The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
This document provides a summary of recent regulatory updates and proposals in Romania across various financial services sectors:
1. The Romanian government regulated payment services by adopting an emergency ordinance and the National Bank of Romania issued regulations for payment institutions.
2. Various supervisory authorities like NBR, ISC, and PPSSC amended regulations regarding non-banking financial institutions, the insurance pool against natural disasters, and investment thresholds for pension funds.
3. The National Securities Commission updated rules on group registrations, income reporting, and transaction execution outside regulated markets.
4. The Romanian government issued an ordinance amending the fiscal code which included new tax filing deadlines for banks and rules for VAT taxation of financial services
Recent Decision on Stamp Duty on Debt AssignmentShruti Jadhav
1. The document discusses a recent court case regarding the applicable stamp duty on debt assignment transactions in India.
2. In the case of Kotak Mahindra Bank Limited v. State of UP, the Allahabad High Court held that an instrument of debt assignment is chargeable under the stamp duty provision for "Transfer" rather than "Conveyance".
3. The key reason provided was that in a debt assignment, the assignor is merely transferring its right to recover the debt, not the title to any property. Therefore, the instrument could not be considered a "conveyance" for stamp duty purposes.
Sameera Kapasi Mahendru graduated from Tufts University with a B.A. in International Relations, and Boston University with a dual J.D/M.A. (International Relations). She was admitted to the Massachusetts Bar in 1997 and the Texas Bar in 2002. She began her legal career as a civil litigator at Boston law firms in practice areas ranging from medical malpractice to commercial litigation. Prior to joining the City of Houston Legal Department, Ms. Mahendru practiced tax litigation with the Massachusetts Department of Revenue. Ms. Mahendru joined the City of Houston Legal Department in 2003, and is currently practicing as an Assistant City Attorney in the General Counsel Section where she works on issues related to tax, annexation, and public finance.
Gary L. Wood graduated from the University of Texas, B.A. magna cum laude in 1963, and from New York University, J.D. cum laude in 1966 where he was an editor of the Law Review. Mr. Wood was with the law firm of Baker & Botts (1969-1977), was Senior Vice President and General Counsel of the investment banking firm Rotan Mosle, Inc. (1978-1986) and has served as a Senior Attorney with FDIC. Mr. Wood joined the City of Houston Legal Department in 1994 and is currently practicing as a Senior Assistant City Attorney in the General Counsel Section.
Mr. Wood has specialized in municipal finance law since joining the City and has over 40 years experience in the area of municipal and corporate finance law, including extensive work on securities disclosure issues.
July 2010 Financial Services Industry Monthly Bulletin by Reff & Associates a...Andrei Burz-Pinzaru
July 2010 issue of the Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Since 2009, our specialist team of finance lawyers and tax advisors prepares for you a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions funds and capital markets participants in Romania. In addition, our bulletin updates you on the most recent changes and trends in the international financial services industry regulatory framework.
The New Ability to Repay and Qualified Mortgage RuleLaura Hite
The webinar reviewed the Dodd-Frank Act's Ability to Repay requirements for residential mortgage loans, the Bureau's proposed definition of a qualified mortgage and how lenders making such loans can comply with the Ability to Repay requirements. We also reviewed the rule’s anticipated effective date, as well as its expected impacts on mortgage operations and product offerings going forward. Attendees will receive the most recent information on this soon to be issued Bureau rule, how to plan for the operational challenges to comply with the new Ability to Repay and qualified mortgage requirements.
Authorisation under the new Consumer Credit regimeRachel Tandy
As of 1 April 2014. consumer credit businesses must now be authorised under FSMA rather than licensed under the Consumer Credit Act. These slides summarise the key changes.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
The document discusses the bankruptcy discharge process. It explains that:
1) A bankruptcy discharge releases debtors from personal liability for certain debts and prohibits creditors from collecting on those debts. However, valid liens remain enforceable.
2) The timing of discharge varies by chapter, but generally occurs 4 months after filing for chapter 7 and after completing all payments under chapter 12 or 13 plans, which usually takes 3-5 years.
3) Not all debts are discharged - there are several categories of debt that are exempt from discharge for public policy reasons, such as certain taxes, debts from fraud or willful/malicious behavior, and student loans. Creditors must object to the discharge of other specified debts.
This document provides a summary of recent regulatory updates and proposals in Romania across various financial services sectors:
1. The Romanian government regulated payment services by adopting an emergency ordinance and the National Bank of Romania issued regulations for payment institutions.
2. Various supervisory authorities like NBR, ISC, and PPSSC amended regulations regarding non-banking financial institutions, the insurance pool against natural disasters, and investment thresholds for pension funds.
3. The National Securities Commission updated rules on group registrations, income reporting, and transaction execution outside regulated markets.
4. The Romanian government issued an ordinance amending the fiscal code which included new tax filing deadlines for banks and rules for VAT taxation of financial services
Recent Decision on Stamp Duty on Debt AssignmentShruti Jadhav
1. The document discusses a recent court case regarding the applicable stamp duty on debt assignment transactions in India.
2. In the case of Kotak Mahindra Bank Limited v. State of UP, the Allahabad High Court held that an instrument of debt assignment is chargeable under the stamp duty provision for "Transfer" rather than "Conveyance".
3. The key reason provided was that in a debt assignment, the assignor is merely transferring its right to recover the debt, not the title to any property. Therefore, the instrument could not be considered a "conveyance" for stamp duty purposes.
Sameera Kapasi Mahendru graduated from Tufts University with a B.A. in International Relations, and Boston University with a dual J.D/M.A. (International Relations). She was admitted to the Massachusetts Bar in 1997 and the Texas Bar in 2002. She began her legal career as a civil litigator at Boston law firms in practice areas ranging from medical malpractice to commercial litigation. Prior to joining the City of Houston Legal Department, Ms. Mahendru practiced tax litigation with the Massachusetts Department of Revenue. Ms. Mahendru joined the City of Houston Legal Department in 2003, and is currently practicing as an Assistant City Attorney in the General Counsel Section where she works on issues related to tax, annexation, and public finance.
Gary L. Wood graduated from the University of Texas, B.A. magna cum laude in 1963, and from New York University, J.D. cum laude in 1966 where he was an editor of the Law Review. Mr. Wood was with the law firm of Baker & Botts (1969-1977), was Senior Vice President and General Counsel of the investment banking firm Rotan Mosle, Inc. (1978-1986) and has served as a Senior Attorney with FDIC. Mr. Wood joined the City of Houston Legal Department in 1994 and is currently practicing as a Senior Assistant City Attorney in the General Counsel Section.
