Financial Institutions and Markets (J)



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

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Contact: Delaney Partners (Bahamas - TAGLaw)

Recent securities legislation establishing a sophisticated investment fund vehicle called an Investment Condominium (ICON) under Bahamian law, is an example of The Bahamas' enduring commitment to financial services, one extending as far back as the 1930's.

The statutory framework for the ICON is the Investment Condominium Act, 2014 (ICON Act).  The ICON is intended to be an alternative to a traditional company, unit trust or exempted limited partnership vehicle for use in relation to investment funds.  It must be licensed as one or other of the already-existing Bahamian investment funds, namely, a SMART fund, professional fund or standard fund.

Read more: The Bahamas Investment Condominium

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