Share Tweet Plus One Pin It Email Print By: Apoorva Mandhani October 23, 2018 5:01 pm Change Font Size The National Company Law Appellate Tribunal (NCLAT) has held that financial service providers such as non-banking financial companies are outside the purview of the Insolvency and Bankruptcy (I&B) Code. The order was issued by Justice SJ Mukhopadhaya (Chairperson) and Justice Bansi Lal Bhat (Judicial Member), in Randhiraj Thakur, Director, Mayfair Capital Private Ltd versus Jindal Saxena Financial Services and Mayfair Capital Private Ltd. The Bench explained, “If the entire scheme of the I&B Code is seen, it will be evident that the Code is to consolidate and amend the laws relating to reorganisation and insolvency resolution of ‘corporate persons’, ‘partnership firms’ and ‘individual’ in a time-bound manner. It is a self-contained Code which is exhaustive in nature when it comes to reorganisation and … [Read more...] about Financial Service Providers Outside The Purview Of Insolvency And Bankruptcy Code: NCLAT [Read Judgment]
Freshman Rep. Alexandra Ocasio-Cortez, D-N.Y., is poised to join the powerful House Financial Services Committee, The Hill reports. Ocasio-Cortez, a rising star in the Democratic Party who identifies as a democratic socialist, shunned corporate campaign donations during her run for office and has criticized Democrats for supporting deregulation. "Banks have lobbied big-[money] Democrats to champion deregulation and make it look 'bipartisan,'" she tweeted in June 2017 after the House passed a sweeping set of banking rollbacks aimed at spurring economic growth. "This is corruption. Plain and simple . . . This is why I am running for Congress. Because we cannot stand idly as big banks gut every last protection working families have left." Progressive advocates have pushed for Democratic leaders to appoint more progressive members to high-profile House committees, per Politico. "Having members who refuse to take corporate PAC money on a committee that has historically pandered for … [Read more...] about Report: Ocasio-Cortez to Join House Financial Services Comm.
A month into the Trump presidency, there have been a number of important statements from the executive branch on the regulation of executive compensation impacting the financial services industry. On February 3, 2017, President Trump issued a statement on the core principles for regulating the U.S. financial system (“Core Principles”). The statement requires the Treasury and all heads of member agencies of the Financial Stability Oversight Council to report within 120 days (by June 3, 2017) all existing laws, treaties, guidance, regulations, etc., that promote the Core Principles, and all such laws, etc., that inhibit the Core Principles. The Core Principles provide some insight into future regulation or repeal efforts by the Trump administration impacting executive compensation. The Core PrinciplesThe Core Principles include empowering Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build … [Read more...] about Looking Ahead: Executive Compensation for Financial Services in a Trump Administration
Politically, 2016 is a year few of us will soon forget — and 2017 could be just as memorable, as the focus shifts from the campaign trail to Capitol Hill. With Congress adjourned for the year and the framework of the Trump administration coming into focus, now is a good time to step back and briefly assess what we’ve learned in the past six weeks on some key issues.It’s important to note that we are in unchartered waters. The situation is in constant flux, and every day brings at least as many new questions as answers. In this unsettled state of affairs, we offer two fundamental pieces of advice:First, get used to it. In the weeks before the inauguration the headlines and surprises will only come faster. And once the new Congress and president are sworn in, we expect immediate action in both branches. The result could be a policy and regulatory shift of historic proportions.Second, if you have interests at stake, you need boots on the ground in the capital. When … [Read more...] about Trump Transition: What Lies Ahead For Tax, Health Care, Environment And Financial Services
Last week the New York State Legislature passed and the Governor signed into law, the 2011-2012 State budget. Included in the budget was legislation (Part A of S.2812-C/A.4012-C codified as Chapter 62 of the Laws of 2011) establishing the Financial Services Law (FSL), that consolidates the New York Insurance and Banking Departments into a new single entity, the Department of Financial Services.The concept of merging the two departments was raised in the recent past by the New York State Assembly, only to be rejected because the consolidation would not result in any significant taxpayer savings. This year, however, the concept of consolidating these diverse departments, which was discussed by the Governor during his election campaign and then mentioned in his State of the State Address, surprisingly garnered little direct opposition from the insurance or banking industries, or Legislature. Instead, the financial services industry’s focus was largely confined to the original … [Read more...] about Recently Passed New York State Budget Consolidates Banking and Insurance Departments into Department of Financial Services