Mr. Wood has specialized in municipal finance law since joining the City and has over 40 years experience in the area of municipal and corporate finance law, including extensive work on securities disclosure issues.
July 2010 Financial Services Industry Monthly Bulletin by Reff & Associates a...Andrei Burz-Pinzaru
July 2010 issue of the Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Since 2009, our specialist team of finance lawyers and tax advisors prepares for you a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions funds and capital markets participants in Romania. In addition, our bulletin updates you on the most recent changes and trends in the international financial services industry regulatory framework.
The New Ability to Repay and Qualified Mortgage RuleLaura Hite
The webinar reviewed the Dodd-Frank Act's Ability to Repay requirements for residential mortgage loans, the Bureau's proposed definition of a qualified mortgage and how lenders making such loans can comply with the Ability to Repay requirements. We also reviewed the rule’s anticipated effective date, as well as its expected impacts on mortgage operations and product offerings going forward. Attendees will receive the most recent information on this soon to be issued Bureau rule, how to plan for the operational challenges to comply with the new Ability to Repay and qualified mortgage requirements.
Authorisation under the new Consumer Credit regimeRachel Tandy
As of 1 April 2014. consumer credit businesses must now be authorised under FSMA rather than licensed under the Consumer Credit Act. These slides summarise the key changes.
Attached Newsletter is an attempt to cover monthly issues relevant in the context of transactions - covers SEBI, Companies Act, Income Tax, Stamp duty and other regulatory changes
The document discusses the bankruptcy discharge process. It explains that:
1) A bankruptcy discharge releases debtors from personal liability for certain debts and prohibits creditors from collecting on those debts. However, valid liens remain enforceable.
2) The timing of discharge varies by chapter, but generally occurs 4 months after filing for chapter 7 and after completing all payments under chapter 12 or 13 plans, which usually takes 3-5 years.
3) Not all debts are discharged - there are several categories of debt that are exempt from discharge for public policy reasons, such as certain taxes, debts from fraud or willful/malicious behavior, and student loans. Creditors must object to the discharge of other specified debts.
Spain's new mortgage laws and bank guidelines could push up rmbs losses but i...idealista/news
The document discusses new Spanish mortgage legislation and bank loan guidelines that could impact RMBS transactions. Key points include:
1) New laws in Spain aim to prevent evictions of vulnerable borrowers and expand eligibility for loan modifications, which could lengthen loan recovery periods and increase losses. However, the impact on existing RMBS is expected to be small.
2) Guidelines for bank loan restructurings and classifications may improve transparency of some Spanish RMBS collateral quality over time.
3) Regional laws in Andalucía allowing temporary government expropriation of properties could lower property values, though the central government may challenge these laws.
Differences in the Brazilian and US Bankruptcy Codestonyprada
I put together this presentationt to demonstrate the differences in the US (USBC) and Brazilian Bankruptcy Codes (BBC). If you have any questions, please do not hesitate to ask! Tony
This document is an affidavit from Mark Weinsten in support of LodgeNet Interactive Corporation filing for Chapter 11 bankruptcy and the relief sought in various first day motions. It provides background on LodgeNet's financial difficulties and proposed restructuring, including a $60 million investment from Colony Capital in exchange for 100% ownership of reorganized LodgeNet under a prepackaged Chapter 11 plan that has already received creditor support. The affidavit also summarizes various motions seeking court approval of procedures to allow LodgeNet to continue operating in bankruptcy with minimal disruption.
The document provides a summary of recent regulatory changes and updates from the Ministry of Corporate Affairs, Reserve Bank of India, and Securities and Exchange Board of India. Key points include:
1) MCA will receive names of over 500 companies that violated CIS rules from SEBI and take necessary actions to prevent involvement in new companies.
2) Developers of National Manufacturing Investment Zones can now avail of external commercial borrowings under the "approval route" for infrastructure development.
3) RBI has delegated powers to banks to approve reductions in ECB amounts, costs, and drawdown schedules subject to conditions.
Union Cabinet on 17th July 2019 approved the proposal to carry out eight amendments to the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code Amendment Bill, 2019 requires the approval of both the houses of Parliament. It aims to fill in the crucial gaps in the framework of CIRP to provide clarity in its implementation.
Important considerations regarding the amendments of IBC (Insolvency and Bankruptcy Code Amendment Bill, 2019)
Jul - Aug 2009 Financial Services Industry monthly bulletinAndrei Burz-Pinzaru
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
Amendments to IBC vide Insolvency & Bankruptcy (Amendment) OrdinanceAlok Saksena
The document summarizes key amendments made to the Insolvency and Bankruptcy Code (IBC) through an ordinance dated June 6, 2018. Some of the major changes include:
1) Home buyers are now classified as financial creditors. The resolution period can be extended by 66% voting share instead of 75%. Withdrawal of application is allowed before invitation of expression of interest but requires 90% voting share.
2) Only shareholders can initiate insolvency proceedings for corporates. Guarantors are not covered under moratorium and can be subjected to IBC separately. There is clarity on various voting requirements and timelines.
3) Promoters of MSMEs can bid if they
Municipalities in Colombia have autonomy to establish regulations for land use and development through a Territorial Land Use Plan (POT). The POT guides physical development and classifies land as urban, rural, or expansion. Construction requires licenses that specify uses, sizes, and technical aspects in accordance with the POT. Real estate can be purchased by foreigners through the same process as Colombians, which involves due diligence, title review, purchase agreement, and registration.
Bangladesh bank’s rules of export documents require an amendmentM S Siddiqui
The Factoring services provide security of payment and financing through transfer of shipping documents along with ownership and rights over the payments. The circular no. 32 (dated October 03, 2021) restricting transfer of document will hamper smooth service of Factoring and export financing by trade finance companies. The BB should revisit the circular addressing the embargo over transfer of full set of documents.
This article discusses issues facing individual debtors seeking relief under Chapter 11 bankruptcy. It argues that Congress should amend the Bankruptcy Code to make Chapter 11 work better for individual debtors while still protecting creditors. Specifically, it recommends that Congress: (1) abrogate the absolute priority rule for individual debtors so they can retain assets needed for a fresh start, and (2) allow an unsecured creditor's rejecting vote on a repayment plan to trigger the requirement that the debtor pay disposable income to unsecured creditors. These changes would help individuals reorganize debts under Chapter 11 without losing essential assets, while ensuring fair treatment of creditors.
