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Securitization Vehicles

Orrick, Herrington & Sutcliffe LLP

Il nuovo regime fiscale delle Società Veicolo d'Appoggio nell'ambito delle operazioni di cartolarizzazione

Con il Decreto Legge 30 aprile 2019, n. 34, pubblicato in GU n. 100 del 30 aprile 2019 (c.d. "Decreto Crescita"), sono state apportate alcune modifiche alla legge 30 aprile 1999 n. 130 sulla cartolarizzazione dei crediti (la...more

Dechert LLP

How Secure Is a Securitization’s "Debt" Classification for ERISA Purposes? Pending Sub-Prime Lawsuit Asks Court to Look Through...

by Dechert LLP on

The case is particularly noteworthy in that it marks the first time of which we are aware that a judicial decision (even an interlocutory one) has expressly raised the issue of whether the sponsors’ debt characterization of...more

Dechert LLP

Good News for Securitisation: EU Commission asks ESMA to consider expanding the use of the “No Data” option in Disclosure...

by Dechert LLP on

Late on Tuesday evening, 18 December 2018, the EU Commission posted online its letter to the European Securities and Markets Authority (ESMA) on the data disclosure proposals contained in the regulatory technical standards...more

Kramer Levin Naftalis & Frankel LLP

Changes to the Asset Management Framework in France

Ordinance No. 2017-1432 dated Oct. 4, 2017 (the Ordinance), together with its two implementing decrees dated Nov. 19, 2018, is bringing significant changes to the French legal framework for asset management and direct...more

Cadwalader, Wickersham & Taft LLP

Dismissal of Involuntary Bankruptcy Petition Against Taberna CDO is Win for Securitization Industry

On November 8, 2018, Judge Vyskocil of the U.S. Bankruptcy Court for the Southern District of New York issued a decision dismissing the involuntary petition that had been filed against Taberna Preferred Funding IV, Ltd....more

Dentons

Government releases third tranche of revised CCIV Bill

by Dentons on

On 12 October 2018, the Federal Government released the third tranche of the revised Corporate Collective Investment Vehicle (CCIV) Bill (Tranche 3 Exposure Bill) for public consultation. This follows the release of the...more

Cadwalader, Wickersham & Taft LLP

ESMA’s Final Draft Disclosure Technical Standards

On 22 August 2018, the European Securities and Markets Authority (“ESMA”) published its Final Report on the technical standards on disclosure requirements under the EU Securitisation Regulation (the “Final Report”)....more

White & Case LLP

The Delta Report - Derivatives Newsletter - July 2018: Securitisation Derivatives and the Margin Exemption

by White & Case LLP on

On 4 May 2018, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper on the draft regulatory technical standards (the Draft RTS) amending Delegated Regulation (EU) 2016/2251 on...more

Cadwalader, Wickersham & Taft LLP

EBA’s Draft EU Risk Retention Regulatory Technical Standards

On 31 July 2018, the European Banking Authority (“EBA”) published its final draft Regulatory Technical Standards on the risk retention requirements (the “draft Risk Retention RTS”) under the EU regulation intended to lay down...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Division of Investment Management of the SEC Issues No-Action Letter to SSB - On May 8, 2018, the Chief Counsel's Office of the Division of Investment Management ("IM") of the Securities and Exchange Commission (the...more

White & Case LLP

2018 Set to be the Breakthrough Year for Green Loans and Green Securitisations

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 3, 2018 - While green bonds have been a high profile and popular instrument in the capital markets for the past few years, we expect 2018 to be a transformational year for the...more

Polsinelli

Blockchain: Coming to a CMBS Near You

by Polsinelli on

Although at first glance the underlying technology behind Bitcoin and mortgaged backed securities have little in common, blockchain technology has the potential to revolutionize securitizations because it permits value and...more

Cadwalader, Wickersham & Taft LLP

Effects of House Tax Reform Bill on Securitizations and Funds

On November 2, 2017, Republicans in the House of Representatives released their long-anticipated tax reform bill (the “Bill”). The Bill, which is entitled the “Tax Cuts and Jobs Act,” includes significant changes to the...more

