Sentences with phrase «deposit schemes fail»

Not exact matches

Again, however, the provision could not be read as containing an obligation for a state to ensure compensation if a deposit - guarantee scheme failed «under exceptional circumstances such as in a systemic crisis» (para 147).

On points 1 and 2 I'd say I can somewhat see the Court's point that there may be crises of «systemic» magnitude that even a deposit - guarantee scheme will fail.

Iceland responded that such an obligation of result can not be accepted as inherent in the Directive; in such a case, there would in fact be no remaining discretion for a State to implement the Directive, as in an extreme situation, the State itself would always have to step in to ensure the payment of compensation — at least in cases where the deposit - guarantee scheme failed (para 102).

Deposit - guarantee schemes reimburse a limited amount of deposits to depositors where their bank has failed.

For the EFTA Court, the Directive is only made for bankruptcies of individual banks, and therefore it is a normal consequence of a systemic crisis that deposit - guarantee schemes fail in such situations, leaving the depositors unprotected.

Based on emergency legislation, domestic deposits had been transferred to a newly created «good» bank after the collapse of the Icelandic Landsbanki but before the Icelandic deposit - guarantee scheme was activated — and failed (para 211).

However, it is clear that where a landlord and tenant enter into two successive tenancy agreements and the landlord retains deposit monies from one tenancy to the next the landlord will be deemed to have «received» those funds for the purposes of the scheme and will be liable should he fail to protect them within 14 days, even where he seeks to argue that the monies were retained as rent in advance (see Piggott v Slaven, Great Grimsby County Court and Saad v Hogan, Brentford County Court, both February 2009).

79 DOS 99 Matter of DOS v. Pagano - disclosure of agency relationships; failure to appear at hearing; proper business practices; unauthorized practice of law; unearned commissions; vicarious liability; fraudulent practice; jurisdiction; ex parte hearing may proceed upon proof of proper service; DOS has jurisdiction after expiration of respondents» licenses as acts of misconduct occurred and the proceedings were commenced while the respondents were licensed; licensee fails to timely provide seller client with agency disclosure form prior to entering into listing agreement and fails to timely provide agency disclosure form to buyer upon first substantive contact; broker fails to make it clear for which party he is acting; broker violates 19 NYCRR 175.24 by using exclusive right to sell listing agreement without mandatory definitions of «exclusive right to sell» and «exclusive agency»; broker breaches fiduciary duties to seller clients by misleading them as to buyer's ability to financially consummate the transaction; broker breaches his fiduciary duty to seller by referring seller to the attorney who represented the buyers when he knew or should have known such attorney could not properly protect seller's interests; improper for broker to use listing agreements providing for broker to retain one half of any deposit if forfeited by buyer as such forfeiture clause could, by its terms, allow broker to retain part of the deposit when broker did not earn a commission; broker must conduct business under name as it appears on license; broker engaged in the unauthorized practice of law in preparing contracts for purchase and sale of real estate which did not contain a clause making it subject to the approval of the parties» attorneys and were not a form recommended by a joint bar / real estate board committee; broker demonstrated untrustworthiness and incompetency in using sales contract which purported to change the terms of the listing agreement to include a higher commission; broker demonstrated untrustworthiness and incompetency in using contracts of sale which were unclear, ambiguous, vague and incomplete; broker failed to amend purchase agreement to reflect amendment to increase deposit amount; broker demonstrated untrustworthiness in back - dating purchase agreements; broker demonstrated untrustworthiness in participating in scheme to have seller hold undisclosed second mortgage and to mislead first mortgagee about the purchaser's financial ability to purchase; broker demonstrated untrustworthiness by claiming unearned commission and filing affidavit of entitlement for unearned commission; DOS fails to establish by substantial evidence that respondent acted as undisclosed dual agent; corporate broker bound by the knowledge acquired by and is responsible for acts committed by its licensees within the actual or apparent scope of their authority; corporate and individual brokers» licenses revoked, no action taken on application for renewal until proof of payment of sum of $ 2,000.00 plus interests for deposits unlawfully retained