Financial Institutions and Markets (J)

By: Lawrence G. Lerman; Lerch, Early & Brewer (Maryland, USA - TAGLaw)

One may ask why we always include a waiver of all claims when we prepare an amendment or modification to existing loan documents. Similarly, we include a waiver of all claims against the lender in all forbearance agreements and similar loan restructuring agreements. In a recent case, the North Carolina Supreme Court demonstrated the value and importance of including a waiver of any and all potential claims against a lender in consideration for the restructuring or amending of the terms of a loan.

Read more: Don't Forget the Waiver

By Mark L. Kowalsky, Jaffe, Raitt, Heuer & Weiss, P.C., (Michigan, USA - TAGLaw)

The Securities Industry Financial Markets Association ("SIFMA") is an organization of several hundred securities firms, banks and asset managers.  Affiliate members of SIFMA include the law firms whose practices involve the securities industry.  SIFMA's Compliance and Legal Society focuses on the education of compliance and legal professionals in the securities industry.

Read more: SIFMA Compliance and Legal Society Annual Seminar 2015

Contact: Att. Tuna F. Colgar; Erdem & Erdem (Turkey - TAGLaw)

Prohibition on hidden income shifting is one of the most important issues that is broadly regulated under Capital Markets Law No. 6362 ("CML"). In conjunction with CML Article 21, which has a broader context than Article 15 of the abrogated Capital Markets Law No. 2499, another significant step has been taken regarding one of the most primary aims of the Capital Markets Board ("CMB" or "Board"), a public regulatory authority, which is to provide protection on the rights of shareholders of public companies.

Read more: Prohibition on Hidden Income Shifting in Turkey

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!