This document provides an overview and discussion of Subchapter V of Chapter 11 of the Bankruptcy Code from the perspective of key participants in Subchapter V cases. It begins with background on Subchapter V and how it provides a streamlined process for small business reorganizations. It then discusses expectations and roles of the main participants in Subchapter V cases - the bankruptcy judge, United States Trustee, Subchapter V Trustee, debtor, creditors, and their attorneys. Open issues with Subchapter V are also identified, such as how to determine the length of payment plans and how to define disposable income for business debtors.
This document provides a summary of amendments made to the Insolvency and Bankruptcy Code of India. Some key changes include:
- Defining allottees under real estate projects as 'financial creditors'
- Reducing voting thresholds for Committee of Creditors decisions from 75% to 66%
- Allowing operational creditors to initiate insolvency proceedings even if the dispute is not pending in court
- Clarifying the role and powers of the interim resolution professional
2010 09 25 Insolvency In The Middle East And AfricaBRIPAN
The document discusses insolvency frameworks and initiatives in the Middle East, Africa, and North Africa regions. It describes:
1) OHADA, an organization that has harmonized insolvency and business laws across 16 West and Central African countries. The organization provides a uniform insolvency act and framework for proceedings.
2) Issues with implementing OHADA, including a lack of publicity around rulings and voluntary reorganizations stopping creditor proceedings.
3) MENA, a benchmarking project assessing insolvency laws in 11 Middle Eastern and North African countries. The survey found most laws in the region lack incentives for reorganization and enforcement is generally ineffective.
Condominium Association ResponsibilitiesDirk Spahn
The document outlines the responsibilities of condominium board members, including their fiduciary duty to act in the best interests of the association. It discusses the board's powers to administer the association, make budgets and assessments, purchase insurance, and maintain common elements. The board must also prepare annual budgets and year-end financial reports to inform unit owners.
PHH - Consumer Financial Services Alert 22 June 2015 FINALOri Lev
The CFPB issued its first final decision in a contested administrative proceeding against PHH Corp. Director Cordray overturned the ALJ's ruling and ordered PHH to pay over $109 million in disgorgement, much higher than the $6.4 million recommended by the ALJ. Key aspects of the decision include that no statute of limitations applies to CFPB administrative actions under RESPA, RESPA violations accrue when kickbacks are paid rather than at closing, and Section 8(c)(2) of RESPA does not shield payments for referrals even if they are at fair market value. The decision establishes significant new precedents around RESPA interpretation and CFPB administrative procedures.
Amendments to the Alberta and British Columbia Insurance ActsNow Dentons
In this presentation, Shelley Miller Q.C. and Jennifer Halloran discuss the Amendments to the Alberta and British Columbia Insurance Acts, effective July 1, 2012.
Topics include:
Revisions of Fire Provisions
Statutory Conditions
Limitation Periods
Full Disclosure Requirements
Proportionate Contributions - s. 28.1(1)
Recovery by Innocent Persons
Subrogation
Relief from Forfeiture; Unjust Provisions
Electronic Communications
Cancellation of Insurance
Dispute Resolution Process
Access to Documents
Court Ordered Advance Payment
Retroactive Effect
This case involves whether taxpayers can offset realized long-term capital gains with negative taxable income before applying long-term capital loss carryovers. The Tax Court held that the taxpayers could not do this and must apply the capital loss carryover first based on the statutory language governing capital losses. The taxpayers had a $23,000 net long-term capital loss in 2002 that was carried over to 2003 and 2004. The Court determined the capital loss carryover to 2004 was $5,807, resulting in a $698 tax deficiency for 2004.
Irish Revenue Article On Islamic Finance 1009Omer_Khan
The document provides an overview of the tax treatment of Islamic finance products and structures in funds, leasing, and insurance. It outlines that Shari'a compliant funds are taxed similarly to conventional funds under Irish tax law. Ijarah (leasing) arrangements are generally taxed the same as conventional leases depending on whether they are operating leases, finance leases, or hire purchases. Takaful (Islamic insurance) and ReTakaful (Islamic reinsurance) arrangements are taxed similarly to conventional insurance/reinsurance with contributions and expenses treated comparably.
O documento fornece informações sobre o Grupo AES Brasil, incluindo sua presença no Brasil desde 1997, investimentos de R$6,9 bilhões entre 1998-2010, e práticas de governança corporativa e sustentabilidade. Também descreve a estrutura acionária e de mercado das distribuidoras AES Eletropaulo e AES Tietê, além de apresentar perspectivas para o setor elétrico brasileiro, como aumento da capacidade instalada e demanda de energia nos próximos anos.
The document summarizes the Texas STaR CHART, an online self-assessment tool for evaluating a school or district's technology integration efforts. It is divided into four categories and is designed to aid in technology planning, budgeting, and measuring progress towards goals. The summary analyzes one school's results over three years, noting improvements in some areas but not others, and provides recommendations for continued improvement.
Grassroots Efforts Key To Recruiting Latino Voters In California Namamartineznewmedia
Grassroots efforts will be key to recruiting Latino voters in California for Barack Obama. Latino voters strongly supported Hillary Clinton in the primary, but bilingual volunteers will work to introduce Obama to Latino communities and explain that his and Clinton's policies are similar. The Obama campaign plans to increase outreach to Latinos through Spanish-language media, endorsements from Latino leaders, and focusing resources on states with large Latino populations like New Mexico, Nevada, Florida and Colorado. Former Clinton supporters in California have begun organizing Latino Democrats through a group called OBAMANOS to promote unity behind Obama.
Spain's new mortgage laws and bank guidelines could push up rmbs losses but i...idealista/news
The document discusses new Spanish mortgage legislation and bank loan guidelines that could impact RMBS transactions. Key points include:
1) New laws in Spain aim to prevent evictions of vulnerable borrowers and expand eligibility for loan modifications, which could lengthen loan recovery periods and increase losses. However, the impact on existing RMBS is expected to be small.
2) Guidelines for bank loan restructurings and classifications may improve transparency of some Spanish RMBS collateral quality over time.
3) Regional laws in Andalucía allowing temporary government expropriation of properties could lower property values, though the central government may challenge these laws.
Differences in the Brazilian and US Bankruptcy Codestonyprada
I put together this presentationt to demonstrate the differences in the US (USBC) and Brazilian Bankruptcy Codes (BBC). If you have any questions, please do not hesitate to ask! Tony
This document is an affidavit from Mark Weinsten in support of LodgeNet Interactive Corporation filing for Chapter 11 bankruptcy and the relief sought in various first day motions. It provides background on LodgeNet's financial difficulties and proposed restructuring, including a $60 million investment from Colony Capital in exchange for 100% ownership of reorganized LodgeNet under a prepackaged Chapter 11 plan that has already received creditor support. The affidavit also summarizes various motions seeking court approval of procedures to allow LodgeNet to continue operating in bankruptcy with minimal disruption.
