Financial Institutions and Markets (J)

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

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