Financial Institutions and Markets (J)

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

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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

Contact: ESV Chartered Accountants (New South Wales, Australia)

Where a Responsible Entity (RE) for a hedge fund or fund of hedge fund offers product to retail investors in Australia, ASIC has released RG 240 (effective 1 February 2014) which requires greater disclosures to be made by RE's.

Read more: Managed Investment Schemes: Hedge Fund Disclosures

Contact: von Briesen & Roper, s.c. (Wisconsin, USA - TAGLaw)

The use of third-party relationships has allowed financial institutions to outsource key functions such as tax, legal, audit, information technology and loan servicing (among others). This allocation of banking functions can generate cost savings, increase efficiencies, refocus internal operations and can allow a financial institution to offer new products or services and access new markets.

Read more: Managing Third Party Relationships: New Regulatory Guidance for Banks

Contact: Richey, May & Co. (Colorado, USA)

We're hearing independent mortgage bankers need to do more to cut expenses to keep profits from sliding any further.

"Obviously production declined significantly and margins compressed, but what really jumped off the page is people didn't have great control over their expenses," says Trevor Reinhart, manager of advisory services at Richey May, a company that recently released third quarter mortgage banking data.

Read more: Mortgage Bankers Struggling to Keep Their Expenses Down

Contact: AJSH & Co. (Delhi, India)

Rupee strengthening against US$ & expected to stabilize in 2014

New Delhi: Indian rupee rose recently against US dollar. Rupee went up by 70 paise or 1.12% against US dollar to settle at 62.40 compared to previous close rate of 63.11. Rupee touched a high of 62.39 and low of 62.92 after opening at 62.85. The Reserve Bank of India (RBI) fixed reference rate of rupee for US dollar at 62.6250 compared with 63.0645 a week back.

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