Category Archives: Banking and Finance law

Deliberations of Judicial Services Commission must be revealed

The Constitutional Court has held that the private deliberations of the Judicial Services Commission in exercising its mandate to appoint judges must be disclosed as part of the record of proceedings when a decision is challenged. The judicial candidates are interviewed in public and this is followed by private deliberations and recommendations to the President whom to appoint. The applicant sought to set aside certain decisions regarding appointments of judges in the Western Cape as unlawful and irrational and therefore sought access to the JSC deliberations. When any decision is taken on review, the person doing so is entitled to access to the record of the proceedings being reviewed. The record must contain all information relevant to the challenged decision or proceedings. Historically, deliberations have not formed part of the record but this law has now been developed. In some circumstances considerations of confidentiality will justify the exclusion of deliberations. But….. To continue reading this legal news please click Read full information...

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Investment Funds Authority Ildiko Duckor Demystifies Quant Funds and Their Risks

Pillsbury Investment Funds practice co-leader Ildiko Duckor recently spoke with The Hedge Fund Law Report about the strategies and risks inherent in investing in and managing quant funds, which utilize highly sophisticated computer-based models to automate trading activities and are increasingly popular in the “hyper-connected” trading and investment sector. It’s important for managers to be well-versed in the unique operational and marketing challenges that quant funds raise. Duckor started by explaining the basic differences between quant funds and high-frequency trading strategies, distinguishing the risks they each present. “High-frequency trading strategies exploit split-second trading decisions, which can present a much higher market risk … because high volumes are involved, which can move the market quickly and to a large degree,” she said. “High-frequency trading strategies are also more susceptible to potentially….. To continue reading this legal news please click Read full information...

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New Comptroller’s Handbook Booklet and Rescissions

  On May 11, 2018, the Office of the Comptroller of the Currency (“OCC“) issued the “Military Lending Act” (“MLA“) booklet of the Comptroller’s Handbook. This new booklet is for use by OCC examiners when assessing compliance with the MLA, as implemented by 32 CFR 232, “Limitations on Terms of Consumer Credit Extended to Service Members and Dependents.” The MLA applies to closed-end and most open-end consumer credit consummated or established on or after October 3, 2016, and to credit card accounts established on or after October 3, 2017, that are covered by the MLA and 32 CFR 232. Release... To continue reading this legal news please click Read full information...

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Debtors Lose? Third Circuit Rejects “Discovery Rule,” Restricts Period to Assert Federal Debt Collection Actions in Break With Fourth and Ninth Circuits

In an en banc decision issued last Tuesday, the Third Circuit held that civil actions alleging violations of the Fair Debt Collection Practices Act (FDCPA) must be filed within one year from the date of the violation’s occurrence – and not when the violation was discovered. The Third Circuit’s decision in Rotkiske v. Klemm directly conflicts with Fo… Read the rest.. To continue reading this legal news please click Read full information...

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Steps to Attach and Perfect – The Mystery of Proper Collateralization

When making a secured loan, the process of making sure your collateral is actually – legally – your collateral can be more difficult than expected or later determined. The steps are fairly simple, but the analysis and execution can be lacking for a number of technical reasons which can render your first priority lien a junior lien or gone all together if you are not careful. Lord, P., Miller, C., Ferrell, W., Arnett, W., Banks, E., Offerman, N., Berry, C., … Warner Home Video (Firm),. (2014). The Lego movieThere are numerous opportunities to mess up collateralizing things for a secured loan.  This blog post will discuss personal property which has its own rules (as opposed to real property). First, the down side.  If a lien is not properly attached or perfected the lender runs the risk of either being subject to a later lien or all together unsecured if the borrower files bankruptcy.  It’s a big deal. There are two basic steps to create a….. To continue reading this legal news please click Read full information...

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