Month: November 2015

Banking News – Why IPOs ‘pop’ in New York but not HK
&nbspFlotation battle highlights the very uncommon characteristics of the two markets
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/a31bbf80-9750-11e5-95c7-d47aa298f769.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Signs of froth in China’s debt market
&nbspInvestors are driven by same quest for yield as counterparts everyplace else
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/3504acea-944f-11e5-bd82-c1fb87bef7af.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – BTG Pactual shares hit after CEO resigns
&nbspChief André Esteves steps down while under defensive arrest
FT.com – Banks – http://www.ft.com/cms/s/0/0a980c88-9786-11e5-bdda-9f13f99fa654.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Fantastic Western to Buy HF Fiscal in S.D. for $140M
&nbspThe $9.8 billion-asset Fantastic Western said in a press release Monday that it will pay about $140 million, or $19.70 a share, in cash and stock for the $1.2 billion-asset parent of Home Federal Bank.
Union Banking – http://www.americanbanker.com/news/dealmaking-approach/fantastic-western-to-buy-hf-fiscal-in-sd-for-140m-1078035-1.html

Banking News – Call for Nominations: Top Union Bank IT Projects
&nbspDid your union bank fruitfully perfect a tech initiative this year? We want to hear about it for doable inclusion in our imminent special report on the Top Union Bank IT Projects.
Union Banking – http://www.americanbanker.com/news/bank-equipment/call-for-nominations-top-union-bank-it-projects-1078034-1.html

Banking News – Freed from Consent Order, Broadway Fiscal Rebuilding Loan Book
&nbspBroadway Fiscal Corp. in Los Angeles has been unhindered from an enforcement action requiring it to improve its corporate power.
Union Banking – http://www.americanbanker.com/news/union-banking/freed-from-consent-order-broadway-fiscal-rebuilding-loan-book-1078032-1.html

Banking News – How a Small Conn. Bank Seized on Huge Chance to Refinance Student Loans
&nbspDarien Rowayton Bank used funds from a 2010 recapitalization to start refinancing student loans in a go that, so far, has been valuable for the society.
Union Banking – http://www.americanbanker.com/news/union-banking/how-a-small-conn-bank-seized-on-huge-chance-to-refinance-student-loans-1078031-1.html

Banking News – Martin Gilbert’s Viennese whirl
&nbspA spiralling down of the oil price means outflows from Aberdeen
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/9f089620-9750-11e5-9228-87e603d47bdc.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – SEC Names Katherine Martin as Normal Boss in the Office of Global Affairs
&nbsp

The Securities and Chat Fee today announced that Katherine K. Martin has been named Normal Boss in its Office of Global Affairs.

As Normal Boss, Ms. Martin will oversee the enhancement of the SEC’s policy on cross-border dictatorial matters, counting its partaking in many-sided ordinary-setting bodies and its two-pronged dialogues with foreign creation.  Ms. Martin has served in various roles at the SEC for more than a decade, most just as an Supporter Boss in the Office of Global Affairs and prior to that as a Senior Special Counsel in the Office of Clearance and Agreement in the Rift of Trading and Markets.  She also has been an Supporter Chief Counsel in the Rift of Fiscal and Risk Breakdown and a Senior Counsel in the Office of Global Affairs.

“Katherine is a thought leader on global dictatorial issues and is a tremendous asset to the office,” said Paul A. Leder, Boss of the SEC’s Office of Global Affairs.  “Her wide encounter in securities parameter and global dictatorial policy and her demonstrated ability to resolve complex issues will be invaluable to the office and the Fee in fulfilling our mission.”

Ms. Martin said, “It is an honor to have been named Normal Boss.  I look forward to working with my talented and dyed-in-the-wool colleagues right through the agency and with our foreign counterparts in this new room.”

Ms. Martin graduated magna cum laude with a single’s degree from Syracuse Academe.  She expected her J.D., magna cum laude, from the Syracuse Academe College of Law, where she was an executive editor of the Syracuse Law Review.  She started her legal career as an normal at Sullivan & Cromwell LLP.

