What do these provisions accomplish?
— Part Two of Four —
The cited provisions are choice-of-law provisions that select the governing law for the intermediary account agreement, which under the Hague Securities Convention will then also dictate the governing law for other issues regarding the securities, enumerated in Article 2(1) of the Convention, such as perfection of liens and priority of interests. » Read More
Lending Against Securities in the U.S. After April 1, 2017
— Part One of Four —
The Hague Securities Convention, which goes into effect in the United States on April 1, 2017, will have significant impact on the law applied to all transactions – past and future – collateralized by securities held by an intermediary (e.g. a brokerage firm, bank trust department, etc.), where there is any international aspect to the security, such as the nationality of the security issuer, security holder, intermediary, party to the security transfer, adverse claimant, or the location of the security certificates.» Read More
As expected and reported on the blog last week, Fed Chair Janet Yellen and her team raised the Fed’s key interest rate by 0.25 percentage point today. While it’s the third time that the Fed has increased rates since the financial crisis, the US economy is on the move, and now, so are interest rates.
Yellen, in her remarks at the press conference today said that “[t]he simple message is the economy is doing well.» Read More
Several tax bills passed by Congress late in 2015 changed the deadlines for filing federal income tax returns for partnerships and most limited liability companies, which are treated as partnerships for tax purposes. Other required filings might be affected as well.
The new rules generally take effect for tax years beginning after December 31, 2015, so that, for calendar year filers, the new deadline applies to 2016 tax returns, which are due in early 2017.» Read More
In remarks to The Executives Club in Chicago this morning, Fed Chair Janet Yellen signaled the next interest rate increase. “At our meeting [of the Open Market Committee] later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate,” Ms.» Read More