Deutsche Bank AG (DBK) sold the first securities backed by bonds tied to U.S. energy-saving projects in a deal that follows a federal agency’s objections to the underlying homeowner borrowing.
In response to Russia’s military presence in the Crimean region of Ukraine, President Obama issued an Executive Order (“EO”) on March 6, 2014, authorizing the blocking of property of individuals and entities involved in the political destabilization of Ukraine.
On March 5, 2014, the U.S. Department of Justice announced that it had frozen over $458 million of ill-gotten assets that former Nigerian dictator Sani Abacha and his co-conspirators had stashed in bank accounts across the globe.
In December 2013, the Committee on Foreign Investment in the United States (“CFIUS”) released its annual report to Congress (the “Report”) covering transactions it reviewed in Calendar Year 2012. (Yes, Calendar Year 2012 – CFIUS takes its time publishing its annual reports.)
Last week, at the official opening ceremony of the Prospectors and Developers Association of Canada (PDAC) International Convention, Trade Show & Investors Exchange in Toronto, Ontario, Canada’s Minister of Natural Resources Joe Oliver provided an update on the federal government’s commitment to adopt a G8 initiative requiring disclosure of payments by Canadian mining and oil and gas companies to foreign and domestic governments.
The FCA has published Consultation Paper 14/5: Changes to regulatory reporting: advisor and consultancy charging, Authorised Professional Firms and Product Sales Data (CP14/5).
European Banking Authority Consults On Draft Regulatory Technical Standards On Data Waiver Permissions
The European Banking Authority (EBA) has published a Consultation Paper on draft Regulatory Technical Standards (RTS) specifying conditions according to which competent authorities may permit institutions to use relevant data covering shorter time periods (data waiver permissions).
Articles 180, 181 and 182 of the Capital Requirements Regulation (CRR) require the EBA to develop draft RTS specifying the conditions according to which competent authorities may grant permission to institutions to use relevant data covering a period of two years rather than five years. It would cover probability of default, own-loss given default and own-conversion factor estimates for certain types of exposures in circumstances when they implement the internal rating based (IRB) approach.
In the Consultation Paper, the EBA recognises the increased uncertainty of the estimation of risk parameters that result from the use of a shorter data history. Therefore, to limit the potential implications for the calculation of own funds requirements, the EBA proposes to introduce limiting conditions for the use of the data waiver principally by excluding low-default portfolios as well as restricting the application of the data waiver to a limited proportion of assets. To further mitigate the risks associated with using shorter data series, the EBA’s proposals also highlight the importance of applying an appropriate margin of conservatism to parameter estimates as well as ensuring that there is an enhanced data vetting process. The EBA has also concluded that after five years of internal ratings based approach implementation, sufficient data history should already be available. Therefore permission for data waiver should not be allowed after five years have elapsed from the initial permission granted to an institution.
The deadline for comments on the Consultation Paper is 7 June 2014. The EBA is required to submit the draft RTS to the European Commission by 31 December 2014.
View Consultation Paper – Draft Regulatory Technical Standards specifying conditions according to which competent authorities may permit institutions to use relevant data covering shorter time period (data waiver permission),7 March 2014
CASL is the toughest law of its kind in the world and Canadian organizations are awakening to many major challenges they will face when trying to comply with this legislation. However, non-Canadian organizations should not overlook the Act’s extra-territorial application and its effect on their respective operations.
Will a Red Notice Subject Be Caught When Traveling? Malaysia Flight Illustrates Why the Answer is Elusive
A good number of Red Notice subjects who seek to remove their notices from INTERPOL’s files are legitimate businessmen and women who need to travel to maintain their livelihoods.
On February 20, 2014, the Supreme Court of Canada granted leave to appeal from the first decision from the Québec Court of Appeal on the statutory secondary market liability regime adopted in 2007, pursuant to a reform of the Quebec Securities Act, R.S.Q. c. V-1.1 (“QSA”).