiciled investment funds with effect from 1 January 2016. The CRS framework represents a globally coordinated approach to the disclosure of income earned by individuals and organizations in order to combat tax evasion. The CRS represents a significant step towards the global automatic exchange of information ("AEOI") for tax purposes.
In the Address, dated 29 January 2010, ‘New Decade - New Economic Growth - New Opportunities for Kazakhstan’, the President of the Republic of Kazakhstan – N.A. Nazarbayev, said, in particular: “A huge potential to attract private investments belongs to the public-private partnership mechanism. We have launched this mechanism in Kazakhstan, but it requires improvements in accordance with the best international practice.”
Information that is inaccurate or incomplete in your credit file can result in adversely affecting your credit. Possible results include being denied credit, receiving a higher interest rate or receiving less favorable terms. If you encounter information of this nature, you can take steps necessary to correct this information.
The Ministry of Commerce and Industrial (MOCI) announced on 9 November 2015 about New Company Law(NCL), which may be implemented after 150 days from its publication in the Saudi Official Gazette (Um Al Qura). The announcement came after the Kingdom considering the various factors and issues faced by both domestic and Foreign Companies
MFSA on Governance, Compliance & Risk Management Regarding Investment Services Licence Holders in Malta
On the 22nd December 2015, the MFSA issued a letter to the Compliance Officers of Investment Services Licence Holders to inform them of the shortcomings the MFSA identified during focused reviews which it carried out on investment services providers licenced in Malta (“Licence Holders”).
On the 11th December 2015 the European Bank Authority (“EBA”) launched a consultation on its draft technical standards on the framework for cooperation and exchange of information between competent authorities for passporting under Payment Services Directive II (“PSD II”).
By APC Law Firm
Public finance plays a strategic role in functioning of financial sector and economy at all, developing of regions and supporting of entrepreneurship. In its turn these branches reflect a basis of economic and social development of Ukraine. Efficiency of public finance management is of a great role for providing stability of budget system as well as general financial safety and economic growth.
Nowadays, owing to the growing importance of the Asian market, multinational corporations are encouraged to set up their corporate treasury centres (“CTC”) in the region.
The Angolan government published Presidential Decree 182/15 yesterday, which approves the Procedural Regulation for Implementation of Private Investments (“Investment Regulation”), setting out the manner in which the Private Investment Law (“New Investment Law”) that was enacted in August (Law 14/15 of 11 August) will be implemented.
In the past four years Egypt faced a critical issue in the electricity sector and in May 2014 the shortfall reached 58% from the total production. The shortage in the electricity sector had its impact on homes, factories and businesses in the country.
In September 2015 Kazakhstani Government announced that in furtherance to large-scale privatization program being realized in Kazakhstan over the last couple of years, 60 major state-owned companies will become private before 1 January 2018.
A Trust is an arrangement whereby a person known as the ‘Settlor’ transfers ownership of property to another person or persons, the 'Trustees’ for them to hold on behalf of third persons, the ‘Beneficiaries’. The assets are placed under the control of the Trustees for the benefit of the beneficiaries or for a specified purpose.
According to the China central government’s 13th five-year plan, it has showed its full support for Hong Kong to participate in the nation's "One Belt One Road" development strategy, in which Hong Kong is going to play a bigger role in China's opening up to the rest of the world.
The criminal liability for any infringement of the regime of transactions, imports, exports, or any other activities involving cash assets or for failure to fulfill the obligation to declare them, together with the sanctions, where the object of offence was in a particularly large amount.
Public private partnership in a simple definition is a long term contract between the private sector and the public sector. In the 70s and 80s the world started thinking of encouraging involvement of the private sector in the governmental projects.
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”).
Different legal possibilities for foreign investors in order to start a business in Bulgara.
On August 28, 2015, Division “F” of the National Court of Appeals in Civil Matters (the “Court”) hold that, pursuant to Section 765 of the Civil and Commercial Code (“CCC”), foreign currency obligations in Argentina do not involve public order rules.
By OGR Legal
Bangladesh gets is first Public-Private Partnership (PPP) law. On September 16, 2015 government publish the act through gazette. Previously “Policy and Strategy for Public Private Partnership (PPP), 2010” was the only relevant policy. That Policy is now repealed by the new act. In 2013, PPP Office published a draft laws for public consultation.