Orrick, Herrington & Sutcliffe LLP

Securitisations: the Bank of Italy establishes new disclosure and statistical obligations for vehicle companies

On 30 June 2017, the Decision of the Bank of Italy of 7 June 2017, entitled “Provisionson disclosure and statistical obligations for vehicle companies involved in securitization transactions” (the “Decision”) was published in...more

Dechert LLP

The Sequel to the Global Financial Crisis Is Not the CLO! (Ok, Not Yet)

by Dechert LLP on

Last week, an article written by Mr. Frank Partnoy, professor of law at the University of San Diego, appeared in the Financial Times and was subsequently picked up by The Wall Street Journal. Mr. Partnoy argues that the...more

Orrick, Herrington & Sutcliffe LLP

Cartolarizzazioni: Banca d’Italia stabilisce nuovi obblighi informativi e statistici per le società veicolo

Il 30 giugno 2017 è stato pubblicato sulla Gazzetta Ufficiale - Serie Generale - n. 151 il provvedimento di Banca d’Italia del 7 giugno 2017, recante “Disposizioni in materia di obblighi informativi e statistici delle società...more

Hogan Lovells

Paying for a debt restructuring - can costs be adopted by the Trustee?

by Hogan Lovells on

On 13 July 2017 the High Court gave its judgment in UBS AG, London Branch v. GLAS Trust Corporation Limited [2017] EWHC 1788 (Comm), a case brought by UBS against the trustee for notes issued as part of a securitisation...more

Orrick, Herrington & Sutcliffe LLP

Cartolarizzazione di crediti deteriorati e leasing le modifiche alla legge n. 130/1999

In data 23 giugno 2017, nella Gazzetta Ufficiale Serie Generale n. 144, Suppl. Ord. n. 31, è stata pubblicata la legge 21 giugno 2017 n. 96 di conversione del decreto legge n. 50 del 24 aprile 2017 (il "Decreto"), contenente...more

Dechert LLP

It’s Time to Bring Back the Square State Conduit:  If We Build It, They Will Come.

by Dechert LLP on

What in the world have we done to ourselves? Our CRE Securitization business, or at least the conduit part of our business, continues to shrink: $800 billion in outstanding principal balance in 2007 and now, $400 billion? ...more

Burr & Forman

Payments on Commercial Mortgage-Backed Securities Loans Cannot be Avoided in Bankruptcy

by Burr & Forman on

The Bankruptcy Code gives a trustee the power to avoid pre-petition fraudulent and preference transfers made by a debtor, except that a trustee may not avoid a transfer that is “made by or to (or for the benefit of)” a party...more

Orrick, Herrington & Sutcliffe LLP

Italian State Guarantee For NPL Securitisations: Implementing Decree Is Approved

Decree of the Ministry of Economy and Finance containing implementing provisions (the "Implementing Decree") for State guarantees for securitisations of non-performing loans (Garanzia Statale sulla Cartolarizzazione delle...more

Dechert LLP

CREFC Annual Conference 2016: Headwinds or Head First Into the Wall?

by Dechert LLP on

The slow start to 2016 did not dampen the enthusiasm at CREFC’s Annual Conference, held last week in New York City. The conference saw record attendance, with standing-room-only crowds at virtually every panel. As with the...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 5.5.16

by Robins Kaplan LLP on

The Consumer Financial Protection Bureau is releasing a rule today that will ban consumer financial services providers from “prohibiting customers, through contracts with mandatory arbitration clauses, from filing or joining...more

Shearman & Sterling LLP

European Commission Adopts Regulation on Classes of Arrangements to be Protected in a Partial Property Transfer

by Shearman & Sterling LLP on

The European Commission adopted a Delegated Regulation on the classes of arrangements to be protected in a partial property transfer or where a contract is forcibly modified by a resolution authority. The EU Bank Recovery and...more

Dechert LLP

Flash: Congress Fixes the CMBS Risk Retention Problem (Just Kidding)

by Dechert LLP on

Last week, the House Committee on Financial Services reported out the Preserving Access to CRE Capital Act of 2016 (the “bill”) in a remarkably bipartisan sort of way (paving the way for: “Well, yes, I did vote for it, but...more

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