The NCLAT noted that an ‘Inter Corporate Deposit Agreement’ was arrived at between Jindal and Mayfair, which is a non-banking financial company. It further noted that Mayfair had undertaken financial services by accepting deposit from Jindal, in terms of Section 3(16) of the Code. It thereby asserted that it cannot be held that the amount was accepted towards public deposits. … [Read more...] about Financial Service Providers Outside The Purview Of Insolvency And Bankruptcy Code: NCLAT [Read Judgment]
Mhc financial services
"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." … [Read more...] about Report: Ocasio-Cortez to Join House Financial Services Comm.
OCCOCC Policy Statement Gives Minority Banks Additional Capital Formation ToolsIn remarks on June 11th Comptroller of the Current Thomas Curry outlined a revised policy for treatment of minority institutions which would make it easier for them to raise capital. Curry said that the policy statement revision will allow the OCC to treat an existing minority institution as a Minority Depository Institution (MDIs) even if it no longer meets the 51 percent minority ownership standard, so long as it: 1) primarily exists to serve the credit and economic needs of the community in which it is chartered, and 2) the community is predominantly minority. The policy change results from the fact that MDIs would sometimes be unable to accept equity investment capital from certain investors as it would impact their minority ownership classification. In announcing the change, the OCC said the policy statement seeks to recognize that “minority institutions should be just … [Read more...] about Financial Services Legislative and Regulatory Update
H.R. ____, To prohibit the Secretary of the Treasury from issuing certain licenses in connection with the export or re-export of a commercial passenger aircraft to the Islamic Republic of Iran, to require annual reports by the Secretary of the Treasury and the Export-Import Bank on financing issues related to the sale or lease of such a commercial passenger aircraft or spare parts for such an aircraft, and for other purposes; … [Read more...] about Financial Services Reform Efforts Slow Moving, as Lawmakers Turn to Fight on Terrorism Financing; SEC to Hold Open Meetings
The impact on the provision of cross-border MiFID investment services might be diluted by the regime under MiFID II permitting non-EEA firms to provide investment services to professional clients on a pan-EEA basis upon registration with ESMA, but this would not be an immediate solution, as it would be subject to ESMA making an equivalence determination under MiFID II in relation to the UK, and the timing would be highly uncertain (in particular, MiFID II seems unlikely to come into effect until January 2018, which will be 18 months after the UK referendum). The UK could implement an equivalent regime (in practice, largely by not repealing or amending its EU-generated legislative inheritance and “renationalising” it) to secure its status as an “equivalent” third country with which EEA firms can do business. However, it seems unlikely, given the technical difficulties and delays being experienced generally by ESMA in relation to MiFID II implementation, that an … [Read more...] about Financial Services Sector Implications of ‘Brexit’