The document provides a summary of recent regulatory changes and updates from the Ministry of Corporate Affairs, Reserve Bank of India, and Securities and Exchange Board of India. Key points include:
1) MCA will receive names of over 500 companies that violated CIS rules from SEBI and take necessary actions to prevent involvement in new companies.
2) Developers of National Manufacturing Investment Zones can now avail of external commercial borrowings under the "approval route" for infrastructure development.
3) RBI has delegated powers to banks to approve reductions in ECB amounts, costs, and drawdown schedules subject to conditions.
Union Cabinet on 17th July 2019 approved the proposal to carry out eight amendments to the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code Amendment Bill, 2019 requires the approval of both the houses of Parliament. It aims to fill in the crucial gaps in the framework of CIRP to provide clarity in its implementation.
Important considerations regarding the amendments of IBC (Insolvency and Bankruptcy Code Amendment Bill, 2019)
Jul - Aug 2009 Financial Services Industry monthly bulletinAndrei Burz-Pinzaru
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
Amendments to IBC vide Insolvency & Bankruptcy (Amendment) OrdinanceAlok Saksena
The document summarizes key amendments made to the Insolvency and Bankruptcy Code (IBC) through an ordinance dated June 6, 2018. Some of the major changes include:
1) Home buyers are now classified as financial creditors. The resolution period can be extended by 66% voting share instead of 75%. Withdrawal of application is allowed before invitation of expression of interest but requires 90% voting share.
2) Only shareholders can initiate insolvency proceedings for corporates. Guarantors are not covered under moratorium and can be subjected to IBC separately. There is clarity on various voting requirements and timelines.
3) Promoters of MSMEs can bid if they
Municipalities in Colombia have autonomy to establish regulations for land use and development through a Territorial Land Use Plan (POT). The POT guides physical development and classifies land as urban, rural, or expansion. Construction requires licenses that specify uses, sizes, and technical aspects in accordance with the POT. Real estate can be purchased by foreigners through the same process as Colombians, which involves due diligence, title review, purchase agreement, and registration.
Bangladesh bank’s rules of export documents require an amendmentM S Siddiqui
The Factoring services provide security of payment and financing through transfer of shipping documents along with ownership and rights over the payments. The circular no. 32 (dated October 03, 2021) restricting transfer of document will hamper smooth service of Factoring and export financing by trade finance companies. The BB should revisit the circular addressing the embargo over transfer of full set of documents.
This article discusses issues facing individual debtors seeking relief under Chapter 11 bankruptcy. It argues that Congress should amend the Bankruptcy Code to make Chapter 11 work better for individual debtors while still protecting creditors. Specifically, it recommends that Congress: (1) abrogate the absolute priority rule for individual debtors so they can retain assets needed for a fresh start, and (2) allow an unsecured creditor's rejecting vote on a repayment plan to trigger the requirement that the debtor pay disposable income to unsecured creditors. These changes would help individuals reorganize debts under Chapter 11 without losing essential assets, while ensuring fair treatment of creditors.
This document provides an overview and discussion of Subchapter V of Chapter 11 of the Bankruptcy Code from the perspective of key participants in Subchapter V cases. It begins with background on Subchapter V and how it provides a streamlined process for small business reorganizations. It then discusses expectations and roles of the main participants in Subchapter V cases - the bankruptcy judge, United States Trustee, Subchapter V Trustee, debtor, creditors, and their attorneys. Open issues with Subchapter V are also identified, such as how to determine the length of payment plans and how to define disposable income for business debtors.
This document provides a summary of amendments made to the Insolvency and Bankruptcy Code of India. Some key changes include:
- Defining allottees under real estate projects as 'financial creditors'
- Reducing voting thresholds for Committee of Creditors decisions from 75% to 66%
- Allowing operational creditors to initiate insolvency proceedings even if the dispute is not pending in court
- Clarifying the role and powers of the interim resolution professional
2010 09 25 Insolvency In The Middle East And AfricaBRIPAN
The document discusses insolvency frameworks and initiatives in the Middle East, Africa, and North Africa regions. It describes:
1) OHADA, an organization that has harmonized insolvency and business laws across 16 West and Central African countries. The organization provides a uniform insolvency act and framework for proceedings.
2) Issues with implementing OHADA, including a lack of publicity around rulings and voluntary reorganizations stopping creditor proceedings.
3) MENA, a benchmarking project assessing insolvency laws in 11 Middle Eastern and North African countries. The survey found most laws in the region lack incentives for reorganization and enforcement is generally ineffective.
Condominium Association ResponsibilitiesDirk Spahn
The document outlines the responsibilities of condominium board members, including their fiduciary duty to act in the best interests of the association. It discusses the board's powers to administer the association, make budgets and assessments, purchase insurance, and maintain common elements. The board must also prepare annual budgets and year-end financial reports to inform unit owners.
PHH - Consumer Financial Services Alert 22 June 2015 FINALOri Lev
The CFPB issued its first final decision in a contested administrative proceeding against PHH Corp. Director Cordray overturned the ALJ's ruling and ordered PHH to pay over $109 million in disgorgement, much higher than the $6.4 million recommended by the ALJ. Key aspects of the decision include that no statute of limitations applies to CFPB administrative actions under RESPA, RESPA violations accrue when kickbacks are paid rather than at closing, and Section 8(c)(2) of RESPA does not shield payments for referrals even if they are at fair market value. The decision establishes significant new precedents around RESPA interpretation and CFPB administrative procedures.
Amendments to the Alberta and British Columbia Insurance ActsNow Dentons
In this presentation, Shelley Miller Q.C. and Jennifer Halloran discuss the Amendments to the Alberta and British Columbia Insurance Acts, effective July 1, 2012.
Topics include:
Revisions of Fire Provisions
Statutory Conditions
Limitation Periods
Full Disclosure Requirements
Proportionate Contributions - s. 28.1(1)
Recovery by Innocent Persons
Subrogation
Relief from Forfeiture; Unjust Provisions
Electronic Communications
Cancellation of Insurance
Dispute Resolution Process
Access to Documents
Court Ordered Advance Payment
Retroactive Effect
This case involves whether taxpayers can offset realized long-term capital gains with negative taxable income before applying long-term capital loss carryovers. The Tax Court held that the taxpayers could not do this and must apply the capital loss carryover first based on the statutory language governing capital losses. The taxpayers had a $23,000 net long-term capital loss in 2002 that was carried over to 2003 and 2004. The Court determined the capital loss carryover to 2004 was $5,807, resulting in a $698 tax deficiency for 2004.
