Securitization Vehicles

The CFTC’s Further No-Action Relief for Operators of Securitization Vehicles that May Constitute Commodity Pools

by James Schwartz | Morrison & Foerster LLP on 4/11/2013

In a letter dated March 29, 2013 (the “March 29 Letter”), the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”), extended by three months, but subject...more

CFTC No-Action Relief for Commodity Pools

by Orrick - Structured Finance Group on 4/9/2013

On April 2, the CFTC issued a time limited no-action letter that extended the deadline for compliance with reporting for commodity pool operators of securitization vehicles from March 31 until June 30....more

Bank of America Discloses NYAG Investigation and SEC Inquiry into RMBS Practices

by Orrick - Structured Finance Group on 3/6/2013

In its February 28, 2013 Form 10-K filed with the SEC, Bank of America disclosed that it is under investigation by the New York Attorney General over its purchase, securitization and underwriting of home loans and RMBS....more

Orrick's Financial Industry Week in Review - January 22, 1013

by Orrick, Herrington & Sutcliffe LLP on 1/25/2013

In This Issue: *Financial Industry Developments - CFPB Final Rule on Mortgage Servicing Standards - Joint Rule on Appraisals for Higher-Priced Mortgage Loans - CFPB Final Rule on Written Appraisals - SEC...more

Further Exclusions From Commodity Pool Regulation for Certain Securitization Vehicles; No-Action Relief for Certain Securitization...

by White & Case LLP on 1/4/2013

I. Introduction - A. Issues Covered in the No-Action Letter - On December 7, 2012, the US Commodity Futures Trading Commission’s (“CFTC”) Division of Swap Dealer and Intermediary Oversight (the “Division”) issued a...more

CFTC Classifies Certain Securitization Vehicles as Not Being Commodity Pools

by Cary J. Meer, Marc Mehrespand, Anthony R.G. Nolan, Lawrence B. Patent | K&L Gates LLP on 12/24/2012

Recent changes to the commodity pool regulations under the Commodity Exchange Act (the “CEA”) may subject certain securitization transactions and their managers to regulation by the Commodity Futures Trading Commission (the...more

CFTC No-Action Relief for Securitizations from Commodity Pool Operator Registration

by Orrick - Structured Finance Group on 12/17/2012

On December 7, the CFTC provided guidance to securitization vehicles on whether they may be excluded from the definition of commodity pool....more

CFTC Issues Broad Securitization Industry Relief on Commodity Pool Regulation

by Patrick D. Dolan, Matthew K.Kerfoot, M. Holland West | Dechert LLP on 12/13/2012

On Friday, December 7, 2012, the U.S. Commodity Futures Trading Commission (CFTC), through its Division of Swap Dealer and Intermediary Oversight (Division), issued a letter which provides broad relief for certain segments of...more

Walmart Mortgages Coming Soon to Aisle 10

by Michele Bowman | Lawyers.com on 12/5/2012

You buy toilet paper and ammo there, so why not a home? Consumers are indicating they would trust Walmart and other non-banks with their mortgages, and some experts believe that’s not necessarily a bad thing. While they...more

The CFTC’s Interpretive Letters Regarding Securitizations, REITs and the Definition of “Commodity Pool”

by Morrison & Foerster LLP on 11/1/2012

In two interpretive letters issued on October 11, 2012 (collectively, the “Interpretive Letters”), the Division of Swap Dealers and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the...more

Unintended Consequences Avoided? CFTC Provides Relief for Certain Securitization Vehicles

by Dechert LLP on 10/17/2012

Last Thursday, the U.S. Commodity Futures Trading Commission (“CFTC”) responded to ASF’s and SIFMA’s requests for relief from the new CFTC rules which implemented certain Dodd-Frank amendments that brought swaps within the...more

CFTC Sheds Light on Definition of Commodity Pool

by Leonard, Street and Deinard - Dodd-Frank and... on 10/15/2012

Perhaps one of the most important questions since the Dodd-Frank Act is “What is a commodity pool”? Close behind is “Who is a commodity pool operator”? The CFTC has begun to shed light on these questions by issuance of...more

Insights Special Edition: "Dodd-Frank Rulemaking: Volcker Rule and SIFI Proposals"

by Skadden, Arps, Slate, Meagher & Flom LLP on 11/19/2011

Dear Clients and Friends: In October, federal agencies proposed two new sets of regulations under the Dodd-Frank Act. The proposals — to implement the Volcker Rule and to create standards to designate certain nonbanks...more

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