ABOUT DERIVATIVES IN UZBEKISTAN KEY THINGS TO KNOW This paper will focus on the key aspects of the regulation of cross-border cash-settled derivative transactions entered into with an Uzbekistan-incorporated counterparty outside the exchange trading platform. What does Uzbek law say about derivatives? Derivative transactions are not governed by Uzbek law as a separate class of specific commercial transactions. Any cash-settled derivative transactions fall within the regulation of currency law as a transaction associated with an inbound / outbound flow of foreign currency proceeds.
On 18 March 2014, the State Bank of Vietnam (SBV) issued Circular No. 09/2014/TT-NHNN (Circular 09) to amend and supplement a number of articles in Circular No. 02/2013/TT-NHNN regulating the classification of debt, the establishment and levels of risk reserves, and the use of reserves for dealing with risks during the operation of credit institutions and foreign bank branches.
Investment
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An appeals court in Kentucky has issued a reminder to secured lenders of the importance of drawing up control agreements that establish a lender’s interest in a debtor’s assets contained in depository accounts.
Lender Had Duty To Investigate Claim to Promissory Note
In a harsh decision for the lender, the U.S. Court of Appeals for the Tenth Circuit has determined that a debtor’s loan may be discharged in chapter 7 bankruptcy— despite the borrower’s admission that his personal financial statement contained materially false representations about his financial condition.
In a decision last month in Whyte v. SemGroup Litig. Trust (In re Semcrude L.P.), No. 14-4356, 2016 U.S. App. LEXIS 7690 (3d Cir. Apr. 28, 2016), the United States Court of Appeals for the Third Circuit held that proving that a debtor was left with unreasonably small capital will not turn on either hindsight or a “speculative exercise” based on what might have happened if certain things were known at the time.
CentsAbility: Creditors' Rights Law Update
The Fourth Circuit has held that in a case where the rate of interest on a residential mortgage loan had been increased upon default, a Chapter 13 Plan proposing to “cure” default under 11 U.S.C. §1322(b) is an impermissible modification barred by §1322(b)(2).
CentsAbility: Creditors' Rights Law Update
The U.S. Bankruptcy Court for the Eastern District of North Carolina in InRe Reuben Samuel Royal, Case No, 14-07134-DMW (May 2, 2016) recently concluded that the Chapter 13 debtors cannot surrender a vehicle back to the lender after confirmation of a Chapter 13 plan even though the vehicle was depreciating or declining in value.
The U.S. Court of Appeals for the Fourth Circuit recently affirmed the dismissal of a borrower’s lawsuit against a bank, holding that the district court correctly found that sale orders entered in a prior bankruptcy case were res judicata and precluded the borrower’s new claims.
A copy of the opinion is available at: Link to Opinion.