Banking and Finance Law Articles

Articles written by lawyers and expert witnesses worldwide
explaining the different aspects of Banking and Finance.

Malta’s Banking Institutions Considered Sound and Resilient by the European Central Bank

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...
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An Overview of FIDIC Rules in Turkey

FIDIC, (Federation Internationale Des Ingenieurs Conseils), International Federation of Consulting Engineers aims to find a resolution in...

Factors Elderly and Senior Investors Should Know

Investment risk factors seniors, elders, and their friends and family should be aware of.

Financial Fraud Schemes Victimizing Elders and Senior Citizens

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...

Cyprus Nominee Shareholders - Valid Trusts Arrangements or a Mere Façade?

First to be explored is the legal nature of the so called “nominee shareholder”. Nominee shareholder is a shareholder of a company holding...

Business Taxes, Payroll Taxes and Trust Fund Recovery Penalty

When the business faces a cash flow problem, many business owners use the payroll taxes collected but not yet turned over to the IRS.

Malta Applicants for Online Forex Trading - Category 2 / Category 3 Investment Services Licence

The MFSA recently circulated a notice outlining additional criteria with respect to the licensing of entities that would like to offer online...

Collecting from an Out of Business Company or Employer

Collecting on a judgment even in ideal circumstances can often be a time-consuming and complex process, and that presumes the debtor is solvent,...

New Rules Simplify the Filing and Approval of Chinese Outbound Investment Projects

On September 6, 2014, the Ministry of Commerce ("MOFCOM") issued the Outbound Investment Management Rules (the "Rules"), which took effect on...

MFSA on the Alternative Investment Fund Managers National Private Placement Regime

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...

Pitfalls in Financing the Renewable Investments in Turkey

In 2012, OECD has reported that economy-wide transformation will require cumulative investment in green infrastructure in the range of USD 36-42...

Can the Shares of a Cayman Islands Company be Pledged as Security?

It is not possible to "pledge" registered shares under Cayman Islands law because title to the shares cannot be transferred by physical...

Update your Credit Application Procedures Today

The recession has two valuable lessons for credit managers: First, even the best businesses can become significant credit risks, and, second, we...

Foreign Investments in the Ukraine

A brief overview about the guarantees that Ukrainian legislation provides for foreign investors and which steps should be done to enjoy them.

When Limitation Periods for Loss Claims Start

When does a limitation begin to run? Limitation periods (also known as ‘prescriptive’ periods) are an important element in litigation. A claim...

Offshore Banking in Turkey

The turning point for regulating the market dates back to 2001 for Turkish banking industry after a major banking crisis in Turkey.

The Creditor’s Levy in CA - The Most Basic Judgment Collection Tool

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...

A Touchstone in Energy Financing: Reduced Yield and Turkish Insurance Market

The effect of climate change is not only an environmental problem today as it directly relates to the resource based industries. In today’s...

REITs to Boost Growth and Transparency in Indian Real Estate Sector

Today, the Real Estate Investment Trusts [REITs] are highly successful in more than 20 countries worldwide, including USA, UK, Australia,...

New Regulation for the Turkish Banking Industry: Towards a Healthy Synthesis

Turkish banking industry is considered one of the strongest in Europe. The crisis ridden global banking industry had experienced numerous...

20 Early Warning Signs Indicating Changes in Credit Profile

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...

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

The 2008 global economic meltdown had served as an important wake up call for the global banking industry. The complicated web of interrelated...

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

The Cayman Islands (“Cayman”) continue to be the leading offshore jurisdiction for the establishment of both hedge funds and private equity...

Emoney and Payment Institution License in Cyprus

Cyprus Guidelines on Completing and Submitting Applications for Authorization as an Electronic Money Institution (‘EMI’) and Payment Institution...

European Economic Interest Groups in Italy (EEIG)

EEIG in Italy ("Gruppo Europeo di Interesse Economico", GEIE) is an associative organization. GEIE or EEIG can exclusively be used within...

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...

Strong Regulatory Base of the Turkish Banking Sector Amid Mixed Signals

Mixed signals are recently coming from the Turkish Banking sector. The industry, on the one hand, has recently seen an unprecedented levels of...

