The Cayman Islands Monetary Authority signed and memorandum of understanding with Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) on 22 November 2013 providing for mutual assistance regarding the supervision of managers of alternative investment funds who operate on a cross-border basis in both jurisdictions. The memorandum of understanding will serve as a co-operation agreement for the purpose of systemic risk oversight and will facilitate the exchange of information between CIMA and BaFin, cross-border on-site visits between the jurisdictions and also provide a framework...

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For summer 2014, airberlin Germany’s second largest airline is increasing the frequency of its flights to the United States, continuing its policy of expanding its USA service. From May, airberlin, a EACCNY member, will be offering three additional flights from Berlin to New York (JFK) compared with summer 2013, making a total of ten flights a week from the German capital to the US metropolis. There will also be ten flights a week to the Big Apple from Dusseldorf, as...

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Littler , the world’s largest employment and labor law practice representing management, exceeded the 1,000 attorney milestone this month with continued lateral recruitment and the expansion of the firm’s presence in Latin America. Established in 1942, Littler, a EACCNY member, has grown to more than 60 offices in major metropolitan areas nationwide and globally.  “This achievement underscores the firm’s commitment to attract the highest level of legal talent, which has been instrumental in advancing our leading global platform of specialized...

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The $29.9 million FCB Center loan was placed on servicer watchlist according to November servicer data. This story probably warrants closer monitoring than most. The loan makes up 1.9% of JPMCC 2005-LDP1 and the property is a 225,00 square-foot office in Chicago, Illinois. The lead tenant in the building is FCB (Foote, Cone & Belding) with over 90% of the space. It appears FCB vacated the space a few years ago, but the lease was not slated to end until March 2014. The November...

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On November 13, 2013, U.S. Customs and Border Protection (“CBP”) issued a General Notice to inform the public how it will administer Additional U.S. Note 5 to chapter 64 of the Harmonized Tariff Schedule of the United States (“HTSUS”). U.S. Note 5 specifies that to be classified as footwear having a textile outer sole in Chapter 64, HTSUS, the textile outer sole must possess “the characteristics usually required for normal use of an outer sole, including durability and strength.” See...

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Law Firm’s Booming Intellectual Property Practice Plants Flag in the Heart of Tech Country - New Office Marks Third Pepper Office in California San Francisco (November, 2013) — Marking the beginning of its expansion into Northern California—the center of the nation’s high-technology industry and home to seven of the top 10 patent-producing cities—AmLaw100 firm Pepper Hamilton LLP, a founding member of the EACCNY, today opened the doors of its new Silicon Valley office. The office will complement Pepper’s two existing...

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EACC New York Member GRANITO has expanded once again, this time to actively assist companies, both in the US and Europe, to increase their business in the Netherlands. With the addition of Attorney Johan De Flines, an international Dutch lawyer,  Granito's Team is in a ready position to further aid its clients involved in cross-border business. The arrival of Avv. De Flines illustrates Granito's goal to actively expand into those countries which can benefit corporations seeking to increase profits beyond their home borders, whether by expanding exports, contracts,...

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It appears that the $65 million 75 Rockefeller Plaza loan will show up as defeased soon. According to a Commercial Real Estate Direct piece, MassMutual has refinanced the note with a new 40 year loan. The existing loan makes up over 50% of COMM 2003-LB1A. The loan matures in August 2014, but the note may be prepaid four months earlier. When trading this deal, make sure you account for the upcoming jump in the defeasance percentage and the likelihood that the loan will payoff once...

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Compliments of EACCNY Member Houthoff Buruma Shadow banking is a hot topic in the financial and regulatory world. Shadow banking was defined by the Financial Stability Board as the system of credit intermediation that involves entities and activities outside the regular banking system. Although shadow banks conduct activities similar to those of banks, unlike banks, they are currently not regulated. The relevance of shadow banking is partly caused by its size. The FSB has roughly estimated the size of the global...

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The Trepp CMBS delinquency rate continued to race lower in October, falling below the 8% level for the first time since early 2010. October marks the fifth consecutive month of rate improvement. Over the course of the month, the rate dropped 16 basis points, bringing the delinquency rate for US commercial real estate loans in CMBS to 7.98%. The Trepp delinquency rate has dropped 236 basis points since the summer of 2012 when the rate reached an all-time high of...

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