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Dodd-Frank Wall Street Reform and Consumer Protection Act › Asset-Backed Securities

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Alston & Bird

New SEC Rule 192: Prohibition Against Conflicts of Interest in Certain Securitizations

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Our Finance Group summarizes the Securities and Exchange Commission’s finalized Rule 192 that prohibits conflicts of interest among participants in asset-backed securitizations. - The Dodd–Frank Act prohibits conflicts...more

Cadwalader, Wickersham & Taft LLP

SEC Adopts a Rule Prohibiting Conflicts of Interest in Certain Securitizations

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On November 27, 2023, the Securities and Exchange Commission (the “Commission”) adopted Rule 192 under the Securities Act of 1933 (the “Securities Act”), a rule that is designed to prohibit “material conflicts of interest” in...more

Sheppard Mullin Richter & Hampton LLP

SEC’s Proposed Conflicts of Interest Rule May Impede Hedging

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Critics are warning that the SEC’s recently proposed rule (the “Proposed Rule”) prohibiting conflicts of interest in asset-backed securities (ABS) transactions may impede the ability of financial institutions, broker-dealers...more

King & Spalding

Rule 192

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On January 25, 2023, the Securities and Exchange Commission (“SEC”) issued a release reproposing new Rule 192 (the “Proposed Rule”) under the Securities Act of 1933 (the “Securities Act”), which is intended to prevent the...more

Goodwin

Financial Services Weekly News Roundup - February 2023

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Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act - On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more

Patterson Belknap Webb & Tyler LLP

SEC Re-Proposes Conflicts of Interest Rule Mandated by the Dodd-Frank Act

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On January 25, 2023, the Securities and Exchange Commission (the Commission) voted unanimously to re-propose new Securities Act Rule 192. The proposed rule would prohibit securitization participants from engaging in...more

Dechert LLP

Birds Do It, Bees Do It, Even Educated Fleas Do It.  Should The CRE Securitization Industry Advertise?

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If the wisdom of crowds has any validity (and there’s no real evidence that it’s any worse than the pontifical huffings of the chattering class), then there’s hope for 2023.  Optimism did itself proud at CREFC.  We’ll see if...more

Morgan Lewis

Everything Old Is New Again: SEC Re-Proposes Securitization Conflicts of Interest Rule

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More than a decade after its initial proposal,1 the US Securities and Exchange Commission (SEC) has re-proposed a new rule 2 under the Securities Act of 1933, as amended (the Securities Act), prohibiting material conflicts...more

Akin Gump Strauss Hauer & Feld LLP

SEC Re-Proposes Rule to Prohibit Material Conflicts of Interest in Securitizations

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On January 25, 2023, the U.S. Securities and Exchange Commission (SEC) re-proposed rules1 (the “Proposed Rule”) to implement Section 27B of the Securities Act of 1933, as amended (“Section 27B”), which was mandated by Section...more

Vinson & Elkins LLP

Securitizing Without Conflicts – Proposed SEC Rulemaking

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On January 25, 2023, the SEC reproposed its 2011 proposed rule to prohibit certain securitization participants from engaging in transactions that present conflicts of interest vis-à-vis ABS investors. This note answers a...more

Cadwalader, Wickersham & Taft LLP

SEC Re-Proposes Dodd-Frank Act Section 621 Conflicts of Interest Rule

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The Securities and Exchange Commission (“SEC”) unanimously voted yesterday to re-propose a rule to prohibit conflicts of interest in certain securitization transactions. The SEC previously proposed, but never finalized, this...more

Mayer Brown Free Writings + Perspectives

Dodd-Frank Act Era Conflicts Rule Reproposed

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Yesterday, the Securities and Exchange Commission proposed a rule to implement Section 27B of the Securities Act.  This section was added as a result of the addition of Section 621 of the Dodd-Frank Act, which was a late...more

Dechert LLP

More Fun With Risk Retention: Europe and Japan Weigh In

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We’re all just back from CREFC and the mood was broadly constructive. (Don’t you love that word, “constructive”? When did “constructive” become a fancy way to say “good”?) We all went to South Beach this year wondering...more

Dechert LLP

The Boundaries of Risk Retention Now That the D.C. Circuit Has Spoken

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In February, the D.C. Court of Appeals ruled in The Loan Syndications and Trading Association v. Securities and Exchange Commission and Board of Governors of the Federal Reserve System, No. 17-5004 (D.C. Cir. Feb. 9, 2018)...more

Morrison & Foerster LLP

The Decision of the U.S. Court of Appeals Rules in Favour of LSTA in CLO Risk Retention Suit

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This brief summary of the decision delivered on 9 February 2018 will be of interest to anyone involved in the CLO business in the United States....more

Dechert LLP

DC Circuit Court Newsflash: “Transfer” means “Transfer”

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In an eagerly anticipated (and much speculated upon) decision, a three judge panel of the United States Court of Appeals for the District of Columbia Circuit (“DC Circuit Court”) issued a unanimous opinion on Friday, February...more

Cadwalader, Wickersham & Taft LLP

Court of Appeals Decision: Managers of Open-Market CLOs Not Subject to Dodd-Frank Risk Retention

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On February 9, 2018, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled in favor of the Loan Syndications and Trading Association (“LSTA”) in its lawsuit against the...more

A&O Shearman

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

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On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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A look at the big-time Wells Fargo/Fed settlement of last Friday night, which saw the Fed blasting the bank’s board for oversight failures, forcing Wells to replace a full fourth of its 16-member Board, and instituting a rare...more

Hogan Lovells

Summary of key EU and U.S. regulatory developments relating to securitization transactions

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Numerous regulatory developments were enacted or proposed in the United States and the European Union in response to the financial crisis. Although some of the proposed changes are still in the process of being adopted or...more

Morgan Lewis

Credit Risk Retention Financing: Threading the Needle

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In order to finance ABS interests retained as required by the credit risk retention rules, a securitization sponsor first must wend its way through a thicket of unclear and sometimes apparently contradictory requirements....more

Jones Day

Volcker Rule Reform Begins

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The Situation: The Volcker Rule's complexity has created uncertainty and compliance burdens that adversely affect market liquidity, risk hedging, and other economically important activities. The Opportunities: Bank...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: May 2017 - Securitization Rules Offer Differing Definitions of ‘U.S. Person’

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With the long-awaited U.S. rules requiring a level of risk retention in securitizations recently going into effect, an added wrinkle has been created by a slight difference in how “U.S. person” is defined in different...more

Morgan Lewis

Multijurisdictional Securitization in the Age of Risk Retention

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The challenges of complying with both the US rules and the EU rules. Both United States and European Union laws now require 5 percent credit risk retention for securitization transactions. While the jurisdictional scope...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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Financial Industry Developments - SEC Adopts Final Rules to Facilitate Intrastate and Regional Securities Offerings - On October 26, 2016, the Securities and Exchange Commission adopted rules designed to modernize...more

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