The SEC released the final Securities Act Rule 192 relating to conflicts of interest in asset-backed securities transactions on November 27, 2023. In this OnPoint, we summarize the provisions of the final Rule 192 and...more
12/7/2023
/ Asset-Backed Securities ,
CMBS ,
Conflicts of Interest ,
Fannie Mae ,
FHFA ,
Final Rules ,
Freddie Mac ,
Investors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Sponsors
The proposed rule, if adopted, would apply to mortgage originators and issuers of mortgage-backed securitizations that rely on automated valuation models (“AVMs”) to determine the value of real estate collateral.
The...more
11/9/2023
/ American Bankers Association ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Fannie Mae ,
FDIC ,
Federal Reserve ,
FHFA ,
Financial Institutions ,
Freddie Mac ,
Mortgage Loan Originators ,
Mortgage-Backed Securities ,
NCUA ,
Non-Discrimination Rules ,
OCC ,
Proposed Rules ,
Quality Control Plan ,
Risk Management ,
Tax Assessment ,
Transparency ,
Valuation ,
Zillow
Corporate CLO issuers, regardless of whether they are organized onshore or offshore, should generally be exempt from Corporate Transparency Act reporting requirements, although onshore CLO co-issuers will likely be subject to...more
11/3/2023
/ Asset-Backed Securities ,
Beneficial Owner ,
CMBS ,
Corporate Transparency Act ,
Financial Market Utilities ,
FinCEN ,
Investment Company Act of 1940 ,
Limited Liability Company (LLC) ,
Ownership Interest ,
Pooled Investment Vehicles ,
Reporting Requirements ,
RMBS ,
Special Purpose Vehicles
On October 30, 2023, after continued pressure from legislators and industry participants—and a recent lawsuit—the SEC issued an order providing relief for fixed-income securities sold pursuant to Rule 144A from the public...more
In 2021, the staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”) surprised the industry when it issued an interpretation stating that fixed income securities (including asset-backed securities) fall...more
12/2/2022
/ American Bar Association (ABA) ,
Asset-Backed Securities ,
Broker-Dealer ,
Compliance ,
Credit Enhancements ,
CREFC ,
Institutional Investors ,
No-Action Requests ,
Rule 144A ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
SIFMA
Introduction -
As the reinstated Term Asset-Backed Securities Loan Facility program (“TALF 2.0”) opened, the Federal Reserve Bank of New York (the “FRBNY”) continues to revise the TALF 2.0 program details, changing the...more
On May 20, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) announced the first subscription date of June 17, 2020 for funding under the Term Asset-Backed...more
5/28/2020
/ Asset-Backed Securities ,
Borrowers ,
Capital Distributions ,
Certification Requirements ,
Collateral ,
Coronavirus/COVID-19 ,
Federal Loans ,
Federal Reserve ,
FRBNY ,
Issuer Eligibility Criteria ,
Master Loan and Security Agreement (MLSA) ,
Sponsors ,
Stock Repurchases ,
Term Asset-Backed Securities Loan Facility (TALF) ,
Term Sheets
On May 12, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) released an updated term sheet (the “New Term Sheet”) and Frequently Asked Questions (the “TALF FAQs”)...more
On April 9, 2020, the Federal Reserve Board of Governors (the “Fed”) released an updated term sheet (the “Updated Term Sheet”) for the Term Asset-Backed Securities Loan Facility (“TALF”) program. While the Updated Term Sheet...more
In 2013, the Obama administration issued the Cole Memorandum, which called a truce between federal prosecutors and marijuana businesses operating legitimately under state law. After regime change in Washington, however, it...more
9/7/2018
/ Bankruptcy Court ,
CMBS ,
Cole Memorandum ,
Commercial Leases ,
Commercial Loans ,
Controlled Substances Act ,
Department of Justice (DOJ) ,
Dispensaries ,
Federal Reserve ,
Marijuana Related Businesses ,
Mortgage-Backed Securities ,
Mortgages ,
Non-Bank Lenders ,
Nonbank Firms ,
Obama Administration ,
OCC ,
Securitization
The Auditing Standards Board (the “ASB”) of the American Institute of Certified Public Accountants recently released new standards as part of the “Attestation Clarity Project” with the goal of redrafting all its standards “in...more
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
Introduction and Summary of CMBS Updates -
After more than three and a half years since the publication by regulators of the first proposals for credit risk retention, we now have a final rule that has brought with it...more