Financial Institutions and Markets (J)



This is a TIAG and TAGLaw "Joint" Specialty Group.

The TIAG Co-chairs are shown below. Click the "Group Member List" icon to view co-chairs and members from both TIAG and TAGLaw.

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Contact: David Prichard; ESV (New South Wales, Australia)

As if running your own business is not complicated enough, the funding of associated ventures and extraction of funds from the family business is fraught with damage due to the application of deemed dividend rules known as Division 7A.

Read more: More Changes to Deemed Dividend Rules? Here We Go Again!

Contact: Tony Stumm, Partner; Carter Newell (Queensland, Australia - TAGLaw)

The Financial System Inquiry (FSI) chaired by David Murray recently released its interim report.

The approach taken by issuing an interim report is to flag the thinking of the FSI and to request reform submissions for public feedback.  These submissions are subject to a closing date of 26 August 2014.

Read more: The Financial System Inquiry – Release of the Interim Report

Contact: Prof. Dr. H. Ercüment Erdem; Erdem & Erdem (Turkey - TAGLaw)

Turkey's first regulation for Islamic Finance was realized during the 1980s, during a period of liberalization as part of a plan to attract foreign direct investments. Interest free banking was introduced with the legalization of "special finance houses" which did not possess bank status and therefore did not benefit from banks' privileges.

Read more: Prominence of Sukuk in Turkey as an Islamic Finance Instrument

Contact: Heather Morris; Spencer Fane Britt & Browne LLP (Missouri, USA)

We frequently receive questions from banks regarding garnishments, particularly in response to recent changes in applicable regulations. To assist banks with such questions, the Office of the Comptroller of the Currency recently issued the "Garnishment of Accounts Containing Federal Benefit Payments" booklet.

Read more: OCC Issues Garnishment Booklet

Contact: Matt Couper, Mark Kenney and Laura Bergan; Carter Newell (Queensland, Australia - TAGLaw)

If you have previously been relying on the transitional provisions of the Personal Properties Securities Act 2009 (Cth) (PPSA) and you have not yet perfected your security interest by registration, a recent Victorian Supreme Court decision confirms that the impact of failing to take adequate steps to protect security interests can be severe.

Read more: Out of Time – Transitional PPSA Provisions No Longer Provide Protection