News & Analysis as of

Property Assessed Clean Energy (PACE) Legal Update – November 2015

In the past few months, we have seen some decisions regarding Property Assessed Clean Energy Loans (PACE loans) that may open the doors for additional states, counties, and local municipalities to authorize, create, and fund...more

Bank of Italy: New Reporting Requirements on Issuances and Offerings of Financial Instruments

The Bank of Italy post-trade reporting requirements are likely to impact the issuance and offering of bonds and other debt securities in Italy. The Bank of Italy has the power to require entities issuing or offering...more

Looking For a Way to Satisfy a Charitable Donation? Donate Israeli Bonds!

For many of us in the Jewish community, Israeli Bonds, have become a familiar part of our religious culture. Parents, grandparents and friends give Israeli Bonds as gifts for holidays, special occasions and milestones and...more

SEC Amends Rule 2a-7 to Eliminate References to NRSRO Ratings and to Revise Issuer Diversification Requirements

The U.S. Securities and Exchange Commission (SEC) recently adopted amendments (Amendments) to remove references to credit ratings in Rule 2a-7 under the Investment Company Act of 1940, as amended (1940 Act), the primary rule...more

Social Impact Bond Success

Governments spend billions of dollars annually trying to address social problems. Most of these funds are not spent on prevention of such problems, and when they are spent on prevention, it can be challenging to find...more

IRS Issues Final Regulations Regarding Allocation of Bond Proceeds to Mixed-Use Projects; SLGS Window Reopens

On October 26, 2015, the IRS released final regulations (the “Final Regulations”) regarding allocation and accounting rules for purposes of the private activity bond restrictions applicable to tax-exempt bonds issued by state...more

China’s Reform on Administration of Foreign Debts – What to Expect

On 14 September 2015, the PRC National Development and Reform Commission (“NDRC”) promulgated the Circular on Promoting Reform on the Administration of Filing and Registration of Foreign Debt Issued by Enterprises. The...more

FINRA Requests Comment on Revised Price Disclosure Information Standards for Corporate and Agency Debt Securities

The Financial Industry Regulatory Authority issued a regulatory notice requesting comment to revisions on a proposed rule that would enhance information disclosure standards for retail-size customer trades of corporate and...more

North Carolina General Assembly Week in Review: Transportation Spotlight

Member announcements continued this week with three more legislators announcing they will not be seeking reelection. Rep. Paul Tine (U-Dare), Rep. Leo Daughtry (R-Johnston), Rep. Jacqueline Schaffer (R-Mecklenburg) announced...more

Global Private Equity Newsletter - Fall 2015 Edition: Recent Developments in Acquisition Finance

When a portfolio company underperforms, a sponsor may consider various options to address the perceived performance issues, including changes to a portfolio company’s management team, cost structure, capital structure or...more

Quarterly Investment Update – 3rd Quarter 2015

Stock Market Commentary - China’s move to devalue its currency in late August set off a wave of selling and renewed volatility across global markets that continued through September. Enduring its worst quarter since...more

Rating Agency Developments

On October 1, DBRS published its U.S. RMBS rating methodology. On October 1, DBRS published its rating methodology for European consumer and commercial ABS transactions. On October 1, DBRS published its methodology for rating...more

Stealth Appellants No Longer Have Standing To File An Appeal In A Florida Bond Validation Proceeding

For more than 60 years, challengers to Florida bond validations had an unusual option - they could quietly wait until the trial court delivered its final judgment validating the proposed bond issue, and, without appearing,...more

SB 107 Brings Significant Changes to Redevelopment Dissolution Law

New Law Includes Dec. 31 Deadline for Agencies with Outstanding Payments Due under a Due Diligence Review - After several attempts, the California Department of Finance successfully pushed forward new legislation to...more

Commission consults on covered bonds

The Commission has launched a public consultation on covered bonds (CB). It evaluates weaknesses and vulnerabilities in national CB markets as a result of the global financial crisis...more

New Treasury Regulations Make it Easier to Issue Tack-On Bonds or Loans

On September 12, 2012, the Internal Revenue Service (IRS) issued final regulations (the Final Regulations) which make it easier to issue fungible tack-on debt instruments in situations where either the original debt...more

NC Legislative Update for October 2015

This Week - The North Carolina General Assembly has finally ADJOURNED! And they did so just after 4:00 in the morning on Wednesday September 30th, 2015. The close of the nine-month long 2015 session was met with a round...more

Distressed Download - October 2015

Recent EU Insolvency Regulation - The EC Regulations on Insolvency Proceedings (the "EIR") came into force throughout the European Union (the "EU") (except Denmark) on May 31, 2002 with the purpose of setting out the...more

New Opportunities in Cross-Border Special Situations Lending

Recent changes in cross-border leveraged loan documentation requirements open up new possibilities for both borrowers and lenders. Cross-border leveraged loan documentation has become increasingly permissive with respect...more

UBS Puerto Rico, Others Tied to SEC Fraud Action

When the bond market collapsed in Puerto Rico many clients at UBS Financial Services Incorporated of Puerto Rico had significant losses. Many had purchased shares of UBS PR closed-end funds or CEFs. UBSPR had been selling...more

NC Legislative Update for September 2015 #3

This Week - After passing the State’s biennial budget into law last week, the legislature turned its focus towards adjournment. The Senate unveiled an adjournment resolution which would adjourn the session on Tuesday,...more

Orrick's Financial Industry Week in Review

CFTC Announces Proposal to Amend the Definition of "Material Terms" - On September 10, the U.S. Commodity Futures Trading Commission Division announced that it will publish in the Federal Register a proposed amendment to...more

Tax Policy Update

The number of working days (in theory) that Congress has left to negotiate and pass a continuing resolution (CR) that would keep the government from shutting down on Oct. 1. Here’s hoping that the Pope’s visit to the Capitol...more

$9 Billion School Bond Measure Headed for November 2016 Ballot

Almost a decade has passed since California last authorized a statewide school bond to build new schools and modernize existing schools. There is currently a backlog of over $2 billion in K-12 projects awaiting state funding...more

Ascertainability in Class Actions: Second Circuit Weighs In

Ascertainability has been a hot topic in class action appeals recently. The Third Circuit recently clarified its ascertainability standard (see my April 20 blog post). The committee considering potential Rule 23 amendments is...more

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