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In a move that should offer some relief to community banks, five federal financial regulatory agencies (the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission), have approved an interim final rule that exempts trust-preferred securities (TruPS) that back collateralized debt obligations (CDOs) held by qualifying community banks from the application of some portions of the Volcker Rule.
The new Commission Regulation1 outlining the measures to be taken by service providers2 in the event of a personal data breach has come into effect and is binding upon Member States as of the 25th of August 2013.
The Foreign Account Tax Compliance Act (FATCA) aims to curb tax avoidance by making foreign players in the financial market obliged to identify, document and annually report information about American customers and their assets to the USA’s Internal Revenue Service (IRS).
Securities companies and investment companies are, in principle, within the scope of the regulations as far as they execute handle transactions in relation to a client’s assets.
Making sure your company is complying with the ADA just got a little bit more difficult (as if it wasn’t already difficult enough).
The opinion from Advocate General Wahl (AG) in the Fruition case was published on 23 April. In this case the High Court of Justice of England and Wales (the High Court) asked the Court of Justice for a preliminary ruling on whether producer organisations in the vegetable and fruit sector may outsource essential activities and if so, what conditions are attached to this. The AG is of the opinion that essential activities may be outsourced provided producer organisations can exercise a certain degree of control over the contracted third parties in order to insure the effective performance of those activities.
The European Commission (the “Commission”) has recently sent to the Republic of Italy a reasoned opinion requesting the member Country to correctly apply EU public procurement rules for the construction of new buildings for the judicial administration of Bari (“Cittadella della giustizia”), with an estimated value of € 350 million.
On November 4, 2013, the Arizona Corporation Commission opened a docket entitled “Inquiry into potential impacts to the current utility model resulting from innovation and technological developments in generation and delivery of energy.” (ACC Docket No. E-00000J-13-0375.)
According to a decision dated 6 September 2013 from the Trade and Industry Appeals Tribunal (CBB), the Product Board for Horticulture (PT) was right to revoke the CMO recognition of the cooperative Batavia U.A. Batavia’s recognition had been suspended in the past but the PT ultimately lifted this suspension. Later investigation indicated however that Batavia had been failing to satisfy the recognition requirements for quite some time, which prompted the PT to definitively withdraw recognition.
Since last fall, tens of thousands of physicians, medical practices and pharmacies nationwide, and their patients, have received notifications from some of the country’s largest Medicare Advantage plan providers, including health insurance giants UnitedHealthcare (UHC) and Humana, that the physicians, and entire provider groups, will be terminated from the insurers’ Medicare Advantage networks in 2014.
The Air Transportation Security Act (“ATSA”), passed in the aftermath of 9/11, includes an immunity provision that protects airlines from civil liability for reporting suspicious activities to the TSA.
Posted by: Susanne Hermsen: German Desk, Corporate law
Just like in the Netherlands, German courts are also wrestling at the moment with the question of whether collection costs can be recovered from the debtor or not. A brief overview of the current state of affairs in Germany is given below.