Asset-Backed Securities

News & Analysis as of

Rating Agency Developments

On October 28, Moody’s updated its rating methodology for insurance premium finance-backed securities. On October 27, Moody’s updated its rating methodology for floorplan asset-backed securities....more

FINRA Releases Revised 4210 Margin Rule Proposal

The reproposed amendments to Rule 4210 attempt to address commenters’ concerns that the original proposed rule would impact business activity in the TBA market....more

Florida Appellate Court Adopts Test to Distinguish Direct Shareholder Actions From Derivative Actions

Addressing what it acknowledged was a “murky question” under Florida law, Florida’s Fourth District Court of Appeal recently outlined the test for determining when shareholders may maintain a direct action against a...more

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

Rating Agency Developments

On July 28, DBRS published methodology for conducting operational risk assessments for U.S. asset-backed securities originators. On July 28, 2015, DBRS published methodology for conducting operational risk assessments for...more

Will the Proposed US Credit Risk Retention Rules Apply to Your Transaction?

In July 2010, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The Dodd-Frank Act generally mandates broad changes to the financial regulatory system in the United States...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

Rating Agency Developments

On June 1, DBRS released its RMBS Insight 1.2: U.S. Residential Mortgage-Backed Securities Model and Rating Methodology. On June 1, Fitch released its U.S. RMBS Surveillance and Re-REMIC Criteria. On June 1, Moody’s issued...more

Rating Agency Developments

On May 29, DBRS released its updated methodology for rating U.S. asset-backed commercial paper. On May 29, Fitch republished its criteria for rating supranationals. On May 28, Fitch released its updated criteria for rating...more

Neither a Borrower Nor a Lender be ...

Many lawyers have written articles about a February 27, 2015 U.S. Court of Appeals (11th Circuit) ruling (In re Maury Rosenberg) against petitioning creditors of an involuntary Chapter 7 proceeding. INTRODUCTION...more

New SEC Rules Allow Private Companies Access to Larger Amounts of Capital (Regulation A+)

Many companies should be able to take advantage of new SEC rules that will permit them to sell up to $50 million of securities to investors in a 12-month period without “going public.” TWO TIER SCHEME - Rules...more

New Securities Rules for ABCP Conduits Coming into Effect May 2015

Canada’s C$30-billion market for “asset-backed commercial paper” will soon be regulated by Canada’s securities regulators (CSA) for the first time....more

SEC Remarks at the Practising Law Institute’s Program Titled “SEC Speaks in 2015”

On February 20, 2015, several representatives from the SEC spoke at the Practising Law Institute’s program titled “SEC Speaks in 2015,” including Chair Mary Jo White and Commissioner Louis A. Aguilar. Ms. White provided...more

SEC Publishes Technical Corrections to Regulation AB II

On February 4, the SEC released certain technical corrections to rules that were published in the Federal Register on September 24, 2014. The changes effect Regulation AB and other rules governing the offering process,...more

"Regulation AB: New Rules for Publicly Issued Asset-Backed Securities"

In August 2014, the Securities and Exchange Commission revised the existing regulations that govern the offering process and the disclosure and periodic reporting requirements for publicly offered asset-backed securities...more

"Risk Retention Rules Impact Registered Fund Tender Option Bond Financings"

In October 2014, several regulatory agencies approved final rules to implement the risk retention requirement mandated by Section 941 of the Dodd-Frank Act. (See "Regulators Adopt Final Risk Retention Rules for Asset-Backed...more

Is CMBS the answer to Italian bank deleveraging woes?

According to a recent report published by Cushman & Wakefield’s (C&W), 2014 was a massive year for the non-performing loan (NPL) market with the execution of a record €80.6bn of European commercial real estate and real estate...more

"Regulators Adopt Final Risk Retention Rules for Asset-Backed Securities"

In October 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Federal Housing...more

The Risk Retention Rules: A Victory for Securitizations Involving Residential Mortgage-Backed Securities?

When Congress passed the Dodd-Frank Act, it mandated the creation of risk retention rules in an effort to align the incentives of sponsors of asset-backed securities (ABS) with the interests of investors and to improve the...more

Uses and Advantages of Delaware Statutory Trusts and Delaware Limited Liability Companies in Structured Finance Transactions

Over the past 10-20 years, a large number of secured equipment finance and asset securitization transactions have been structured using either a Delaware Statutory Trust (a “DST”) created pursuant to the Delaware Statutory...more

Rating Agency Developments

On January 7, Fitch revised its criteria for rating U.S. Public Finance Short-Term Debt. On January 7, DBRS released its methodology for surveillance of North American CMBS. On January 6, Fitch released its global criteria...more

Financial Services Weekly News Roundup - December 2014 #5

Editor’s Note: Spotlight on the Credit Risk Retention Rule: The OCC, Federal Reserve Board, FDIC, SEC, FHFA and HUD announced the adoption of a joint final rule (the Rule) to implement the credit risk retention...more

New Law Limits the Swaps Pushout Requirement to Apply Only to Certain ABS Swaps

On December 16, 2014, President Barack Obama limited the scope of swaps and security-based swaps subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (“Dodd-Frank Act’s”) pushout requirement to certain...more

CSRC Issues New Provisions

The provisions detail a new regime for privately placed, exchange-traded, and asset-backed securities in China. On November 19, the China Securities Regulatory Commission (CSRC) issued the long-awaited Provisions on...more

Credit Risk Retention Final Rule: Enforcement and Compliance Considerations

Predicting enforcement of the final rule regarding U.S. risk retention is an uncertain task. This OnPoint is designed to provide guidance on possibilities related to consequences of non-compliance, enforcement approaches by...more

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