Irish Revenue Article On Islamic Finance 1009Omer_Khan
The document provides an overview of the tax treatment of Islamic finance products and structures in funds, leasing, and insurance. It outlines that Shari'a compliant funds are taxed similarly to conventional funds under Irish tax law. Ijarah (leasing) arrangements are generally taxed the same as conventional leases depending on whether they are operating leases, finance leases, or hire purchases. Takaful (Islamic insurance) and ReTakaful (Islamic reinsurance) arrangements are taxed similarly to conventional insurance/reinsurance with contributions and expenses treated comparably.
O documento fornece informações sobre o Grupo AES Brasil, incluindo sua presença no Brasil desde 1997, investimentos de R$6,9 bilhões entre 1998-2010, e práticas de governança corporativa e sustentabilidade. Também descreve a estrutura acionária e de mercado das distribuidoras AES Eletropaulo e AES Tietê, além de apresentar perspectivas para o setor elétrico brasileiro, como aumento da capacidade instalada e demanda de energia nos próximos anos.
The document summarizes the Texas STaR CHART, an online self-assessment tool for evaluating a school or district's technology integration efforts. It is divided into four categories and is designed to aid in technology planning, budgeting, and measuring progress towards goals. The summary analyzes one school's results over three years, noting improvements in some areas but not others, and provides recommendations for continued improvement.
Grassroots Efforts Key To Recruiting Latino Voters In California Namamartineznewmedia
Grassroots efforts will be key to recruiting Latino voters in California for Barack Obama. Latino voters strongly supported Hillary Clinton in the primary, but bilingual volunteers will work to introduce Obama to Latino communities and explain that his and Clinton's policies are similar. The Obama campaign plans to increase outreach to Latinos through Spanish-language media, endorsements from Latino leaders, and focusing resources on states with large Latino populations like New Mexico, Nevada, Florida and Colorado. Former Clinton supporters in California have begun organizing Latino Democrats through a group called OBAMANOS to promote unity behind Obama.
A empresa de tecnologia anunciou um novo smartphone com câmera aprimorada, maior tela e bateria de longa duração. O dispositivo também possui processador mais rápido e armazenamento expansível. O novo modelo será lançado em outubro por um preço inicial de US$799.
O Prêmio Paraibano da Qualidade avalia as organizações nos oito critérios do MEG®, com o objetivo de fornecer um diagnóstico da situação gerencial e um plano de melhoria. O processo inclui a elaboração de um relatório de gestão e uma visita de avaliação, resultando em um relatório final com pontos fortes e oportunidades de melhoria.
O documento fornece informações sobre o Grupo AES Brasil, incluindo sua presença no Brasil desde 1997, seu foco nos setores de geração e distribuição de energia, e reconhecimentos recebidos entre 2009-2011 por excelência em gestão, qualidade, segurança e preocupação ambiental.
A STORAGE é uma empresa fundada em 2006 que oferece soluções tecnológicas e de gestão para facilitar a relação entre pessoas e organizações. Sua missão é utilizar ferramentas tecnológicas para integrar pessoas e empresas de forma ética e comprometida. A STORAGE desenvolve soluções customizadas focadas na tecnologia adequada para cada cliente com o objetivo de reduzir custos.
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
September 2010 edition of Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax.
The document summarizes regulatory changes announced by several Romanian financial services authorities in February 2010, including:
- The National Bank of Romania amended interest rates for mandatory reserves.
- The Insurance Supervisory Commission amended regulations for mandatory vehicle insurance.
- The Private Pension System Supervisory Commission amended rules for privately managed pension funds.
- The National Securities Commission amended regulations for the Investor Compensation Fund and NSC income.
It also outlines several proposals for future regulatory changes under public debate.
Financial Services Industry Monthly Bulletin – a banking and finance law publication by Reff & Associates, correspondent law firm of Deloitte Romania and Deloitte Tax.
Includes a summary of the latest legal, tax and regulatory developments relevant for banks, non-banking financial institutions, private pensions and capital markets in Romania as well as the most recent changes and trends in the international financial services industry regulatory framework.
This document summarizes a determination by the Bank of Namibia to reduce the domestic cheque item limit in Namibia from N$500,000 to N$100,000. It outlines the background and purpose of the reduction, which is to encourage the use of more efficient electronic payment methods over cheques due to declining cheque usage and risks of fraud. The determination applies to all banking institutions, payment processors, businesses and individuals in Namibia and requires necessary system and process changes be made to comply with the new N$100,000 limit for domestic cheque payments by February 1, 2016. Non-compliance may result in remedial measures imposed by the Bank of Namibia.
The document provides regulatory updates from the National Bank of Romania (NBR), Romanian Parliament, Insurance Supervision Commission (ISC), and Private Pension System Supervision Commission (PPSSC) for the period of October-December 2010. NBR amended numerous regulations relating to banking, capital markets, and financial reporting. The Romanian Parliament approved changes to laws regarding credit institutions and consumer credit contracts. ISC updated insurance contract reporting rules. PPSSC issued new norms on private pension prospectuses, investment limits, and fund management authorizations.
Concept of securitization – recent trends, securitization of ipr, & overveiw ...Manikantan iyer
This document provides an overview of the SARFAESI Act of 2002 in India, which allows banks and financial institutions to recover secured assets without court intervention. It discusses how prior recovery methods through civil courts were ineffective. The SARFAESI Act aims to help banks realize their dues faster by taking possession of secured assets and recovering from other sources. Key points of the act are discussed, including how it applies to accounts classified as non-performing assets. The document analyzes various definitions and sections of the act related to debt enforcement and security interests. Overall it analyzes the intent and provisions of the SARFAESI Act to facilitate quicker recovery of bank loans.
ShareDocView.com - Regulation of Buy-Now, Pay-LaterShareDocView.com
This document discusses regulating buy-now pay-later (BNPL) products in the UK. It provides background on consumer credit regulation and the exemption that currently allows BNPL to operate without regulation. It notes the rapid growth of BNPL, especially for online purchases, and concerns about potential consumer harm. The document explores defining the scope of any new BNPL regulation and calibrating proportional controls to address issues while allowing the market to continue growing. It seeks input on these issues through consultation to help design an effective yet balanced regulatory regime.
Respective scopes of european and national laws concerning crowdfunding opera...FinPart
This document discusses the legal frameworks governing crowdfunding at both the EU and national levels in France. At the EU level, crowdfunding activities may be subject to directives around payments, e-money, markets in financial instruments, and anti-money laundering. National laws in France further regulate areas like collecting money from the public and specific investment vehicles. The document proposes creating a new crowdfunding services provider status and exemptions for certain investments and loans to better accommodate crowdfunding within the existing legal structures.