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

When the AIFMD was adopted, no harmonised definition of “closed-ended” Alternative Investment Funds (“AIFs”) was provided within the Directive’s...

Profit Utilization of Limited Liability Company in Indonesia

  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...

A Potential Regulatory Regime for Virtual Currencies is Proposed by EBA

The European Banking Authority (EBA) published on the 4th of July 2014 an Opinion addressed to the EU Council, European Commission and European...

FATCA - Malta on the Way to Implementing its IGA

Following the signature of the intergovernmental agreement (“IGA”) between Malta and the US on the 16th December, 2013 whereby the latter agreed...

Georgia Court of Appeals Denies Grading Contractors' Claims

A grading subcontractor was not paid for putting in the roads in a new subdivision; after the construction lender foreclosed upon the project...

SAFE Issues New Regulations on Cross-Border Security

  By MMLC Group
On May 12, State Administration of Foreign Exchange (“SAFE”) issued Regulations on Cross-Border Security as well as its Implementation...

Willfulness and the Civil FBAR Penalty

  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...

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

On Friday the 4th of July the European Banking Authority (EBA) published an opinion addressed to the EU Council, European Commission and...

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

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...

An Update on the UCITS V Directive

The UCITS V Directive shall shortly be published in the Official Journal of the European Union later on this year.

IRS Changing Terms for Offshore Account Holders

  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...

Managing Retirement Benefits of Trust or Trusteed IRA

Congratulations on making the decision to plan for your retirement accounts through a trust or trusteed IRA. You’ve selected a cost-effective,...

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

On 4th June 2014, the Directors Registration and Licensing Law, 2014 (the “Law”) came into force in the Cayman Islands. The Law requires all...

Planning for the Million Dollar Balance Retirement Account

A million dollar retirement account sounds like a significant sum. If something tragic were to happen, a retirement account of this size would...

Loan Funds Take the Stage in Malta

Spurred by various enquiries on the matter, the MFSA has last week launched the Investment Services Rules for Loan Funds (the “Rules”) which...

Divorce and Credit Card Debt – Known and Unknown

More and more couples are racking up excessive amounts of debt. To make matters worse, some debt, especially credit card debt, is hidden from...

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

On 1st June 2014, the Council of Europe Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism...

Development Bank of Southern Africa Amendment Bill

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")

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

According to a bill presented during the Ministers’ Council of August 8th, 2013, the Republic of Congo just promulgated Law No. 1-2014 of...

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

The economic relations between European Union and the United States have been far from smooth. Even during the Cold War, when the two economic...

Protect your Financial Security During and After Divorce

A growing number of people are divorcing late in life. No matter what the reason it is imperative to protect your financial security throughout...

Incorporating a Limited Liability Company in Italy

Limited Liability Company is one of the simplest companies to use in the Italian market with limited costs and -of course- limited liability....

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

  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...

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

Long gone are the days the American economy by itself producing almost the 50% of the total world economic output immediately following the...

The Protection of Depositors in the Event of a Bank Failure

The liability of financial supervisory authorities and deposit-guarantee schemes. However, it has proved not to be sufficient: bank failures...

The Shifting Landscape of the OVDP Opt-Out

  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...

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

  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...

US Persons with Secret Bank Accounts in Switzerland

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...

Cheques (Checks) in the UAE

Cheque (Check in American English) is a replacement for money. It is one of the most common methods to execute payments especially in commercial...

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

The payment of the cheque (check in American English) should not be conditional. Whereas, if the payment of the cheque was related to some...

Update on MiFID II and MiFIR

ESMA, the European Securities and Markets Authority issued consultation documents for the implementation of the revised Markets in Financial...

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

The China Securities Regulatory Commission (“CSRC”) and the Securities and Futures Commission (“SFC”) have approved, in principle, the...

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...

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...

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...

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.

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...

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...

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.

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Section 16 Reporting

Shareholders and management of private companies are often unaware of their reporting obligations upon completion of a going public transaction....

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.

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...

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...

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...

Form 8K Reporting of Reverse Mergers

The Securities and Exchange Commission (“SEC”), Division of Corporate Finance frequently notes disclosure deficiencies in the disclosure of...

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...

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...

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...

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...

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...

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...

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...

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...

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.

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...

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...

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...

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”.


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