Financial Institutions and Markets (J)

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Contact: LK Shields Solicitors (Ireland - TAGLaw)

Central Bank issues deadline for submission of applications for authorisation as AIFM.

The Central Bank of Ireland has advised that 21 February 2014 has been set as the latest date for receipt of applications seeking authorisation as an alternative investment fund manager (AIFM) including internally managed alternative investment funds (AIFs).

In addition, those applicants whose assets under management are below the relevant thresholds and intend to register as AIFMs, should also submit applications to the Central Bank by 21 February 2014.

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Contact: Mark D. Knoll & Daniel G. Nelson; Bressler, Amery & Ross, P.C. (New Jersey, USA - TAGLaw)

On October 23, 2013, the SEC announced that three investment advisory firms had agreed to settlements for repeatedly ignoring significant problems with their compliance programs.  The firms - Modern Portfolio Management Inc., Equitas Capital Advisers LLC, and Equitas Partners LLC - agreed to pay financial penalties totaling $400,000 and undertake a host of remedial measures, including hiring independent compliance consultants. In addition to the financial penalties leveled against the firms, in all three cases, individual employees agreed to pay civil money penalties. 

Read entire article here.

Contact: Edmund D. Harllee; Williams Mullen (North Carolina & Virginia, USA - TAGLaw)

On Wednesday, October 23, the Consumer Financial Protection Bureau (the "Bureau") published interim final rules (and a request for public comment) in the Federal Register to amend further its Regulation Z (Truth in Lending) and Regulation X (Real Estate Settlement Procedures).

Read more: CFPB Issues Interim Final Rules on Dodd-Frank Mortgage Loan Servicing Requirements

Contact: Edmund D. Harlee; Williams Mullen (North Carolina & Virginia - TAGLaw)

On July 2, 2013, the Consumer Financial Protection Bureau (the “Bureau”) published proposed rules and a request for public comment in the Federal Registerto amend certain of its final mortgage rules contained in Regulation X (Real Estate Settlement Procedures) and Regulation Z (Truth in Lending), and to make certain technical corrections to these rules and to Regulation B (Equal Credit Opportunity).  See this publication on July 10, 2013.  The above final rules were published in theFederal Register at various times during the months of January and February of this year.

On Tuesday, October 1, 2013, the Board issued its final rules to amend the mortgage provisions referenced above, and to make certain technical and wording changes to the above regulations.

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

In the Chapter 11 bankruptcy case of Acceptance Loan Company, Inc. v. S. White Transportation, Inc., the Fifth Circuit recently held that a secured creditor's lien remained in place after the confirmation of the debtor's plan, despite the fact that the secured creditor received bankruptcy notices and took no action to protect its interest until after the plan was confirmed.

Read more: Impact of Chapter 11 Bankruptcy on Liens