This bulletin discusses pending actions of the (a) National Association of Insurance Commissioners (NAIC) Valuation of Securities (E) Task Force (VOS Task Force) to address certain issues associated with insurer investments...more
The current volatility in financial markets has caused an increase in interest in pre-marketing certain bespoke securitization transactions, including esoteric, real estate-based, whole business, music royalty and digital...more
11/29/2022
/ Appraisal ,
Due Diligence ,
Financial Markets ,
Indemnification ,
Investors ,
Market Conditions ,
MNPI ,
Non-Disclosure Agreement ,
Rule 10(b) ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Term Sheets
Sophisticated investors in structured finance products are increasingly demonstrating an interest in entering the market via direct private placements pursuant to Section 4(a)(2) of the Securities Act of 1933, either in...more
Securitization, and structured finance generally, is a critical capital-raising tool for many companies. Utilizing one or more bankruptcy-remote special purpose entities to legally isolate the credit risk of quality,...more
9/28/2022
/ Bankruptcy Code ,
Bankruptcy Court ,
Capital Raising ,
Contingency Plans ,
Credit Enhancements ,
Distressed Assets ,
Fixed Income Investments ,
Investors ,
Risk Management ,
Securitization ,
SPVs ,
Structured Finance ,
Waterfall Provision
The Alternative Reference Rates Committee (“ARRC”) convened by the Federal Reserve Board and the Federal Reserve Bank of New York, with the assistance of its Securitizations Working Group released a report (the “Report”) on...more
State regulatory statements and guidelines for climate change readiness are emerging independent of federal government action.
As climate change is not just about future impacts, financial institutions are compelled to...more
On September 21, 2020, the Financial Accounting Standards Board (“FASB”) announced a proposed Accounting Standards Update (“ASU”), that if enacted, would provide a “practical expedient”, simplifying the analysis supporting...more
The abrupt halt in commercial activity caused by the 2019 Novel Coronavirus (“COVID-19”) has had a significant impact on the global economy, and in particular, the commercial real estate market. As a result, the commercial...more
The federal regulatory agencies charged with deriving and maintaining regulatory provisions pursuant to section 13 of the Bank Holding Company Act (commonly referred to as the Volcker Rule) have revised the “covered fund”...more
7/9/2020
/ Amended Regulation ,
Bank Holding Company Act ,
Covered Funds ,
Covered Transactions ,
Debt Securities ,
Investment Funds ,
Ownership Interest ,
Proprietary Trading ,
Small Business Investment Company ,
Volcker Rule ,
Waterfall Provision
On March 23, 2020, the Board of Governors of the Federal Reserve System (the “Board of Governors”) announced the implementation of a new Term Asset-Backed Securities Loan Facility (“TALF 2.0”) in order to provide liquidity...more
Since December 2019, the rapid spread of COVID-19 has caused significant global upheaval. While many questions circulate unanswered, and while a variety of global initiatives to stem the spread of the virus are implemented...more
3/11/2020
/ Coronavirus/COVID-19 ,
Corporate Financing ,
Financial Services Industry ,
Force Majeure Clause ,
Foreign Commerce ,
Imports ,
Infectious Diseases ,
Performance Standards ,
Public Health ,
Suppliers ,
Supply Chain ,
Supply Contracts
The rapidly developing news on the spread of the Coronavirus Disease 2019 (“COVID-19”) in the United States and other nations across the world has resulted in significant turmoil in global financial markets, bringing renewed...more
3/11/2020
/ Business Continuity Plans ,
Coronavirus/COVID-19 ,
Corporate Issuers ,
Due Diligence ,
Economic Downturn ,
Emergency Management Plans ,
Federal Reserve ,
Financial Markets ,
Force Majeure Clause ,
Infectious Diseases ,
Lost Productivity ,
Material Adverse Change Clauses (MACs) ,
Performance Standards ,
Public Health ,
Securities Transactions
The federal agencies responsible for the Volcker Rule have proposed to clarify some requirements for exclusion from the definition of “covered fund” and to increase the types of funds excluded from that definition. The...more
2/11/2020
/ Bank Holding Company Act ,
CFTC ,
Covered Funds ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
Investment Companies ,
Ownership Interest ,
Proprietary Trading ,
Regulatory Agenda ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Venture Capital ,
Volcker Rule ,
Wealth Management
The robust market for royalty securitizations from 2018 has continued apace through Q2 2019 and is on track to show significant gains in 2019. New issue volume in whole business securitizations consisting primarily of royalty...more
9/18/2019
/ Commercial Bankruptcy ,
Film Industry ,
Franchises ,
Intellectual Property Protection ,
Mission Product Holdings Inc v Tempnology LLC ,
Music Industry ,
Pharmaceutical Industry ,
Prescription Drugs ,
Royalties ,
Securitization ,
Trademark Licenses
Direct private placements of bonds under Section 4(a)(2) of the United States Securities Act can provide a flexible method of raising capital and act as a strong complement or alternative to traditional offerings of bonds,...more
This past Monday, November 5, 2018, the Financial Accounting Standards Board (“FASB”) published much-sought after guidance regarding the recognition of franchise fees under Accounting Standard Codification 606, Revenue...more
The five agencies that adopted and administer the Volcker Rule have proposed to revise it. Interestingly, however, the proposed revisions make up a surprisingly small part of the release, much of which consists of questions...more