U.S. Financial Industry Developments

Second Circuit Raises Bar for US Jurisdiction Over Foreign Banks

Orrick litigators Robert Reznick, Stephen Foresta and Julie Gorchkova co-authored an article for Law360 that examines a closely-watched case relating to the assertion of personal jurisdiction over foreign banks in New York. To view the article, click here.

SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures

On February 20, the SEC approved a statement and interpretive guidance to assist public companies in preparing disclosure about cybersecurity risks and incidents. The guidance provides the SEC's views about public companies' disclosure obligations under existing law with respect to matters involving cybersecurity risk and incidents. Press release. Guidance.

Rating Agency Developments

On February 21, S&P updated its base-case lease rate assumptions used in analysis of container lease-backed asset-backed securities transactions. Release.

On February 19, DBRS updated its European CMBS rating and surveillance methodology. Release.

On February 15, Fitch updated its EMEA CMBS and CRE loan rating criteria. Release.