After served with a Florida Credit Card lawsuit, depending on the balance alleged by the creditor or debt buyer, the Defendant has to either: File a written response to the lawsuit within 20 days (balance over $5,000), or Attend a small claims pretrial/mediation conference (balance under $5,000).
The government of Cyprus has announced new amendments in the island’s tax system in order to attract foreign investment and increase Cyprus’ economic activity.
By OGR Legal
Recently Bangladesh introduced a new law for regulating financial reporting.
“Foreign Invested Enterprise” in Ukraine, what should we know about benefits and guarantees.
A bank has a legal duty to pay most of the checks that its customers write. However, there are instances in which the bank should not make a payment, based on the Uniform Commercial Code or the bank deposit agreement it has with its customer.
By Loeb Smith
The Foreign Judgments Reciprocal Enforcement Law (1996 Revision) (the “Law”) allows a judgment creditor to apply for the judgment to be registered in the Grand Court and thereafter is deemed to have the same force and effect as Judgment of the Grand Court. However, at present the Law extends only to the enforcement of Australian Judgments. As a consequence of the limitation of this statutory remedy, most foreign judgments are enforced at common law.
By MMLC Group
The regulations existing in China dealing with online payment systems and related technology.
The New Communiqué on the Principles Regarding Securities Investment Trusts has been published in the Official Gazette numbered 29368 (hereinafter referred as to “Communiqué”) on 27 May 2015.
Investment companies or funds within the frame of the Capital Markets Law.
On 17 July 2015, the Hong Kong Government gazetted the Inland Revenue (Amendment) (No.2) Ordinance 2015 (“the Ordinance”), which extended the profits tax exemption for offshore funds to private equity (“PE”) funds.
Egypt in its accelerated movement towards economic reform has been emphasizing the importance of real estate development projects and large scale projects in order to restore the market and economy after its decline post Revolution of 2011.
The international financial crisis has triggered major developments in the European banking sector both in terms of formation and regulation. Subsequently, amidst the fiscal crisis in the euro area that became manifest in 2010, the creation of a European Banking Union became the most significant objective of the EU political agenda.
Egypt started its free zones programs in the 70s; during this period the country’s policy was directed at attracting and retaining foreign direct investment and to increasing the percentage of import and export in the country. Therefore, Egypt has developed nine free zones:
Some significant amendments for real-estate acquisitions by foreigners introduced by a new Law. The most notable amendment in the Law is abolishment of the reciprocity clause. As a result, a foreigner may acquire a real-estate in Turkey even if a Turkish citizen may not acquire a real-estate in the foreigner’s home country.
As a result of the illegal annexation of the Crimea by the Russian Federation, many owners of the property and assets in the Crimea have gotten quite difficult issue: how to protect and save these assets?
What Exactly Should a Foreigner Do, if His Obligor is a State Enterprise on the Territory of Ukraine
Many of state enterprises provided international economic activities, such as buying some equipment abroad, borrowing from foreign bank institutions and investment companies, ordering work or services. Due to the nature of its management of state enterprises, they really are not fair and binding payers on their debts, and as a result foreign contractors have to go to courts or arbitrations to protect their legitimate rights and interests.
Trading in binary options is considered to be a high risk practice and therefore the MFSA has issued a circular setting out additional conditions in this regard which complement those conditions set out for Investment Services Providers within the Investment Services Rules.
On the 23rd of December 2014 the European Securities and Markets Authority ("ESMA") published a discussion paper on share classes of UCITS Funds with a view to developing a common understanding of what constitutes a share class of a UCITS Fund.
Islamic finance is one of the fastest growing sectors in the international financial market. Given the strategic importance and influence of the Middle East investors, Islamic finance is increasingly in demand by investors wanting investment and financing products compliant with Islamic law (known as “Shariah”).
Public opinion became familiar with the term ‘bank resolution’ during the Cyprus banking crisis of 2013. The legal model that had been used in Cyprus, under which powers were vested in the Central Bank to resolve failing banks pursuant to the provisions of emergency national legislation, now exists within the legal order of the European Union (‘EU’) and is in full application as of 1/1/2015.
There were many debates over the investment law in the Cabinet of Ministers before the Presidential Decree 17/2015 amended some provisions of the Investment Law 8/1997 on March 12, 2015 in the lead up to the Economic Summit in Sharm El Sheikh. In particular amendments touched base of Companies Law 159/1981, Income Tax Law 91/2005, and Sales Tax Law 11/1991.