In order to protect consumers intending to conclude a loan agreement for purchasing property, the Romanian Government recently passed Emergency Ordinance no. 52/2016 (published in Official Journal no. 727 of 20 September 2016 and which will become effective on 30 September). The Ordinance introduces rules regarding the compulsory content of loan agreements and the forms of advertising creditors can use in order to reassure consumers when concluding a loan agreement. Below you can find a summary relating to these new provisions, as well as to the calculation of default interest corresponding to loan agreements.
Please find the briefing note on the Consumer Protection Act. It includes the KBA Alternative Dispute Resolution Model which was approved by the Governing Council as the industry model and approach on handling longstanding customer complaints and disputes.
Insolvency and bankruptcy code analysis of a selected few ordersShruti Jadhav
The document provides an introduction and overview of key provisions of the Insolvency and Bankruptcy Code of India relating to corporate insolvency resolution processes. It discusses who can initiate insolvency proceedings under the Code, including financial creditors owed financial debt, operational creditors owed operational debt, and corporate debtors themselves. It also summarizes relevant definitions from the Code, such as what constitutes a debt and default. The document aims to analyze select orders from National Company Law Tribunals and the National Company Law Appellate Tribunal to understand how provisions of the Code have been interpreted in practice.
Banning of unregulated deposit schemes and protection of Depositors' Interest...Sandeep Jhunjhunwala
The Ministry of Finance is introducing legislation to ban unregulated deposit schemes and protect depositors. The bill aims to curb pyramid schemes that defraud investors of large sums of money. Currently there is no unified regulatory regime to prevent such Ponzi schemes. The bill prescribes regulated deposit schemes and assumes illegality for unregulated schemes, imposing penalties including imprisonment. It seeks to consolidate laws around deposit protection and was modeled after Britain's Financial Services Act. However, some provisions may cause issues for genuine businesses like real estate developers that need to be addressed over time. The overall goal is to strengthen consumer protection and channel more savings into the formal economy.
A letter of credit involves multiple parties: the applicant/buyer, issuing bank, beneficiary/seller, advising bank, confirming bank, negotiating bank, and reimbursing bank. The issuing bank guarantees payment to the beneficiary if certain conditions are met. UCP 600 is the latest set of rules governing letters of credit, reducing the number of articles and clarifying key terms compared to prior version UCP 500.
This document summarizes the key points of a resolution regulating accounting separation, regulatory accounting, and reporting requirements for telecommunications companies in Oman. It was issued by the Telecommunications Regulatory Authority (TRA) and establishes rules for separated regulatory accounts, cost allocation, transfer charges, documentation requirements, audit procedures, and timeframes for submissions. Notified operators, or those without effective competition, must prepare separated accounts for different markets and services according to accounting separation, cost allocation, and reporting principles outlined in the resolution.
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
Project Bank Accounts in Scotland - 15 Key QuestionsCraig Bradshaw
This document discusses key questions about Project Bank Accounts (PBAs) in Scotland based on guidance published by the Scottish Government. It provides explanations of what a PBA is, how the PBA arrangements are set up, the sequence in which related documents are entered into, the benefits of PBAs, the types of projects where PBAs will be used, and circumstances where PBAs may not be used. It also summarizes considerations and steps that main contractors and supply chain members will need to take to participate in and implement PBA arrangements.
This document summarizes regulations surrounding the listing of securitized debt instruments in India. It discusses how 2007 amendments to the Securities Contracts Regulation Act allowed securitized debt instruments to be publicly traded by defining them as securities. In response, SEBI introduced regulations in 2008 governing public offerings and listings of securitized debt instruments. The regulations establish rules for special purpose entities issuing the instruments and require disclosures. SEBI also released a listing agreement for these instruments in 2011 to increase transparency and secondary market liquidity. Issues remaining include lack of effective foreclosure laws and ambiguity in the tax treatment of SPV trusts.
The document discusses the proposed Results Management Framework for 2010-2012 and provides an overview of the revised General Conditions for IFAD financing agreements. Key changes include making the financing agreement shorter by moving standard provisions to the General Conditions, and removing the requirement for expenditures to be incurred in an IFAD member state. The General Conditions define terms like eligible expenditures and set rules around loan accounts, withdrawals, currency provisions, and project implementation through annual workplans and budgets.
The OCC's proposed special purpose national bank charter could provide benefits like federal preemption to certain financial technology and other companies engaged in core banking activities. Those receiving the charter would be entitled to the same preemption of state laws as full-service national banks, including preemption of state usury and money transmission laws. However, the charter may impose substantial regulatory requirements and oversight. Additionally, state consumer protection laws would still apply. The path forward remains uncertain, as other regulators' responses are still unknown and a new Comptroller in 2017 could change direction.
Similar to Nov 2009 Financial Services Industry Bulletin (20)
Deloitte Legal Guide to Cross-Border Secured TransactionsAndrei Burz-Pinzaru
The Deloitte Legal Guide to Secured Transactions includes country-specific information provided by local lawyers and is intended to be a useful tool for creditors and security providers tackling complex issues relevant to cross-border secured transactions. the Deloitte Legal Guide to Secured Transactions was produced by legal practices of the Deloitte Touche Tohmatsu Limited member firms from 27 jurisdictions* across Europe, South America and South-East Asia. It was prepared based on research carried out during 2012-2013 in each of these jurisdictions, and includes country-specific information provided by local lawyers.Topics covered for each jurisdiction include:
· Types of security available
· Types of assets subject to security
· Types of obligations that may be secured
· Validity, publicity and other perfection requirements
· Costs of set up and publicity of security
· Timing for publicity/ perfection requirements
· Rights acquired by the secured creditor
· Governing law issues
· Legal concerns when taking security
· Enforcement issues: court involvement, timing,
· Challenges and cancellation risks
· Secured creditor’s position in insolvency
Also included are highlights and recommendations from the drafters, followed by detailed information for each of the jurisdictions surveyed.
The Financial Services Industry Monthly Bulletin is a banking and finance law publication by Reff & Associates (correspondent law firm of Deloitte Romania) and Deloitte Tax.
Each month, our specialist team of finance lawyers and tax advisors will keep you updated with the latest legal, regulatory and tax developments in the financial services industry in Romania as well as with the recent changes and trends in the international financial regulations.
