 | Crucial Transitional Relief Under the FDIC Securitization Safe Harbor
On November 12, 2009, the Board of the FDIC approved an interim rule that provides some crucial transitional relief relating to recent changes in US accounting standards for securitizations (see our June 22, 2009, Client Update “Big Changes to Securitization Accounting”). One of the key impacts of the accounting changes is that banks (among other entities) will no longer be able to achieve sale treatment in securitizations of credit card and other receivables using many traditional structures. Read >>
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| Recent Developments in the Regulation of RMB Funds
RMB Funds, investment funds whose capital commitments and contributions are denominated in renminbi, the currency of the People’s Republic of China, have been the subject of considerable discussion in recent months. Read >>
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 | Financial system overhaul slow, but coming: experts
Charles Horn quoted on financial regulatory reform. Subscription required. Read >>
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 | Foreign Account Tax Compliance Act of 2009: Information Reporting for US Client Accounts at Non-US Financial Institutions
On October 27, 2009, Senators Baucus and Kerry, together with Representatives Rangel and Neal, introduced the Foreign Account Tax Compliance Act of
2009 (the “Act”). The bill is the product of consultation
between Congress and the US Treasury Department (Treasury) and is intended to curb the abuse of offshore
bank and investment accounts by US taxpayers. Read >>
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| Insurance & Reinsurance Industry Group: Corporate Insurance & Regulatory Bulletin
We have reached a small landmark with this month’s edition of the Bulletin. This is our first anniversary edition of our monthly Bulletin. Read >>
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| IRS Chief Counsel Memorandum on Effectively Connected Income if Loan Origination Activity is Conducted Through a U.S. Agent
On September 22, 2009, the Office of Chief Counsel of the Internal Revenue Service (the “Service”) issued a memorandum to the Director of Field Operations for Financial Services in Manhattan (the “Memorandum”) setting forth its position and legal analysis with respect to certain lending activities undertaken by foreign corporations. The Memorandum concludes that a foreign corporation has income that is effectively connected with a banking, financing, or similar business activity within the United States (and thus is subject to net basis US federal income tax) when origination activities are performed in the United States by an agent of the foreign corporation. Read >>
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| Technical Amendments to FDIC Rules Could Have Significant Impact on Uninsured US Branches of Non-US Banks
The Federal Deposit Insurance Corporation (FDIC) has approved a package of amendments designed, among other things, to conform its deposit insurance regulation (Part 330) to recent temporary statutory increases in the basic deposit insurance coverage limit from $100,000 to $250,000. Read >>
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| Government interventions in the wake of the financial crisis - the European response
Welcome to the September edition of our series of updates designed to keep you up to speed with government interventions in financial markets. Significant changes since our last update include the following: Read >>
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| Summary of Government Interventions in Financial Markets - Belgium
In addition to the steps undertaken by the ECB, the Belgian, Flemish, Walloon and Brussels governments have provided different types of support to the Belgian financial system. Read >>
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| Summary of Government Interventions in Financial Markets - Denmark
In response to effect of the crisis on Danish financial markets, Denmark, similar to the US, the UK, Germany, Ireland and the Netherlands, has established a state guarantee scheme and a bailout package to ensure financial stability in the country. Read >>
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| Summary of Government Interventions in Financial Markets - Finland
Finland has weathered the financial crisis well, with Finnish banks remaining in good standing and able to rely so far on managing the crisis without recourse to government support. An IMF report on the Finnish economy concluded that “exposure to US subprime assets, US GSEs, and Lehman is minimal… banks have not experienced deposit withdrawals and most have actually gained deposits”. Read >>
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| Summary of Government Interventions in Financial Markets - France
In addition to the steps undertaken by the ECB, the French government has provided the following main types of support to the French financial system. Read >>
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