Financial Institutions and Markets (J)
On 23 June 2016 the electorate in the UK voted to exit the European Union (EU).
Asset management is an area which is heavily regulated at EU level and there is now great uncertainty surrounding what will happen to the UK's asset management offering.
The three major regulatory regimes affecting the asset management industry in the EU are:
Effective May 11, 2016, Nebraska adopted a new exemption from the State’s investment adviser registration requirements which, subject to certain conditions, excludes private fund advisers from registration as an “investment adviser” with the State. The new exemption reduces regulatory burdens and is expected to provide Nebraska-based companies a better opportunity to access growth capital and facilitate capital formation in the State.
A bank is an institution of trust whose fields of activity, foundation, management, internal auditing systems, financial reporting, equity, capital sufficiency ratios and auditing is determined by Banking Law numbered 5411 (“Banking Law” or “BL”). The legal liability of banks for their actions are determined within the scope of several legislations, the first of which is the general provisions enshrined in the Turkish Code of Obligations numbered 6098 (“TCO”). In addition, the Turkish Commercial Code numbered 6012 (“TCC”) sets forth under Art 18(2) that all merchants shall act prudently in all matters relating to their commercial activities. The second basis for banks’ stricter legal liability as merchants arises from this provision. Banks, as institutions which generate public trust, shall act with a level of prudence that is required specifically in their field of activity. In other words, such generation of trust in the public eye results in the obligation of banks to act with even more prudence when compared to a common merchant.
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.
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”).
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- Varying security for costs orders - how secure is your security?
- The CFPB Takes Aim at Arbitration Clauses in Contracts for Consumer Financial Products