The areas covered by our bulletin include:
Banking and non-banking financial institutions
Capital markets
Insurance companies
Private pension funds
The document discusses risk management in insolvency proceedings. It outlines various risks faced during insolvency such as contractual issues with suppliers, market reputation risks, and business interruptions. It provides recommendations for mitigating exposure, including carefully following procedural steps, considering appeal options, and preparing a strong defense arguing the company is not insolvent. The document also discusses protecting creditors' rights, managing directors' liability, and debt restructuring options to avoid insolvency proceedings.
This document summarizes key considerations for preparing for an initial public offering (IPO) including:
1) Hiring various advisors such as legal counsel, investment bankers, auditors is important to guide the process.
2) Conducting due diligence to evaluate legal risks and restructure if needed before going public.
3) Understanding post-IPO compliance requirements like insider trading rules and financial reporting.
4) Properly selecting and coordinating advisors can help ensure a successful IPO.
Legal Framework For Securitisation And Mortgage Bonds In RomaniaAndrei Burz-Pinzaru
The document summarizes the key aspects of Romania's legal framework for mortgage securitization and mortgage bonds. It outlines four main laws passed in 2006 that established the prerequisites for a secondary mortgage market, including defining origination rules and allowing new players like mortgage banks. It describes the concepts of securitization of mortgage loans and mortgage-backed securities under Romanian law. It also covers aspects like eligible assets, special purpose vehicles, requirements for issuance of mortgage-backed securities and bonds, and management of the asset pools.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
4. Legal
Banking Obligation to inform the consumers
Issuer: National Authority for Consumers As regards certain credit consumer facilities, the
Protection (“NACP”) consumers must be informed in relation to any
changes occurred with respect to the annual
NACP approved the new Norms for the interest or other costs further to the conclusion
application of Law no. 289/2004 regarding the of the respective credit facility agreements. Such
legal regime applicable to consumer credit information should be made available to the
facilities for individuals consumers no later than on the date when the
lender decides the entry into force of the internal
Further to the repealing of the previous norms decision implementing the resolution of the
for the application of Law no. 289/2004 council/collective leadership committee
regarding the legal regime applicable to establishing the new annual interests and the
consumer credit facilities for individuals (“Law associated costs.
289/2004”), NACP enacted Order no. 570/2009
for the approval of the new norms for the Early repayment
application of Law 289/2004 (“the Norms”). The
order was published in the Official Gazette no. The Norms provide that in case of early
750/04.11.2009. From the legislative repayment the equitable reduction of the
amendments regulated by the said order, we facility’s costs should be determined by the
refer to the following: lender through a fair and objective analysis of
the lender’s benefits arising from the availability
Definition of credit agreements of liquidities, in opposition to the disadvantages
arising from early repayments management and
Law 289/2004 defines the credit agreement as capital reinvestment.
being the legal act on the basis of which the
Issuer: National Bank of Romania (“NBR”)
lender grants or undertakes to grant a facility in
the form of a loan, a payment postponement or NBR’s Circular no. 40/2009 regarding the level of
any other similar financial facility, while the the reference interest rate applicable in
consumer accepts such grant or undertaking. November 2009, namely 8 % per year
From this perspective, the Norms stipulate that
The above mentioned Circular was published in
through “similar financial facilities”, as provided
the Official Gazette no. 742/02.11.2009 and
under Law 289/2004, it should be understood, may be accessed here.
without being considered exhaustively listed,
those operations involving terms like "payment NBR’s Circular no. 41/2009 regarding the
installment, periodical payment installment or interest rates paid on minimum mandatory
payment stage", in case such operations are reserves
envisaged for the purpose of granting consumer
The above mentioned Circular sets forth the
credit facilities to individuals under the form of
interest rates paid on minimum mandatory
payment postponements. reserves during October 24 - November 23,
2009 as follows:
Drafting the consumer credit facility agreements
3.69% per year for minimum mandatory
As regards the type and size of the font used for reserves set up in RON;
drafting the credit facility agreements, the 1.37% per year for minimum mandatory
creditors have the obligation to use the same reserves set up in EUR;
size for letters and figures in the entire 0.89% per year for minimum mandatory
document for both the contractual terms and reserves set up in U.S.D.
the footer of the page or references to other
documents or specifications in the text, of any
nature.
4
5. The said Circular was published in the Official Issuer: The Romanian Parliament
Gazette no. 770/11.11.2009 and may be
accessed here. The Romanian Parliament approves the
Government’s ordinance for the amendment of
NBR’s Circular no. 43/2009 regarding the the legal framework regarding consumers’
amendment of the minimum mandatory reserve
protection in the execution and performance of
rate for foreign currencies
financial services distance agreements
The above mentioned Circular establishes that
during 24 November - 23 December 2009, the Romanian Parliament enacted Law no. 334/2009
minimum mandatory reserve rates for foreign for the approval of Government’s Emergency
currency with a maturity date shorter than 2 Ordinance no. 65/2009 for the amendment of
years computed from the end of the observation Government’s Emergency Ordinance no.
period and foreign currency with a maturity date 85/2004 regarding consumers’ protection in the
exceeding 2 years computed as well from the
end of the observation period, providing execution and performance of financial services
contractual clauses regarding reimbursements, distance agreements. The said law was published
withdrawals, early transfers, are set forth at a in the Official Gazette no. 778/13.11.2009 and
level of 25%. may be accessed here.
The said Circular was published in the Official
Gazette no. 784/17.11.2009 and may be
accessed here.
Financial Services Industry Monthly Bulletin 5
6. Insurance
Issuer: Insurance Supervision Commission
(“ISC”)
ISC amends the current regulatory framework
regarding mandatory civil liability insurance
agreements for damages caused by vehicle
accidents
ISC enacted Order no. 21/2009 for the
implementation of the Norms regarding the
mandatory civil liability insurance agreements for
damages caused by vehicle accidents.
The above mentioned Order was published in
the Official Gazette no. 812/27.11.2009 and
may be accessed here.
6
7. Private pensions Through the transfer account of the voluntary
pension funds the following operations may be
Issuer: Private Pension System Supervision performed:
Commission (“PPSSC”)
transfers of the value of the transferred
PPSSC amends the current regulatory framework personal assets of the participants from and
regarding the operations consisting of monies’ in the operational account;
collection and payment orders, which are carried collection of the technical provision amount
out through the bank accounts of the voluntary from the bank account of the manager of
pension funds the voluntary pension fund from which the
transfer is initiated.
