Structured Financial Products

News & Analysis as of

2014 – The times they are a-changin’

While some of us are old enough to remember the heady days of straight forward senior/mezzanine deals (sometimes with a PIK thrown in for good measure), it is clear that in the current market you can no longer predict what...more

CRA3 – Final Draft Regulatory Technical Standards in relation to Disclosure Requirements for Structured Finance Instruments

On 24 June 2014, ESMA published its Final Report on the draft regulatory technical standards under CRA3. With respect to structured finance instruments, the Final Report sets out draft standards for the information to be...more

Structured Thoughts: Volume 5, Issue 6 - August 2014

In This Issue: - European Product Intervention - FINRA Speaks at 2014 Structured Retail Products Conference - FINRA Approves Amendments to Communication Rules – Relief from Filing for Certain...more

EBA Publish Final Draft RTS on Equity Exposures

On August 5, EBA published its final draft regulatory technical standards (RTS) specifying the treatment of equity exposures according to Article 495(3) of Regulation No 575/2013 Capital Requirements Regulation (CRR). ...more

Business Litigation Report -- July 2014

In This Issue: - Main Article: ..The Uniform Trade Secrets Act: Differences from the Common Law and from State to State - Noted With Interest: ..Enforceability of Settlement Terms in California...more

CRA3: ESMA publishes final draft Regulatory Technical Standards on disclosure requirements for Structured Finance Instruments

Executive Summary - Following the consultation paper published by the European Securities and Markets Authority (ESMA) in February 2014, on 24 June 2014 ESMA published its final draft of the Regulatory Technical...more

Repurchase Suits to Proceed Against DB Structured Products

On March 20, Judge Alison J. Nathan of the United States District Court for the Southern District of New York granted in part and denied in part DB Structured Products, Inc.’s, (DBSP) motions to dismiss four lawsuits brought...more

What Can Go Wrong In Structured Trade And Commodity Finance - Lessons For China

Structured trade and commodity finance (STCF) is central to international trade and is progressively becoming an important source of finance for Chinese companies, given that China is now the most significant player in the...more

Structured Thoughts: News for the financial services community, Volume 5, Issue 1 -- January 7, 2014

In This Issue: “Structured Products, Meet the Volcker Rule”: The New Limitations on Proprietary Trading; SEC and FINRA Personnel Speak at Structured Products Conference; FINRA’s Annual Regulatory and Examination...more

Structured Thoughts -- Volume 4, Issue 13 -- October 15, 2013

In This Issue: FINRA’s Report on Conflicts of Interest: Issues for the Structured Products Market and Structured Notes, Their Hedges, and Dodd-Frank Excerpt from FINRA’s Report on Conflicts of Interest: Issues...more

Structured Thoughts -- Volume 4, Issue 10 -- July 9, 2013

In This Issue: - Chasing Return, Reprise - IOSCO: Uniform Regulation and More Transparency for ETFs - FINRA Removes Proposal to Require Supervision of Non-Securities Business - In Case You Missed It -...more

Rating Agency Developments - July 03, 2013

On June 27, Fitch released its criteria for rating securitizations in emerging markets. On June 26, S&P released a request for comment on its proposed criteria for rating real estate companies. Comments must be submitted by...more

Lehman Derivative Litigation Still Looms Large

The market’s attention is fixed firmly on the future of derivatives. Questions about the implementation and impact of the Dodd Frank requirements, and to what extent the use of swaps in structured finance and other...more

Structured Thoughts -- Volume 4, Issue 9 -- June 17, 2013

In This Issue: UK’s FCA Restricts Marketing of Unregulated Collective Investment Schemes and Similar Products to Retail Investors; Electronic Structured Note Systems and U.S. Securities Regulation; and Reminders from...more

The credit rating market for structured finance instruments: new requirements for issuers, originators and sponsors

On 31 May 2013, Regulation (EU) No 462/2013 (the “Amendment Regulation”) that further amends Regulation (EC) No 1060/2009 on credit rating agencies was published in the Official Journal. This was accompanied by a short...more

Business Litigation Report -- May 2013

In This Issue: Firm News: ..Quinn Emanuel to Open Sydney Office ..Firm Expands Mass Torts and Products Liability Practice ..Susheel Kirpalani Named a 2012 “Dealmaker of the Year” by The American...more

Financial Litigation Insights - Summer 2013 Vol. 5 No. 2

In This Issue: - Learning to Stand Again: Revisiting RMBS Class Claims in Light of NECA-IBEW - Structural Complexity as a Cover for Fraud? Analyzing Losses from Exotic Structured Investment Products - Meet Our...more

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

Orrick's Financial Industry Week In Review - May 20, 2013

In This Issue: April Housing Scorecard; Rating Agency Developments; New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred; New York State Court Allows Trustee Lawsuit Against DB Structured Products...more

Structured Thoughts -- Volume 4, Issue 8 -- May 15, 2013

In This Issue: Due Diligence Procedures for Structured Note Distributors; Key Issues for Yankee CDs; The SEC and FINRA: Protect Your Elders; The FSOC’s 2013 Annual Report: Increasing Exchange-Traded Product Activity;...more

Structured Thoughts -- Volume 4, Issue 6 -- April 26, 2013

In This Issue: FINRA Issues Guidance on Backtested Performance Data; FINRA’s Ketchum Discusses Structured Products; and Update Regarding TRACE and Rule 144A Securities. Excerpt from FINRA Issues Guidance on...more

Structured Thoughts -- Volume 4, Issue 5 -- April 12, 2013

In This Issue: FINRA’s 2013 Communication Rules and Revisions to MSDAs; Regulation R and Bank Sales of Structured Products; FCA Temporary Product; and Intervention Rules: Nipping It in the Bud. Excerpt from...more

Enforcement Heads Reveal All at SIFMA Annual Seminar

The federal budget sequester and recent Supreme Court decision in Gabelli et al. v. Securities and Exchange Commission, 568 U.S. ____ (2013), will not substantially slow down regulators’ enforcement efforts, according to...more

Structured Thoughts -- Volume 4, Issue 4 -- February 28, 2013

In This Issue: Additional SEC Guidance on Estimated Value Disclosures; 2013 OCIE Examination Priorities Have Implications for Structured Products Issuers and Dealers; EITF and the Federal Funds Rate; and FDIC Proposes to...more

Dechert OnPoint Details Recent SEC Report on Credit Ratings for Structured Finance Products

While we’re on the topic of Dodd-Frank rules and regs that could have a significant impact on the securitization market, the SEC recently reported the findings of a study it conducted regarding assigned credit ratings for...more

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