Financial Institutions and Markets (J)

Financial Institutions and Markets (J)

Contact: Mark Brookes, Partner and Tom Pepper, Solicitor 

The Queensland Court of Appeal has allowed a bank to enforce a personal guarantee given by a woman who claimed she was a volunteer and did not understand the nature and effect of the transaction. This case provides lenders and their solicitors a useful example of how to ensure guarantees are enforceable.

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Contact: Travieso Evans Arria Rengel & Paz (Venezuela)

Decree No. 2.179 of December 30, 2015 was published in Official Gazette No.  6.211 Extraordinary of even date therewith. Through said Decree, the President of the Republic issued the Decree with the Staus, Value, and Force of Organic Law of Amendment to the Law of the Venezuelan Central Bank (the  “Decree-Law”).

Read more: Organic Law of Amendment to the Law of the Venezuelan Central Bank

In today’s financial markets, derivative instruments comprises an essential part of capital market activities, both for banks and intermediary institutions, as well as the companies aiming to manage their portfolio risk. Furthermore, almost 90% of such derivative transactions are being carried out over the counter (OTC), meaning that the derivative instruments are traded in a context other than through a formal exchange (e.g. Borsa İstanbul). The new Capital Markets Law numbered 6362 (“CML”) and the regulations issued thereunder, while setting out the framework in which derivative transactions can be carried out over the counter without any intermediation, also introduce new rules so as to allow intermediary institutions to take part as dealers in this market.

Read more: Intermediation of Investment Companies for Derivative Transactions under New Capital Markets Law

To perform as a trader (broker) of commodities in the UAE the company (a legal entity incorporated according to the UAE law or foreign company incorporated outside the UAE) needs to carry out the necessary procedures to obtain a membership from DGCX (Dubai Gold and Commodities Exchange).

Read more: Providing Brokerage Services in Commodities in the UAE: Futures and Derivatives Trading

An order for security for costs is never made lightly by the courts, notwithstanding that they have a broad discretion to do so. That discretion extends to an application to vary a security for costs order already in place. The recent case of Austcorp Project No. 20 Pty Limited v The Trust Co (PTAL) Limited, in the matter of Bellpac Pty Limited (Receivers and Managers Appointed) (in liq) (No 4) [2015] FCA 850, highlights the issues to be considered when seeking to vary a security for costs order.

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