PPSSC issued Norm no. 18/2009 regarding the
operations consisting of monies’ collection and Norm 18/2009 was published in the Official
payments orders, which are carried out through Gazette no. 760 on 09.11.2009 and may be
the bank accounts of the voluntary pension accessed here.
funds (“Norm 18/2009”). The main aspects set
forth by Norm 18/2009 refer to the following PPSSC amends the current regulatory framework
aspects: applicable to financial audit in case of privately
managed pension funds and their managers
Through the collection account of the voluntary
pension funds the following operations may be PPSSC enacted Norm no. 19/2009 for the
performed: amendment of Norm no. 11/2007 regarding the
financial auditor of privately managed pension
collection of the individual contributions of funds and their managers. The said Norm was
the participants; published in the Official Gazette no.
780/16.11.2009 and may be accessed here.
payments of the management fees.
PPSSC amends the current regulatory framework
Through the operational account of the
applicable to financial audit in case of voluntary
voluntary pension funds the following operations
pension funds
may be performed:
PPSSC enacted Norm no. 20/2009 for the
collection of the amounts related to the net
amendment of Norm no. 8/2006 regarding the
assets of the participants from the collection
financial auditor of voluntary pension funds. The
account;
said Norm was published in the Official Gazette
short and long term investments in financial no. 774/12.11.2009 and may be accessed here.
assets;
transfer of the value of the transferred
personal assets of the participants;
payments of the values of the personal asset
of the participants in case of invalidity and
death.
Financial Services Industry Monthly Bulletin 7
8. Capital Markets
Issuer: National Securities Commission (“NSC”)
NSC establishes certain interdictions applicable
to the board members of authorized entities
NSC decided through Decision no. 17 of
11.11.2009 to regulate certain interdictions to
the board members of entities authorized by
NSC, out of which we mention the interdiction
for an individual to be a board member in more
than two entities authorized by NSC. The full
text of the decision may be accessed here.
NSC extends the application of the obligations
regarding monthly assessment of the
implementation of the mechanism without pre-
validation of financial instruments and of global
accounts system for securities by the Central
Depository and the Bucharest Stock Exchange
NSC decided through Decision no. 19 of
24.11.2009 to amend the provisions of Decision
no. 1/2008 by extending the application of the
obligations regarding monthly assessment of the
implementation of the mechanism without pre-
validation of financial instruments and of global
accounts system for securities by the Central
Depository and the Bucharest Stock Exchange
until February 1, 2010. The full text of the
Decision may be accessed here.
Individual acts issued by NSC which might be of
interest for the capital markets participants
Ordinance no. 641/17.11.2009 regarding the
obligation to provide certain information to NSC.
The text may be accessed here.
8
10. European Union establishes the regulatory European Union amends the regulatory
framework regarding credit rating agencies framework regarding banks affiliated to central
institutions, own funds, large exposures,
The European Parliament and the Council supervisory arrangements and crisis
adopted Regulation (EC) no. 1060/2009 of management
16.09. 2009 regarding credit rating agencies.
The European Parliament and the Council
The above mentioned Regulation shall enter into enacted Directive 2009/111/EC of 16 September
force on the 20th day following its publication in 2009 amending Directives 2006/48/EC,
the Official Journal of the European Union, 2006/49/EC and 2007/64/EC as regards banks
namely 17.11.2009 and may be accessed here. affiliated to central institutions, certain own
funds items, large exposures, supervisory
European Union amends the regulatory arrangements, and crisis management.
framework regarding the coordination of
legislation regarding the undertakings for The above mentioned Directive was published in
collective investment in transferable securities the Official Journal of the European Union no. L
302/17.11.2009 and must be implemented into
The European Parliament and the Council national law of the Member States until
adopted Directive 2009/65/EC of 13 July 2009 31.10.2010. The full text of this directive may be
on the coordination of laws, regulations and accessed here.
administrative provisions relating to undertakings
for collective investment in transferable securities
(“UCITS”).
The said directive must be implemented in the
national law of the Member States until
30.06.2011; furthermore, the current directive
regulating UCITS, namely Directive 85/611/EEC,
shall be repealed as of 01.07.2011.
The above mentioned Directive was published in
the Official Journal of the European Union no. L
302/17.11.2009 and may be accessed here.
10
12. Insurance Capital Markets
Proposal for Norms regarding the information Proposal for Regulation regarding the use of the
that insurers and insurance intermediaries should global accounts system, implementation of
provide to customers and clauses which should mechanisms with and without pre-validation of
be regulated under an insurance agreement financial instruments, performance of lending
securities operations, the performance of related
The above mentioned proposal may be accessed guarantees and sale-purchase transactions
here. without presence
The text of the above mentioned proposal may
be accessed here.
12
14. Opinion of the European Central Bank of Opinion of the European Central Bank of
26.10.2009 regarding a proposal for a 16.10.2009 regarding a proposal for a Directive
regulation of the European Parliament and of of the European Parliament and of the Council
the Council in relation to a Community macro- on Alternative Investment Fund Managers and
prudential oversight of the financial system and for the amendment of Directive 2004/39/EC. For
establishing a European Systemic Risk Board and further details please access here.
a proposal for a Council decision entrusting the
European Central Bank with specific tasks
concerning the functioning of the European
Systemic Risk Board. For further details please
access here.
Declaration of the European Parliament
regarding the microcredit. For further details
please access here.
14
15. Reff & Associates is the correspondent law firm of Deloitte Romania, fully
integrated with the Deloitte multi-disciplinary advisory practice and affiliated to a
network of law firms and legal departments working with Deloitte all over the
world. Deloitte’s correspondent legal practice provides assistance to clients in
Romania on various matters pertaining to mergers and acquisitions, corporate
and commercial law, finance, banking and capital markets, real estate, project
finance, employment, competition, fiscal and commercial litigation, and
intellectual property.
In the financial services sector, Reff & Associates provides the full range of services
to banks and financial institutions, including:
- Finance deals: transaction support in bilateral and syndicated loans, loan
workouts, securitisation, loan transfers and assists in drafting and
negotiating the transaction documentation (loan agreements, security and
other ancillary documentation).
- M&A transactions in the financial services sector: advice on the structure
of the transaction, the pre-contractual documentation, due diligence,
drafting/negotiating the purchase agreements and assisting the
implementation of the transaction.
- Regulatory assistance: ongoing assistance with respect to the specific
legal and regulatory requirements applicable to banks / non banking
financial institutions operating in Romania, development of new
financial products, representation in front of the regulators (National
Bank of Romania, Insurance Supervisory Commission, Securities
Commission etc.).
Contacts
Andrei Burz-Pinzaru
Partner
+ 40 21 207 52 05
aburzpinzaru@deloittece.com
Simina Mut
Manager
+ 40 21 207 52 69
smut@deloittece.com
Leontin Trifa
Manager
+ 40 21 207 53 13
ltrifa@deloittece.com
Financial Services Industry Monthly Bulletin 15