News & Analysis as of September 18, 2024

Securities Exchange Act › Loans

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

Second Circuit Affirms District Court’s Decision Determining That Term Loan Notes Were Not “Securities” Subject To Securities Laws...

A&O Shearman on 9/7/2023

On August 24, 2023, the United States Court of Appeals for the Second Circuit affirmed a decision by the United States District Court for the Southern District of New York dismissing claims brought under state securities laws...more

An Introduction to Aviation CLOs

Vinson & Elkins LLP on 5/5/2023

One of the reasons for a reduction in the number of aircraft asset-backed securitizations (ABS) coming to market in 2022 and 2023, is the time lag between the rapid increase in interest rates by central banks and the...more

Leveraged Loan Update: Millennium Court Decision Confirms Syndicated Loans Are (Still) Not Securities

White & Case LLP on 6/2/2020

The Bottom Line: On May 22, 2020, the United States District Court for the Southern District of New York concluded that broadly syndicated term loans are not "securities". This decision is highly significant to the US...more

Some Good News for the Loan Industry—Loans Are Not Securities

Dechert LLP on 6/2/2020

Although the loan industry has long looked at loans as being obligations that arise in a commercial lending relationship, which are therefore not securities under Federal and state securities laws, the law supporting this...more

SEC Sanctions Issuer for Misrepresentations Regarding Loan Covenant Compliance

Stinson - Corporate & Securities Law Blog on 9/3/2019

Omega Protein Corporation manufactured and distributed omega-3 fish oils and fish meal products. Omega financed its operations through federal government programs under Title XI of the Merchant Marine Act of 1936....more

SEC Charges CEO/Director with Sarb-Ox Loan Violations for Unreimbursed Advances that Were Outstanding for 5 to 36 Days and...

Stinson - Corporate & Securities Law Blog on 12/27/2017

According to the SEC in an order settling an enforcement action, Alan Shortall was CEO and Chairman of Unilife Corporation, a Nasdaq listed issuer. According to the SEC, Shortall arranged for Unilife to make personal payments...more

SEC Grants Relief From Risk Retention In Refinancing Transaction

Stinson - Corporate & Securities Law Blog on 7/20/2015

The SEC granted Crescent Capital Group LP no-action relief if it does not retain an eligible risk retention interest under Section 15G of the Securities and Exchange Act of 1934 in connection with a refinancing of CLOs that...more

The Impact of Costello v. Grundon: Margin Rules and the Enforceability of Loan Documents in Financing Transactions

Foley & Lardner LLP on 8/5/2013

A recent decision of the Seventh Circuit Court of Appeals has significant implications for lenders in commercial loan transactions and for law firms that give legal opinions about the enforceability of loan documents....more

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Securities Exchange Act › Loans

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