SEC.gov Updates: Press Releases – http://www.sec.gov/news/pressrelease/2015-269.html

Banking News – RBC loses key deals advice case in Delaware
&nbspDecision likely to have far-success penalty for Wall Street’s dealmakers
FT.com – Banks – http://www.ft.com/cms/s/0/ec8c8a3e-978f-11e5-9228-87e603d47bdc.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – RBC loses Delaware Supreme Court M&A case
&nbspDecision likely to have far-success penalty for Wall Street’s dealmakers
FT.com – Banks – http://www.ft.com/cms/s/0/ec8c8a3e-978f-11e5-9228-87e603d47bdc.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – Evans Bancorp in N.Y. Names CFO
&nbspEvans Bancorp in Hamburg, N.Y., has hired John Connerton to become its chief fiscal officer.
Union Banking – http://www.americanbanker.com/news/union-banking/evans-bancorp-in-ny-names-cfo-1078026-1.html

Banking News – Aberdeen’s effort to branch out falls small
&nbspUK investment group is still reliant on emerging market equities
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/2bc8f9f0-9784-11e5-95c7-d47aa298f769.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – Ordinary Bank to Pay $4.2 Million to Settle SEC Charges
&nbsp

The Securities and Chat Fee today charged Ordinary Bank Plc with failing to release certain payments in tie with debt issued by the Regime of Tanzania in 2013.  The London-based bank acted as a lead manager for the donation and failed to release payments made by an connect to a Tanzanian firm that expected a part of the proceeds of the $600 million donation but performed no substantive role in the transaction.

Ordinary Bank, now ICBC Ordinary Bank Plc, agreed to settle the SEC’s charges by paying a $4.2 million penalty and admitting the facts underlying the SEC’s charges.  As part of a corresponding global agreement, the United Kingdom’s Serious Fraud Office also announced a agreement today in an action it brought against Ordinary in the U.K. for Ordinary’s violations of the U.K.’s Bribery Act of 2010.  The Bribery Act of 2010 is similar to the Unites States’ Foreign Corrupt Practices Act (FCPA).  The SEC did not have rule to bring charges under the FCPA because Ordinary was not an “issuer” as defined by that Act.  Ordinary will pay a total of approximately $36.9 million in fiscal relief in the SEC and U.K. actions.

According to the SEC’s order, the donation ID and statements to the makings investors in the independent debt donation were much ambiguous because they failed to release that Ordinary’s connect, Stanbic Bank Tanzania Limited, would pay $6 million of the proceeds to endeavor Growth Markets Advisors Limited (EGMA), a private Tanzanian firm. The order found Ordinary did not seek to be with you EGMA’s role in the transaction despite red flags that the $6 million payment was projected to induce the Regime of Tanzania to select Ordinary and Stanbic as managers for the donation.  One of EGMA’s directors was a expressive of the Regime of Tanzania and the donation was not finalized until Ordinary and Stanbic committed to pay EGMA one percent of the proceeds of the donation.  Ordinary and Stanbic split 1.4 percent of the proceeds, with each getting $4.2 million for their partaking in the transaction.

“Ordinary failed to release EGMA’s involvement in the bond donation to investors despite red flags signifying some of the proceeds of the donation were going to EGMA for the purpose of influencing the Tanzanian Regime’s choice of bankers for the transaction,” said Gerald W. Hodgkins, Normal Boss of the SEC’s Rift of Enforcement.  “This action against Ordinary demonstrates that when suspicious payments made everyplace in the world result in tainted securities offerings in the United States, the SEC is fully committed to taking action against the reliable parties.”

The SEC’s order requires Ordinary to stop and desist from committing or causing any violations and any future violations of Section 17(a)(2) of the Securities Act of 1933 that prohibits obtaining money by any much untrue proclamation or omission, and to pay a $4.2 million civil penalty.  The order also requires Ordinary to pay disgorgement of $8.4 million, which the Fee has deemed pleased by a payment of equal amount in the U.K. matter.

