Underwriting

News & Analysis as of

Reminder: September 9th Effective Deadline for Issuers and Underwriters to Participate in SEC’s Municipalities Continuing...

If your organization has participated in a municipal bond or other municipal security financing in the past five years, you should be aware of the Securities and Exchange Commission’s (“SEC”) Municipalities Continuing...more

Deadline Approaching for Disclosure of Continuing Disclosure Violations

The Securities and Exchange Commission (the SEC) recently launched its Municipalities Continuing Disclosure Cooperation Initiative (the MCDC Initiative). Obligated persons (including issuers and conduit borrowers) and...more

Why You Can’t Afford To Be Disorganized

Investors, buyers and underwriters all insist on doing pre-transaction diligence to ensure that you have copies of all of your key documents and to assess whether these documents contain any unusual provisions. ...more

Managing Potential Sticker Shock – Agencies Release Guidance to Prepare Banks for HELOC End-of-Draw Periods

On June 30, 2014, the federal financial institution regulatory agencies (the Agencies) published Interagency Guidance on Home Equity Lines of Credit Nearing Their End-of Draw Period (the Guidance), which, as the title...more

SEC’s First Action Under the Municipalities Continuing Disclosure Cooperation Initiative

The SEC settled its first action under the Municipalities Continuing Disclosure Cooperation Initiative, launched on March 10, 2014. Under the Initiative the Enforcement Division agreed to recommend settlement on favorable,...more

OCC Report Highlights Cybersecurity, BSA-AML, Indirect Auto Underwriting Concerns

On June 25, the OCC published its semiannual risk report, which provides an overview of the agency’s supervisory concerns for national banks and federal savings associations, including operational and compliance risks....more

Volcker Rule and Covered Bonds

The subtler aspects of the Volcker Rule continue to emerge. One of the subtleties is the extraterritorial reach of the Rule in connection with underwriting, investments in, and market making for covered bonds by foreign...more

SEC Municipalities Continuing Disclosure Cooperation Initiative Update

Issuers and underwriters of municipal securities have been provided an opportunity by the U.S. Securities and Exchange Commission (the “SEC”) to self-report violations of the federal securities laws relating to...more

Primer On Underwriting Insurance Risks In Argentina

Latin America presents excellent opportunities for the global (re)insurance industry. But, there are a number of important considerations for insurance and reinsurance companies underwriting risks in the region. This article...more

SEC Approval of Amendments to FINRA Corporate Financing Rules Will Reduce Burdens on Parties in Public Offerings

The SEC recently approved amendments to simplify and refine the scope of FINRA corporate financing and underwriter conflicts of interest rules. The amendments include modifications that will affect not only underwriters and...more

Consumer Financial Protection Bureau Implements 'Ability to Repay' Regulations for Covered Mortage Loans

It is a widely understood that loose underwriting standards and practices by some creditors – including their abject failure in some instances to confirm their borrowers’ ability to repay mortgage loans – contributed in...more

New SEC Initiative Offers Municipal Issuers and Underwriters an Exit Strategy for Continuing Disclosure Violations

The U.S. Securities and Exchange Commission Enforcement Division recently announced a program intended to resolve violations of federal securities laws regarding continuing disclosures in bond offering documents. The program,...more

FHA Previews Quality Assurance Process Changes

On May 13, the FHA released its Blueprint for Access, which previews changes to the agency’s quality assurance process and outlines new housing counseling measures. Following its request last year for input on potential...more

Check Your Mail: BSEE Inviting All of Its Friends to Pay for GOM Decommissioning

In response to the April 20, 2010, Deepwater Horizon incident and under the auspices of the United States Department of Interior’s (DOI’s) “Idle Iron Policy,” the Bureau of Safety and Environmental Enforcement (BSEE) has...more

Continuing Disclosure Misstatements – A Window Of Opportunity Before The SEC Comes Knocking

The Division of Enforcement (the “Division”) of the U.S. Securities and Exchange Commission recently announced the Municipalities Continuing Disclosure Cooperation Initiative (the “MCDC Initiative”)....more

SEC Municipalities Continuing Disclosure Cooperation Initiative Targets Issuers and Underwriters with a “Prisoner’s Dilemma”

On March 10, 2014, the Enforcement Division of the Securities and Exchange Commission (SEC) announced the Municipalities Continuing Disclosure Cooperation Initiative (MCDC) – an offer for municipal issuers and their...more

Utah Amends Residential Mortgage Licensing Laws, Exempts Underwriters from Licensing

Recently, the State of Utah enacted into law House Bill 332, which amends numerous provisions to Title 61, Securities-Real Estate Division. Among changes the rules make to the practice of mortgage lending and licensing, the...more

SEC Launches Cooperation Initiative to Encourage Municipal Issuers and Underwriters to Self-Report Continuing Disclosure...

On March 10, 2014, the Securities and Exchange Commission ("SEC") announced that issuers and underwriters of municipal securities may voluntarily report materially inaccurate statements made in offering documents regarding...more

Orion and London & Overseas Announce Plan to Propose Amending Scheme that Will Include a Bar Date

On January 20, 2014, the scheme administrators (the “Scheme Administrators”) for two insolvent London Market Insurers, The Orion Insurance Company PLC (“Orion” ) and The London and Overseas Insurance Company Limited (“L&O”)...more

9th Circuit Holds Issuer Is Investment Bank’s “Customer” And “Actions and Proceedings” Include Arbitrations

In 2005 and 2006, the biggest little city in the world (aka Reno, Nevada) issued approximately $211 million in securities employing Goldman, Sachs & Co. as its sole underwriter and broker-dealer. The financing didn’t work...more

A Whole Lotta Shaking Going On In Central US

When underwriters evaluate potential causes of loss in the central United States, perils such as tornados and high winds, hail, and fire are generally identified as the primary risks of loss. But earthquakes? That is not a...more

IIROC Proposes Guidance for Underwriting Due Diligence

The Investment Industry Regulatory Organization of Canada (IIROC) published proposed guidance on March 6, 2014, setting forth nine key principles for underwriting due diligence....more

Proposed IIROC Guidance on Underwriting Due Diligence Will Focus Dealers on Policies, Procedures and Record-Keeping

IIROC (Investment Industry Regulatory Organization of Canada) has issued for comment its long-awaited guidance to underwriters carrying out due diligence in connection with public offerings of securities. This initiative was...more

The Good, the Bad and the Offer: Law, Lore and FAQs

An Updated Look at the World of Offers - It all seems simple enough. The concept of “offer” is broad under the securities laws, so companies and underwriters need to be careful about any publicity in connection with a...more

Insurance and Reinsurance Newsletter: Claims Settlement: English Commercial Court Considers Lead Underwriter's Duties To Following...

In San Evans Maritime Inc and others v Aigaion Insurance Co SA1, the English Commercial Court considered whether the following underwriter was obliged to follow the settlement of the lead underwriter on one policy, in...more

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