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ACIC Private Notes                          January 2020

Happy New Year and welcome to the January 2020 edition of the ACIC Private Notes Newsletter! We hope you had a relaxing holiday season with family and friends and we look forward to what is sure to be another exciting and interactive year for the American College of Investment Counsel (the College).
 
This edition brings you:
  • A message from our new President, Tony Yager (Chapman and Cutler LLP);
  • An introduction to the new ACIC Website, prepared by the ACIC Website Co-Chairs (Melody R. Cross (Prudential) , Michael Fierro (Prudential), Tom O'Connor (Morgan Lewis LLP) and Ermelinda Villagomez (Mayer Brown LLP);
  • Recent legal developments from Canada, prepared by Danielle L. Maksimow (Norton Rose Fulbright Canada LLP);
  • Recent legal developments from United Kingdom, prepared by Tom Bannister (Akin Gump LLP); and
  • Extraordinary news that My Chi To, former ACIC Trustee and current ACIC fellow, was named Executive Deputy Superintendent of Insurance at the Department of Financial Services in New York
President's Message


For an exciting recap of some of the highlights the College experienced in 2019, as well as a peek into what's on the horizon for 2020,   click here  to read a message from President, Tony Yager of Chapman and Cutler





New ACIC Website

Please click here for a n introduction to the new ACIC Website, prepared by Ermelinda Villagomez (Mayer Brown LLP) and the ACIC Website Co-Chairs (Melody R. Cross (Prudential), Michael Fierro (Prudential) and Tom O'Connor (Morgan Lewis LLP).


Recent Case Law Summaries and Legal Developments

Canada
 
In Canada, s. 347 of the  Criminal Code of Canada ( Criminal Code ) precludes interest rates in excess of 60% per  annum . In  Wei v. Lei, the British Columbia Court of Appeal Court ( BC Court of Appeals ) affirmed a ruling by the British Columbia Supreme Court to enforce the judgment from the Chinese court against the defendant, even though the Chinese court awarded the plaintiff an interest rate that was effectively 73% per annum, thereby exceeding the rate permitted under the Criminal Code . In applying public policy criteria, the BC Court of Appeals agreed with the trial court that the interest rate provided in the Chinese judgement could be notionally severed to comply with s. 347 of the Criminal Code.  Click here to learn more.
 
United Kingdom
 
On 1 October 2019, the landmark cross-border restructuring of the Syncreon group completed. Pursuant to the restructuring, the Syncreon group's funded debt was reduced by approximately U.S. $625 million and the Syncreon group was provided with approximately U.S. $250 million of new financing. The restructuring of the Syncreon group is widely considered to be the first-ever use of English schemes of arrangement or "schemes" to restructure debt issued by a U.S. based global enterprise . Click here to learn more.
 
On 11 July 2019, HM Revenue & Customs (HMRC) released draft legislation amending the Insolvency Act 1986 to provide for secondary preferential creditor status to HMRC in respect of certain taxes as from 6 April 2020. Click here to learn more.



My Chi To Named Executive Deputy Superintendent of Insurance in New York

New York Superintendent of Financial Services Linda A. Lacewell has appointed My Chi To as executive deputy superintendent of the Insurance Division at the Department of Financial Services (DFS), which regulates more than 1,400 insurance companies with assets of $4.7 trillion. Click here to learn more.



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