The SEC’s investigation was conducted by Douglas C. McAllister and Lesley B. Atkins.  The SEC appreciates the coordination of the U.K Serious Fraud Office.  

SEC.gov Updates: Press Releases – http://www.sec.gov/news/pressrelease/2015-268.html

Banking News – Ordinary Bank to Pay $4.2 Million to Settle SEC Charges
&nbsp

The Securities and Chat Fee today charged Ordinary Bank Plc with failing to release certain payments in tie with debt issued by the Regime of Tanzania in 2013.  The London-based bank acted as a lead manager for the donation and failed to release payments made by an connect to a Tanzanian firm that expected a part of the proceeds of the $600 million donation but performed no substantive role in the transaction.

Ordinary Bank, now ICBC Ordinary Bank Plc, agreed to settle the SEC’s charges by paying a $4.2 million penalty and admitting the facts underlying the SEC’s charges.  As part of a corresponding global agreement, the United Kingdom’s Serious Fraud Office also announced a agreement today in an action it brought against Ordinary in the U.K. for Ordinary’s violations of the U.K.’s Bribery Act of 2010.  The Bribery Act of 2010 is similar to the Unites States’ Foreign Corrupt Practices Act (FCPA).  The SEC did not have rule to bring charges under the FCPA because Ordinary was not an “issuer” as defined by that Act.  Ordinary will pay a total of approximately $36.9 million in fiscal relief in the SEC and U.K. actions.

According to the SEC’s order, the donation ID and statements to the makings investors in the independent debt donation were much ambiguous because they failed to release that Ordinary’s connect, Stanbic Bank Tanzania Limited, would pay $6 million of the proceeds to endeavor Growth Markets Advisors Limited (EGMA), a private Tanzanian firm. The order found Ordinary did not seek to be with you EGMA’s role in the transaction despite red flags that the $6 million payment was projected to induce the Regime of Tanzania to select Ordinary and Stanbic as managers for the donation.  One of EGMA’s directors was a expressive of the Regime of Tanzania and the donation was not finalized until Ordinary and Stanbic committed to pay EGMA one percent of the proceeds of the donation.  Ordinary and Stanbic split 1.4 percent of the proceeds, with each getting $4.2 million for their partaking in the transaction.

“Ordinary failed to release EGMA’s involvement in the bond donation to investors despite red flags signifying some of the proceeds of the donation were going to EGMA for the purpose of influencing the Tanzanian Regime’s choice of bankers for the transaction,” said Gerald W. Hodgkins, Normal Boss of the SEC’s Rift of Enforcement.  “This action against Ordinary demonstrates that when suspicious payments made everyplace in the world result in tainted securities offerings in the United States, the SEC is fully committed to taking action against the reliable parties.”

The SEC’s order requires Ordinary to stop and desist from committing or causing any violations and any future violations of Section 17(a)(2) of the Securities Act of 1933 that prohibits obtaining money by any much untrue proclamation or omission, and to pay a $4.2 million civil penalty.  The order also requires Ordinary to pay disgorgement of $8.4 million, which the Fee has deemed pleased by a payment of equal amount in the U.K. matter.

The SEC’s investigation was conducted by Douglas C. McAllister and Lesley B. Atkins.  The SEC appreciates the coordination of the U.K Serious Fraud Office.  

SEC.gov Updates: Press Releases – http://www.sec.gov/news/pressrelease/2015-268.html

Banking News – Credit Suisse boosts US parental leave
&nbspSwiss bank wants to attract and retain top staff in a world of long hours and flat or falling pay
FT.com – Banks – http://www.ft.com/cms/s/0/7123e88e-9789-11e5-95c7-d47aa298f769.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Banking News – BTG Pactual: run for its money
&nbspCrises in confidence and a dependence on small-term funding do not play well collectively
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/3/52e27d24-9787-11e5-9228-87e603d47bdc.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Banking News – BTG Pactual: run for its money
&nbspCrises in confidence and a dependence on small-term funding do not play well collectively
FT.com – Banks – http://www.ft.com/cms/s/3/52e27d24-9787-11e5-9228-87e603d47bdc.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct