Insights Past Issues

Chapman attorneys Kathleen Moriarty and Barry Pershkow will be speaking at the ETFGI Global ETFs Insights Summit USA. 

Chapman attorney Juliet Huang will be speaking at the Association for Governmental Leasing & Finance (AGLF) Annual Conference.

Chapman attorney Ryan Bowen, Bren Feller, and Evelyn Irwin attended the 2021 National Association of Local Housing Finance Agencies (NALHFA) Virtual Conference.

Chapman's Co-Diversity Partner Juliet Huang spoke at "Progressive Pathways: Adopting a D&I Growth Mindset for the C-Suite," a webinar hosted by the Thomson Reuters Institute.

On April 13, the Department of Labor released guidance on the prohibited transaction exemption pertaining to fiduciary investment advice for retirement investors, employee benefit plans and investment advice providers. 

Chapman attorney Morrison Warren spoke at the NYSE ETF Industry Summit. 

A recent federal district court decision out of Massachusetts found that a bank was the true lender on a loan subsequently transferred to a trust consisting of student loans. Robinson and Spears v. Nat’l. Collegiate Student Loan Trust 2006-2, 2021 WL 1293707, Case No. 20-cv-10203 ADB (D. Mass. April 7, 2021).

Chapman attorney Ryan Bjerke will be attending the virtual Utah League of Cities and Towns 2021 Midyear Conference.

At today’s Earth Day Climate Summit, President Joe Biden announced to world leaders that the United States is committed to cutting its greenhouse gas emissions by 50% to 52% from 2005 levels by 2030.

Last week the Loan Syndications and Trading Association, the Loan Market Association, and the Asia Pacific Loan Market Association jointly published their first ever Social Loan Principles.

On April 14, the U.S. Department of Labor announced guidance for plan sponsors, plan fiduciaries, record keepers, and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of participants.

R. Amani Smathers, a senior analyst on Chapman's Practice Innovations team, was recognized by Legal Aid Chicago as the “Volunteer of the Year” from Legal Aid Chicago’s Criminal Records Relief Project.

Chapman attorneys Charles Calloway, Tony Yager, and Nicole Windsor spoke at the virtual American College of Investment Counsel Spring Investment Forum. 

Chapman attorney Larry Halperin will be speaking at a Turnaround Management Association New York City Chapter Academic Relations Virtual Program.

In the past few days, two courts have actions that are of significance to marketplace lenders and their funding sources. 

On April 9, 2021, the Securities and Exchange Commission Division of Examinations issued a Risk Alert highlighting observations made by the Division from recent examinations of investment advisers, registered investment companies, and private funds offering products and services that incorporate environmental, social, and governance factors.

Chapman is proud to announce that David DePriest, a 2L at the Washington University School of Law, is the recipient of the third annual Chapman and Cutler LLP Maynard H. Jackson Jr. Diversity Scholarship.

Chapman Pro Bono Counsel Sara Ghadiri has been named the 2021 National Immigrant Justice Center Human Rights Award honoree.

On February 19, 2020, the Small Business Reorganization Act came into effect and Debtors with aggregate liabilities that do not exceed $2,566,050 were provided an opportunity to resolve their outstanding liabilities. But even before the SBRA could see its first successes (or failures), the Coronavirus Aid, Relieve and Economic Security Act of 2020 increased a small business’s debt threshold.

Chapman attorney Greg Xethalis spoke at a webinar, entitled "Decrypting the Hype: Cryptocurrency and Tokenized Assets," hosted by the National Investment Company Service Association (Nicsa).

The Bankruptcy Court for the Eastern District of Michigan has expressed reservations about a Second Circuit decision regarding when transfers to financial institutions’ customers that are settlement payments or made in connection with securities contracts are entitled to protection from avoidance actions under the bankruptcy safe harbors.

Chapman attorney David Cholst spoke at a National Association of Bond Lawyers U Now webinar.

The Securities and Exchange Commission this month announced that the Divisions of Corporation Finance, Examinations, and Enforcement are all undertaking climate or ESG-related initiatives. 

Chapman attorneys Tony Yager and Charles Calloway will be speaking at the Private Placements Industry Forum Virtual Kick-Off.

Chapman attorneys Jim Heiser and Juliet Huang spoke at an Association for Governmental Leasing and Finance webinar.

Chapman attorney Melanie Gnazzo spoke at a webinar, entitled "LIBOR Transition: Using AI to Overcome the Challenge of Legacy Contract Analysis," hosted by the Information Management Network.

The Department of Labor announced that it will not enforce its previously issued final rule regarding plan fiduciaries’ use of environmental, social and governance factors in selecting investments for tax‑qualified retirement plans.

On March 12, the Occupational Safety and Health Commission announced a National Emphasis Program for COVID-19. The NEP is in response to an Executive Order issued by President Biden directing the Secretary of Labor to launch a national program to focus OSHA enforcement efforts related to COVID-19 on industries with the largest numbers of workers at serious risk.

Chapman attorney Larry White spoke at the Illinois Association of School Business Officials (ASBO) Bookkeepers Conference.

Chapman attorneys Aaron Efta and Tom Howard spoke at the virtual Equipment Leasing and Finance Association Investors’ Conference on Equipment Finance.

Chapman attorneys Kelley Bender, Rebecca Wallenfelsz, Ronni Martin, and Lauren Rushing spoke at an event hosted by the Women’s Law Society at Loyola University Chicago School of Law.

Chapman's Practice Innovations and Technology Partner Eric Wood spoke at Legal Geek’s virtual Thomson Reuters Takeover.

A recent Chicago Daily Law Bulletin article, "CDEL Honors Its Innovative Volunteers," profiled Chapman's collaboration with the Center for Disability & Elder Law (CDEL) to expand access to estate planning services.

Chapman Pro Bono Counsel Sara Ghadiri spoke at the virtual University of Illinois Urbana-Champaign Political Science Leadership Conference.

Chapman attorneys Brent Feller, Juliet Huang, and Hillary Phelps spoke at The Institute, hosted by the National Association of Bond Lawyers.

The Securities and Exchange Commission’s Division of Examinations has released its 2021 Examination Priorities. 

Chapman attorney Melanie Gnazzo spoke at the Virtual Investors' Conference on LIBOR.

Environmental, Social and Governance investing in the United States has reportedly reached an estimated $250 billion in assets under management and is expected to see continued growth in 2021 and beyond. 

Chapman is proud to be honored as “Corporate Partner of the Year” by the Center for Disability & Elder Law (CDEL) at its virtual 2021 Light Up the Loop Awards Benefit.

For the third consecutive year, Chapman is proud to be recognized as an American Bar Association (ABA) Free Legal Answers Pro Bono Leader for the work of our attorneys in 2020 on behalf of the ABA Free Legal Answers program in Illinois.

Investor interest in rated-debt feeder funds has grown since we first issued our Action Item concerning such funds in March 2019. We expect this interest to continue as the private credit market expands through the COVID-19 crisis.

On February 4, the U.S. Department of Justice and Federal Trade Commission announced they would be suspending the practice of allowing early ends to the merger review process under the Hart-Scott-Rodino Act.

The Financial Industry Regulatory Authority, Inc. recently issued its 2021 Report on FINRA’s Risk Monitoring and Examination Activities. The new Report is designed to assist FINRA member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations.

On January 26, Moody’s Investors Service announced it had published a new methodology for rating US public school districts that provide education or educational services.

Chapman was again named one of the Best Places to Work for LGBTQ Equality, receiving a 100% score on the annual Corporate Equality Index. 

Chapman attorney Latrice Baptiste was named by Lawyers of Color to its 2020 Nation’s Best list.

Chapman attorney Craig Cohen spoke at the 10th International Bar Association London Finance and Capital Markets Virtual Tax Conference.

Chapman is proud to support the Pro Bono Institute and Corporate Pro Bono's Financial Institution Pro Bono Day with Chapman clients and Legal Aid Chicago.

On December 27, the Consolidated Appropriations Act, 2021 was signed into law, which, among other things, contains an important amendment to Section 547 of the United States Bankruptcy Code.

Chapman has been proud to serve as pro bono counsel to Children’s Rights in its efforts to advocate for and protect vulnerable immigrant children as amicus to the plaintiffs-appellees in Flores v. Rosen, Ninth Circuit Court of Appeals, No. 19-56326.

On December 22, the U.S. Securities and Exchange Commission adopted amended Rule 206(4)‑1 under the Investment Advisers Act of 1940, as amended, which addresses investment advisers marketing their services to clients and investors

Chapman sponsored a Legal Aid Chicago Holiday Virtual Event.

Chapman attorney Rebecca Wallenfelsz discusses key estate planning matters, including important information that families should know both before and while they provide care for loved ones.

Chapman attorneys Sarah Breitmeyer and David Cholst were named the Federal Tax Portfolio Authors of the Year by Bloomberg Tax & Accounting.

Chapman attorney Marc Franson spoke at the Illinois Bankers Association Bank Counsel Conference. 

Chapman attorneys Lara Daly-Sims and Frank Top will be speaking at the ABS East Virtual 2020 conference.

Chapman is expanding educational initiatives with Spark Program Inc., a national nonprofit that develops programming that correlates professional mentorship, educational engagement, and future achievement with middle school students from diverse backgrounds.

Chapman served as counsel to the underwriter in connection with a first-of-its-kind $236 million tax-exempt “gap” financing of the Lincoln South Beltway public-private partnership project, which was named The Bond Buyer’s 2020 P3 Deal of the Year.

Ryan Bowen, a partner in Chapman’s National Public and Health & Education Finance Department, was named the Texas Association of Local Housing Finance Agencies 2020 Member of the Year in recognition of his work on behalf of housing issuers in the State of Texas.

Chapman attorney Rebecca Wallenfelsz discusses investment strategies and the current state of the market with StrategIQ Financial Group's Chief Investment Officer Bradley J. Rathe.

On November 17, the Securities and Exchange Commission adopted amendments to Rule 302(b) of Regulation S-T, which will provide more flexibility in connection with SEC filings by allowing the use of electronic signatures in authentication documents.

Chapman attorney Marilynn Tham spoke at the Secured Finance Network's 76th Annual Convention.

Chapman attorney Larry Halperin spoke at a webinar hosted by the Turnaround Management Association's New York City Chapter. 

Chapman will be honored with the 2020 Standing Up for Justice award for the firm's support and Paul Carman's work on behalf of the HANA Center at the virtual HANA Center Gala.

On October 30, the Department of Labor issued a final rule which amends its 1979 investment duties regulation under the Employee Retirement Income Security Act of 1974, as amended, to update and clarify its position with respect to ERISA plan fiduciaries’ use of environmental, social and governance factors in selecting investments.

This fall, the Securities and Exchange Commission has proposed additional avenues for businesses to raise capital away from the use of registered broker‑dealers.

Chapman attorney Marc Franson spoke at the 43rd Annual Illinois Credit Union League Attorneys Conference.

Chapman’s innovations team creates app to help Legal Aid Chicago expand access to criminal record expungement services.

Chapman attorney Rick Cosgrove spoke at The Bond Buyer's California Public Finance Conference. 

Chapman attorneys and management team members joined a remote meeting with middle school students participating in a Spark-Chicago lab to share their role at the firm, what a "typical day" looks like for them, and answer students' questions.

Chapman was named one of the top law firms for women attorneys in Law360’s 2020 Glass Ceiling Report.

Chapman sponsored the virtual Institutional Limited Partners Association's Private Equity Legal Conference.

Chapman attorneys partnered with volunteer attorneys from one of the firm’s financial institution clients to draft renewal paperwork for individuals whose Deferred Action for Childhood Arrivals is up for renewal.

Under the expanded Medicare Accelerated and Advance Payments Program, more than 22,000 Medicare Part A providers and 28,000 Medicare Part B suppliers requested and received accelerated or advance payments from the Centers for Medicare & Medicaid Services to help ease financial strain and uncertainty caused by the COVID-19 pandemic.

Chapman attorneys Amy Cobb Curran and David Kates participated in a webinar hosted by Warbird Consulting Partners. 

Chapman attorney Rick Cosgrove spoke at the Virtual US P3 Forum 2020.

Chapman congratulates Associate and Pro Bono Counsel Sara Ghadiri, who received Illinois Wesleyan University’s 2020 Robert M. Montgomery Outstanding Young Alumni Award.

Chapman will be sponsoring the Global Alliance for Africa's Virtual Gala 2020.

In June, the IRS issued several notices that provide more details on the SECURE Act, passed in late 2019, and the CARES Act, passed in late March. This Client Alert will cover two primary topics: Coronavirus-Related Distribution Rules and the 2020 RMD Waiver Rule.

Chapman sponsored the virtual LendIt Fintech USA 2020 conference.

Chapman attorney Craig Cohen spoke at the American Bar Association's Virtual 2020 Fall Tax Meeting.

The 2020 update of Chapman's marketplace lending guide discusses the Colorado true lender settlement, new “valid when made” regulations, and the latest legal, regulatory, and judicial developments affecting the marketplace lending industry.

Chapman attorney Vince Pellieriti served as co-chair of the Private Placements Global Forum, Europe 2020. 

Chapman attorney Melanie Gnazzo spoke at The Virtual Investors' Conference on LIBOR. 

In 2015, the Second Circuit Court of Appeals issued an opinion finding that, under the doctrine of federal preemption, a non-bank assignee of a bank loan could not charge and collect the rates and fees that the bank could charge and was therefore subject to state law usury limits.

As companies default under their credit agreements, lenders have to decide what course of action is appropriate to effectuate their goals. Should the lender give the borrower breathing room by entering into a forbearance agreement in exchange for certain milestones, or is more aggressive enforcement action required?

Chapman will be sponsoring a Gilda's Club Chicago virtual event that will be attended by Chapman's Chief Executive Partner Tim Mohan, who also serves as Board Chair of Gilda's Club Chicago.

Chapman attorneys Sarah Breitmeyer and David Cholst spoke at the National Association of Bond Lawyers's The Workshop.

Chapman attorney Sarah Breitmeyer spoke at an Illinois Government Finance Officers Association Educational Webinar.

Chapman is proud to join over 1,000 companies in more than 100 countries in support of the United Nations and inclusive multilateralism by signing the Statement from Business Leaders for Renewed Global Cooperation.

Chapman sponsored Legal Aid Chicago's 2020 Relay for Justice, a virtual walk, run, and bike event.

Chapman’s innovations team automates the generation of essential estate planning documents to help CDEL expand access to estate planning services for underserved people in Illinois.

Receiving a “Hall of Fame” distinction, the 2020 list marks the 12th time Chapman has been recognized by Working Mother for programs, policies, and best practices.

The Office of the Comptroller of the Currency recently issued its final rule codifying as a regulation that the interest charged on loans that is permissible before the loan is transferred remains in effect after the loan is transferred.

In a new article, Chapman’s Chief Talent Officer Stacey Kielbasa and Professional Development, Diversity and Pro Bono Manager Shannon Burke write about law firm policies relating to remote work and distance learning during and after the COVID-19 pandemic.

The parties to the closely watched litigation by the Attorney General of Colorado as Administrator of the Colorado Uniform Consumer Credit Code against two marketplace lending platforms have agreed to settle the litigation.

Charles Calloway, an associate in Chapman's Corporate Finance Department, is a long-time mentor, advocate, and Chicago chapter board member for Spark Program, Inc. Charles was recently appointed to the Spark National Board of Directors.

This is the third and final Client Alert of a three-part series relating to executing a Strict Foreclosure. As discussed in our previous Client Alerts, it is imperative to focus on who is going to run the business after consummating the Strict Foreclosure.

Chapman attorney Brent Feller spoke at the 2020 National Association of Local Housing Finance Agencies Virtual Conference. 

Chapman attorneys Kathleen Moriarty and Barry Pershkow spoke at the ETFGI Global ETFs Insights Summit.

Chapman attorney Michael Friedman spoke at the American Bankruptcy Institute’s Northeast Virtual Bankruptcy Workshop.

On July 22, Online Lending Policy Institute hosted a conversation covering the new FDIC rule issued on June 25 which adopts the common law doctrine of “valid when made” as well as other topics related to fintech.

The CARES Act, which was designed to support individuals and businesses affected by the COVID-19 pandemic, was signed into law on March 27. This article summarizes various tax provisions in the CARES Act.

The CARES Act, which was enacted to support individuals and businesses affected by the COVID-19 pandemic, provides that borrowers experiencing financial hardship due to the national emergency declared by the President, may request and obtain forbearance on certain federally backed mortgage loans.

Chapman has committed $75,000 to Spark Program Inc., a national nonprofit that develops programming that correlates professional mentorship, educational engagement, and future achievement with middle school students from diverse backgrounds.

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation have been quite active in issuing or proposing new regulations and initiatives focused on financial technology and innovation in financial services.

This is the second Client Alert of a three-part series relating to executing a Strict Foreclosure. 

The Online Lending Policy Institute will be hosting a conversation with Chairman of the FDIC, Jelena McWilliams. Chapman attorney Marc Franson will also be moderating a conversation with FDIC Deputy to the Chairman & Chief of Staff, Brandon Milhorn.

In 2017, the UK authority that oversees the London interbank offered rate, announced that LIBOR may be phased out after the end of 2021. The announcement applied to all currency and term variants of LIBOR, including US dollar denominated LIBOR.

Chapman’s Pro Bono Counsel Sara Ghadiri is a passionate advocate for people who cannot use their voice in the American legal system.

This Client Alert is part of a three Alert series. This Alert focuses on when Strict Foreclosure can be a lender’s best option and the potential path to execute a Strict Foreclosure. 

The Federal Reserve has established the Main Street Loan Program to provide support to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.

The Department of Labor proposed a new investment advice fiduciary rule, which generally reinstates the DOL’s longstanding investment advice fiduciary test and provides a new prohibited transaction exemption for such fiduciaries.

Chapman is proud to join the Diversity Lab’s Mansfield Rule initiative to increase the representation of historically underrepresented lawyers in law firm leadership and governance roles.

We are proud to announce that Chapman has joined the new Law Firm Antiracism Alliance (LFAA) formed to work on pro bono projects and regulatory advocacy initiatives that seek to correct injustices in our legal system and to promote racial equality in the law and government institutions.

On June 11, the Online Lending Policy Institute hosted a conversation covering the expansive advance notice of proposed rulemaking in the fintech space.

On June 16, the Securities and Exchange Commission issued an order granting registered municipal advisors an emergency, temporary conditional exemption from broker registration under Section 15 of the Securities Exchange Act of 1934 in connection with certain direct placement activities.

The General Assembly passed Senate Bill 2135 on May 23 and the Governor signed the same on June 12. The Act provides greater flexibility for public bodies to conduct business remotely when in-person attendance is not feasible due to a disaster.

Chapman's Practice Innovations and Technology Partner Eric Wood spoke at an International Legal Technology Association webinar.

Chapman was named to the 2020 Public Interest Law Initiative (PILI) Pro Bono Recognition Roster, recognizing law firms and corporate legal departments for inspiring and life-changing pro bono work performed by attorneys and legal professionals in Illinois.

On June 11, the Federal Reserve Bank of New York issued an updated Notice of Interest for the Municipal Liquidity Facility to reflect the expansion of eligibility for the facility.

Chapman attorney Marc Franson moderated a conversation with OCC Senior Deputy Comptroller and Chief Counsel, Jonathan Gould, on the proposed new rulemaking from the OCC.

On June 5, the Paycheck Protection Program Flexibility Act of 2020 was signed into law and made key changes to the Paycheck Protection Program just a few weeks before the program’s official termination on June 30.

On June 3, the Federal Reserve announced expanded eligibility for its Municipal Liquidity Facility. Under the new terms, a State that does not have at least two total counties or cities that meet the minimum population requirements will be able to identify a city or county to be an Eligible Issuer.

On May 29, the Office of the Comptroller of the Currency issued its final rule codifying as a regulation that the interest charged on loans that is permissible before the loan is transferred remains in effect after the loan is transferred.

This client alert will address questions about loan forgiveness under the Paycheck Protection Program for both borrowers and lenders as known at the current time, but we note that legislative efforts currently underway may change the terms of these loan forgiveness provisions.

On May 23, the General Assembly passed Senate Bill 2135, providing for amendments to Sections 2.01 and 7 of the Open Meetings Act of the State of Illinois. The changes provide greater flexibility for public bodies to conduct business remotely when in-person attendance is not feasible due to a disaster.

Chapman attorney Larry Halperin spoke at a Turnaround Management Association New York City Chapter webinar.

Chapman has joined the Chicago Bar Association’s Wills for Heroes: COVID-19 Essential Healthcare Workers program to provide estate planning services to individuals serving on the front lines of the coronavirus pandemic.

Rebecca Wallenfelsz, a partner in Chapman's Trusts and Estates Department, participated in an interview on the Divorce and Beyond Podcast. 

Representing a detained client during a pandemic is extraordinarily challenging, but Chapman attorneys Sara Ghadiri, Melanie Haywood, and Eric Silvestri with assistance from Finance Law Development Analyst Rachel Waddey and support from the detained team at National Immigrant Justice Center helped a survivor of severe domestic violence from Egypt obtain asylum.

On May 4, the IRS issued Revenue Procedure 2020‑19, which provides temporary relief to publicly‑offered regulated investment companies and publicly‑offered real estate investment trusts, with respect to stock distributions that are intended to qualify for the dividends-paid deduction.

On May 5, in a case of first impression in Delaware, a Delaware bankruptcy judge, rejected a preferred shareholder’s motion to dismiss Pace Industries’ chapter 11 cases for failure to obtain its consent to file, a right provided in the debtor’s certificate of incorporation, finding that a minority shareholder’s blocking rights were unenforceable as violative of federal policy.

The Federal Reserve today issued an amended term sheet establishing pricing criteria for its Municipal Liquidity Facility last described in our April 29 Client Alert. The Federal Reserve Bank of New York also issued today a revised FAQs for the facility.

On May 4, the SEC Chairman and the Director of the Office of Municipal Securities issued a public statement encouraging issuers, conduit borrowers and other obligated persons of municipal securities to make disclosures describing the effects of the COVID‑19 pandemic on their finances and operations.

This alert explores the three loan facilities constituting the Main Street Lending Program: the newly announced Main Street Priority Loan Facility, the revised Main Street New Loan Facility, and the revised Main Street Expanded Loan Facility.

Treasury Department guidance issued on April 22 summarizes three requirements for the use of payments from the Coronavirus Relief Fund. On May 4, FAQs were issued that “supplements” the guidance by answering a long series of questions about Eligible Expenditures and a shorter list of questions about the Administration of Fund Payments. 

On May 5, federal banking regulators adopted an interim final rule that neutralizes the liquidity coverage ratio impact for banks participating in the Federal Reserve’s Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility.

On April 27, the Federal Reserve issued a press release announcing changes to the Municipal Lending Facility described in previous client alerts. At the same time, the Federal Reserve Bank of New York, as sole Reserve Bank lender for the facility, issued a FAQs for the facility.

The Paycheck Protection Program and Health Care Enhancement Act was signed into law today. This alert summarizes key portions of the Act and recently released information from the Department of Health and Human Services explaining its plans to allocate and distribute the Provider Relief Fund money.

On April 9, the Federal Reserve issued term sheets for six “new” funding facilities under the CARES Act. This client alert describes in detail the Municipal Liquidity Facility.

Chapman’s "Bankruptcy and Aircraft Finance" handbook details certain special rights afforded aircraft creditors and some of the strategies employed. With the airline industry suffering devastating losses as a result of the COVID-19 pandemic, we hope this will be a useful resource for creditors.

On April 13, the IRS released Revenue Procedure 2020-26, which provides that forbearances and related modifications of certain mortgage loans will not be treated as replacing the unmodified loan with a newly issued loan for purposes of the REMIC and grantor trust qualification tests (and related REMIC-related taxes).

On April 9 the Federal Reserve issued term sheets for six “new” funding facilities under the CARES Act. Three of those facilities provide for direct loans to companies. 

On April 8, the SEC adopted rule amendments that will allow closed-end funds and business development companies the ability to use registration, offering and communications rules that are currently available to publicly‑registered operating companies.

With the Regulation Best Interest compliance date set for June 30, 2020, the SEC's Office of Compliance Inspections and Examinations recently announced that it would begin conducting broker‑dealer examinations focused on Reg BI compliance and outlined the scope of exams likely to occur in the first year following the compliance date.

With the Form CRS compliance date set for June 30, 2020, the SEC's Office of Compliance Inspections and Examinations recently announced that it would begin conducting examinations focused on Form CRS compliance and outlined the focus of exams likely to occur in the first year following the compliance date.

The Coronavirus Aid, Relief, and Economic Security Act to support individuals and businesses affected by COVID-19 pandemic was signed into law on March 27. This client alert summarizes the various tax provisions in the CARES Act.

On April 9, 2020, the Federal Reserve released a revised term sheet for TALF 2020 that, among other things, broadens the range of assets that qualify as eligible collateral under the program.

Earlier today the Federal Reserve announced it would establish six new funding facilities supported by Treasury funding authorized by Section 4003(b)(4) of the CARES Act.

In these uncertain times, parties to bond documents (including documents such as continuing covenant agreements) may wish to waive, modify or renegotiate certain provisions, including the forbearance and deferral of debt service, the waiver of provisions or the exercise of certain options.

The Federal Reserve Bank of New York has posted FAQa for the Commercial Paper Funding Facility described in our March 19 client alert, and amended as described in our March 24 client alert.

The SEC has taken several actions to assist funds and advisers in light of the effects of COVID-19. Similarly, FINRA also has taken several actions to provide guidance and certain regulatory relief to its member firms.

The Federal Reserve has established a webpage that provides links to a FAQ and other documents for the Money Market Fund Liquidity Facility described in earlier Chapman client alerts.

Yesterday the Federal Reserve announced it was temporarily removing Treasury securities and deposits at Federal Reserve Banks from the supplementary leverage ratio applicable to Category I-III bank holding companies or US intermediate holding companies of foreign banks.  

In response to the COVID-19 pandemic, federal and state courts throughout the country are issuing general orders providing for important changes to procedures for pending and newly scheduled court hearings. This is a summary of such procedural changes for the federal courts located in Chicago and the state courts in Cook and the surrounding collar counties. 

This client alert has been updated from our March 31, 2020 client alert to reflect guidance from the U.S. Treasury Department and the Small Business Administration.

The $2 trillion stimulus bill is the largest stimulus bill in U.S. history and Congress’ third major piece of legislation to address the COVID-19 crisis. This client alert summarizes notable CARES Act provisions for Institutions of Higher Education.

The cornerstone of the CARES Act’s relief package for small businesses is the Paycheck Protection Program, under which the Small Business Administration will guarantee up to $349 billion in small business loans. 

The Coronavirus Aid, Relief, and Economic Security Act, a bill designed to provide financial support and resources to individuals and businesses affected by COVID-19 pandemic, was signed into law on March 27. This client alert summarizes notable CARES Act provisions for health care businesses, including hospitals and physician practices.

This Client Alert focuses on some major programs established by the Coronavirus Aid, Relief, and Economic Security Act to financially support, through loans or grants, (1) small businesses, (2) larger businesses, and (3) states and municipalities. 

Thomson Reuters recently published a case study examining Chapman's utilization of Contract Express to automate document drafting and streamline transactions. 

Today, Chapman Partner Hillary Phelps was named a member of the Municipal Securities Rulemaking Board's Market Transparency Advisory Group. 

While many questions and uncertainties exist with respect to the impact of COVID-19 on the economy, this is an overview of the prominent issues for lenders to consider regarding existing middle market credit agreements – particularly, as a spike in amendment and waiver activity is expected in coming months.

As Employers are facing unprecedented health and safety issues in connection with the COVID-19 pandemic and the rapidly changing nature of government mandates put in place to contain the spread of the virus, the United States Department of Labor, Occupational Safety and Health Administration has issued Guidance on Preparing Workplaces for COVID-19. 

H.R. 748 better known as the CARES Act or more informally as the $2 trillion stimulus bill signed by President Trump on March 27, 2020, contains one important provision for all consumer lenders and another two provisions related to federally-backed mortgage loans.

Chapman Associate and Pro Bono Counsel Sara Ghadiri discussed her work with the Illinois Free Legal Answers program and assisting pro se litigants during the COVID-19 pandemic in an interview with the Chicago Daily Law Bulletin. 

On March 23, the Federal Reserve announced the establishment of the Term Asset-Backed Securities Loan Facility to support the flow of credit to consumers and businesses. 

On March 23, the Federal Reserve issued further amendments to add negotiable certificates of deposit and all short-term municipal securities to the list of eligible collateral. 

On March 23, the Federal Reserve added municipal issuers and amended the pricing for the commercial paper funding facility announced on March 17 and issued other “program terms and conditions” posted on the website of the Federal Reserve Bank of New York.

This morning, the Board of Governors of the Federal Reserve System announced sweeping actions to help the economy.

On March 18, the Federal Reserve announced a Money Market Fund Liquidity Facility to make loans to banks and certain affiliates secured by certain assets acquired from “prime” money market funds. Earlier today, the Federal Reserve issued amendments to the program.

On March 17, the Federal Reserve Board announced the establishment of two emergency funding facilities that closely mirror facilities established in 2008 during the last financial crisis in providing liquidity to both short and long term funding markets.

In response to the COVID-19 pandemic, federal and state courts throughout the country are issuing general orders providing for important changes to procedures for pending and newly scheduled court hearings.

The SEC re‑proposed Rule 18f-4, a new exemptive rule designed to provide a more comprehensive approach to the regulation of funds’ use of derivatives and certain other transactions.

Chapman attorney Michael Friedman spoke at Turnaround Management Association of Florida’s 10 Annual Winter Conference.

For the second consecutive year, Chapman is proud to be recognized as an American Bar Association Free Legal Answers Pro Bono Leader for the work of our attorneys in 2019 on behalf of the ABA Free Legal Answers program. Associate and Pro Bono Counsel Sara Ghadiri was individually recognized for her work on behalf of the program. 

Chapman attorneys Michael Friedman and Larry Halperin spoke at VALCON 2020, which was hosted by the American Bankruptcy Institute and the Association of Insolvency & Restructuring Advisors.

Chapman and Cutler LLP mourns the loss of retired partner, colleague and friend James E. Spiotto, who passed away in Chicago on February 27, 2020. He was 73.

Chapman attorney David Sykes spoke at the Structured Finance Association's Vegas 2020 conference.

On February 18, the SEC issued an order approving a proposed MSRB rule change updating the MSRB’s Electronic Municipal Market Access system website.

On February 7, the SEC Office of Municipal Securities published Staff Legal Bulletin No. 21 that addresses the application of the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934.

Chapman attorneys Tony Yager and Charles Calloway spoke at The George Washington University Law School.

On January 13, 2020, the Delaware Supreme Court reversed, in part, an appeal from the Delaware Court of Chancery in BlackRock Credit Allocation Income Trust v. Saba Capital Master Fund, Ltd.

On February 10, the SEC’s Fixed Income Market Structure Advisory Committee approved a series of recommendations designed to improve the timeliness of disclosure in the municipal securities market.

Chapman attorney Marc Franson spoke at the Chicagoland Compliance Association's Regulator Panel Breakfast Meeting.

Chapman's Practice Innovations and Technology Partner Eric Wood spoke at the Inspire.Legal conference.

Chapman attorney Larry Halperin spoke at the 2020 Turnaround Management Association Distressed Investing Conference.

Chapman attorneys Sara Ghadiri and Eric Straughn assisted at the Public Interest Law Initiative's Legal Prep Community Law Clinic in Chicago’s Garfield Park neighborhood, interviewing four individuals to answer their immediate legal questions and putting them on the path toward getting free representation.

This Client Alert covers the new rules that apply to decanting. It is the fifth installment in a six-part series on the new Illinois Trust Code.

Chapman served as pro bono counsel to Children’s Rights to advocate for and protect vulnerable children in its recent amicus brief in support of plaintiff-appellees.

The IRS has released a new Form 8038-CP, Return for Credit Payments to Issuers of Qualified Bonds, along with new instructions. Form 8038-CP is used by issuers to claim payments from the federal government representing all or a portion of interest payable on direct pay bonds

Chapman is proud to announce that Gilberto Gonzalez, a 2L at the University of Illinois College of Law, is the recipient of the second annual Chapman and Cutler LLP Maynard H. Jackson Jr. Diversity Scholarship.

Chapman attorneys Kent Floros, Kyle Harding, and Anjali Vij spoke at the 2020 Illinois Association of Park Districts / Illinois Park and Recreation Association Soaring to New Heights Conference.

Chapman attorney Tony Yager served as chair of the 2020 Private Placements Industry Forum for the eighth consecutive year.

Chapman attorney Paul Carman spoke at the 9th Annual International Bar Association Tax Conference. 

Chapman and Cutler LLP was again named one of the Best Places to Work for LGBTQ Equality, receiving a 100% score on the annual Corporate Equality Index. 

The SEC's Office of Compliance Inspections and Examinations has released its 2020 Examination Priorities. This Client Alert includes a discussion of the exam priorities.

FINRA recently issued its 2020 Risk Monitoring and Examination Priorities Letter. The letter highlights the areas of focus for FINRA’s risk monitoring, surveillance and examination programs for 2020 and contain numerous links to Regulatory Notices, FINRA Reports and other resources to aid broker-dealers in complying with the priority areas.

On September 17, the SEC announced proposed rules to update the statistical disclosures that bank and savings and loan registrants provide to investors and eliminate disclosures that overlap with other SEC rules, U.S. GAAP or IFRS.

Late in 2019, as part of a spending package, President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act of 2019 or the SECURE Act. The legislation provides changes to defined contribution plans (such as 401(k) plans) and defined benefit pension plans.

Late in 2019, Congress passed the Setting Every Community Up for Retirement Enhancement or the SECURE Act. With few exceptions, the provisions in the Act are effective for retirement plans, IRAs, contributions and distributions on or after January 1, 2020.

The California Consumer Privacy Act of 2018 went into effect on January 1, 2020 and imposes extensive disclosure and record-keeping requirements on businesses that handle personal information.

Chapman has signed a 100,000 square feet lease to become the second tenant at the highly-anticipated, trophy-class office building project at 320 South Canal Street.

Chapman pro bono efforts have resulted in Immigration and Customs Enforcement granting parole to two women, both victims of torture for their involvement in the Anglophone separatist movement in Cameroon.

Chapman attorneys Nancy Burke and Brent Feller spoke at the Tax-Exempt Bond Compliance Conference 2019.

Chapman attorneys Patrick Quill and Bradley Volkommer spoke at CLO Summit 2019.

Chapman attorney Marc Franson spoke at the 2019 Illinois Bankers Association Bank Counsel Conference. 

Chapman is proud to have served as counsel to the banks and swap providers on a $6.5 billion financing that was named The Bond Buyer's 2019 Deal of the Year at an awards ceremony held December 4 in New York.

This Client Alert covers the new rules that apply to beneficiary representation. It is the fourth installment in a six-part series on the new Illinois Trust Code.

On November 22, in a fact-specific ruling, the U.S. Court of Appeals for the First Circuit held that two separate, but related Sun Capital Partners Inc. private equity investment funds were not liable for the multiemployer plan withdrawal liability of a bankrupt portfolio company that the two funds co-owned.

On November 25, the SEC re-proposed Rule 18f-4 under the Investment Company Act of 1940 as amended. Rule 18f-4 is intended to be a new exemptive rule that is designed to enhance the regulation of the use of derivatives by registered investment companies, including mutual funds, ETFs, closed-end funds, and BDCs notwithstanding the restrictions under the 1940 Act.

Chapman attorneys Hillary Phelps and Anjali Vij spoke at the Illinois ASBO Debt A-Z Academy.

Chapman attorney Marc Franson spoke at the 5th Annual ABS Tech Conference.

Chapman attorneys Dave Audley and Bryan Jacobson spoke at the November monthly meeting of the Chicago Mortgage Attorneys Association.

Chapman attorney Marc Franson spoke at the Illinois Credit Union League 2019 Annual Attorneys Conference.

Chapman attorney Sharone Levy attended the Chicago Children's Theatre P.O.P. (Power of Play) Gala.

Chapman attorney Kelly Kost spoke at the 2019 IAPD Legal Symposium.

Attorneys and legal professionals from BMO Financial Group and Chapman are partnering with the Chicago Appleseed Fund for Justice and the Chicago Council of Lawyers to study the extent to which tenant eviction proceedings are being conducted across the US without a record and comparing the differences between those unrecorded proceedings and recorded proceedings.

This article in Business Credit magazine discusses best practices that unsecured creditors consider in determining early-on whether or not a customer is in financial distress, assessing the circumstances, and taking appropriate action. 

Chapman attorney Jim Sullivan spoke at the Honorable Robert E. Ginsberg Annual Program on Commercial Bankruptcy Law.

On November 4, the SEC announced proposed amendments to Rules 206(4)-1 and 206(4)-3 under the Investment Advisers Act of 1940 to address investment adviser advertisements and payments to solicitors, respectively. 

Chapman attorney Greg Xethalis spoke at the Fordham Law Blockchain Regulatory Symposium.

Chapman attorney Larry Halperin spoke at the Turnaround Management Association NYC Academic Relations Class at the NYU Stern School of Business.

Chapman attorney Kelley Bender spoke at the American Bar Association LLC Institute 2019.

Chapman and Cutler LLP announced today that Toi Hutchinson, Chapman’s Director of Community Relations and Social Responsibility, resigned her position with the firm, having assumed a new appointment by Governor J.B. Pritzker to oversee implementation of the new marijuana legalization law in Illinois last month.

Chapman attorneys Laura Appleby and Aaron Krieger attended the American Bankruptcy Institute's Mid-Level Professional Development Program.

On September 26, the SEC adopted final Rule 6c-11 under the Investment Company Act of 1940, and certain form amendments that standardize the regulatory regime governing exchange-traded funds.

Chapman attorney Cari Grieb spoke at a National Football League Roundtable hosted by the Young Jewish Professionals. 

Chapman's Chief Executive Partner Tim Mohan authored an article for Legal Evolution discussing Chapman's talent development initiative, the Finance Law Development Program. 

Chapman attorney Marc Franson spoke at the 4th Annual Online Lending Policy Summit, hosted by the Online Lending Policy Institute. 

Fund sponsors are increasingly considering two similar types of registered closed-end investment companies known as “interval funds” and “tender offer funds” as an attractive alternative to open-end mutual funds, ETFs and traditional closed-end funds.

Chapman attorneys Kathleen Moriarty and Greg Xethalis spoke at the Digital Asset Strategy Summit. 

For the fourth year in a row, Chapman received the Law Chalice from the American Heart Association (AHA) in recognition of contributions to the not-for-profit organization's annual Heart Walk.

Chapman attorney Nicole Windsor served as co-chair of the American College of Investment Counsel's Fall Annual Meeting and Education Conference, and attorneys Laura Appleby, Larry Halperin, and Steve Wilamowsky spoke at the conference.

Chapman attorney Michael Friedman spoke at the 2019 Higher Education Real Estate Lawyers Annual Conference.

Chapman attorney Vince Pelleriti served as Co-Chair of the 2019 Private Placements Global Forum, which was also attended by Michael Harrison, Amy Olshansky, and Tony Yager. 

Chapman’s Director of Practice Innovations Michael Nogroski spoke at the 2019 Emerging Legal Technology Forum.

Chapman attorney Ryan Bowen spoke at the 27th Annual Texas Association of Local Housing Finance Agencies Educational Conference.

This Alert covers the new rules that apply to the modification or termination of irrevocable trusts. It is the third installment in a six-part series on the new Illinois Trust Code.

Chapman is serving as pro bono counsel to Children’s Rights to advocate for and protect vulnerable children in a recent amicus brief. On September 27, a district court issued a favorable ruling, and Judge Dolly Gee tracked arguments made in Children’s Rights’ brief.

On September 26, the SEC adopted Rule 6c-11 under the Investment Company Act of 1940 and amendments to Form N-1A and Form N-8B-2 that overhaul the patchwork regulatory framework that currently governs the $3.32 trillion ETF industry. The adopted rule and form amendments are largely similar, but not identical, to the versions that were proposed in June 2018.

In a case of first impression, the Seventh Circuit recently held that a UCC financing statement that incorporates a description of collateral by reference to an unattached security agreement sufficiently “indicates” the collateral, such that a separate and additional description of the collateral is not required to properly perfect a lender’s security interest.

Chapman attorneys Juliet Huang and Hillary Phelps spoke at The Bond Buyer's California Public Finance Conference.

Chapman attorney Greg Xethalis spoke at an event hosted at Chapman's New York office in connection with Climate Week NYC 2019.

Chapman attorneys Melanie Gnazzo, David Sykes, and Evan Kelson spoke at the 25th Annual ABS East Conference.

Hillary Phelps, a partner in Chapman's National Public and Health & Education Finance Department, was named a 2019 "Rising Star" at The Bond Buyer's California Public Finance Conference. 

Chapman sponsored the National Investment Company Service Association 2019 Midwest Regional Meeting, which was hosted at the firm's Chicago office. 

Chapman mourns the loss of our partner, colleague and friend, William F. Tueting, who passed away on September 15, 2019 in Salt Lake City. He was 77.

Chapman's Chief Executive Partner Tim Mohan and Practice Innovations and Technology Partner Eric Wood spoke at the 5th Annual Disruption and Innovation in the Delivery of Legal Services Conference.

Chapman attorneys Nancy Burke and Juliet Huang spoke at The Workshop, which was presented by the National Association of Bond Lawyers. 

Chapman attorneys Larry White and Seema Patel spoke at the Illlinois Government Finance Officers Association Annual Conference. 

Chapman is serving as pro bono counsel to Children’s Rights to advocate for and protect vulnerable children in its most recent amicus brief.

Chapman served as special counsel to an Illinois county in the state’s first transaction under a commercial property assessed clean energy (PACE) financing program, which allows property owners to obtain upfront financing from private capital providers for energy efficiency and renewable energy projects in new and existing buildings.

Chapman attorney Kathleen Moriarty participated in The ETF Experience podcast in an episode entitled "The ETF Approval Process."

This Alert covers the newly created powers granted to a trustee under the ITC, a well as the previously existing, but now codified, powers. This Alert is the second installment in a six-part series on the new Illinois Trust Code, a version of the Uniform Trust Code.

Chapman hosted an event in San Francisco for the Structured Finance Association's Women in Securitization Week.

Chris Massie, an associate in Chapman’s Public and Institutional Banking & Finance Group, is the recipient of the firm’s 2018 Pro Bono and Volunteer Achievement Award for his leadership and contributions to pro bono projects.

Chapman attorney Walt Draney spoke at the Alternative Finance Summit 2019.

Chapman attorney Marc Franson spoke at the Chicagoland Compliance Association's Fair Lending and CRA Symposium.

In a decision that upends the expectations of the municipal bond market, a three-judge panel of the U.S. Court of Appeals for the First Circuit has ruled that the “special revenue” provisions of the U.S. Bankruptcy Code do not compel the payment of debt service on certain municipal bonds during the pendency of a bankruptcy proceeding.

In a recent decision, the U.S. Bankruptcy Court for the Southern District of New York held that liquidated damages provisions calculating damages based upon stipulated loss value schedules designed to provide the lessor/owner participant with a return on investment of 4% (and not as a proxy for actual damages) violated New York public policy and were unenforceable as penalties.

Chapman is proud to support the Chicago Committee on Minorities in Large Law Firms and its LegalTrek program, which is working to diversify the legal profession by encouraging and supporting college students from historically underrepresented groups to attend law school.

On July 16, in an open meeting of the FDIC Board of Directors a memorandum and resolution regarding a Notice of Proposed Rulemaking on a Proposed Amendment to Securitization Safe Harbor Rule was passed. 

Receiving a “Hall of Fame” distinction, the Best Law Firms for Women 2019 list marks the tenth time Chapman has been recognized by Working Mother for programs, policies, and best practices.

The First Circuit recently found that a UCC filing amendment naming the debtor contained an appropriate name and that, when coupled with a corrected collateral description in the amendment, the bondholders’ lien was perfected and therefore unavoidable under the “strong-arm” provisions of the Bankruptcy Code.

The US Court of Appeals for the Ninth Circuit is the latest court in a developing line of case law to find that the doctrine of equitable mootness applies to prevent an aggrieved creditor from unwinding a substantially consummated Chapter 9 municipal bankruptcy plan.

Last week, Governor Pritzker signed HB 1471, giving Illinois new trust laws as of January 1, 2020. This Alert is the first installment in a six-part series on the new Illinois Trust Code, a version of the Uniform Trust Code.

Chapman attorneys and professionals gathered in our offices to show support for the LGBTQ community, culminating in our Chapman Pride video.

Chapman attorney Joe Saverino spoke at the Illinois Municipal Treasurers Association Annual Conference. 

For the sixth time, Chapman was named to the 2019 PILI Pro Bono Roster, recognizing law firms and corporate legal departments for inspiring and life-changing pro bono work performed by attorneys and legal professionals in Illinois.

Chapman attorney Kathleen Moriarty will be speaking at the 24th Annual Global Indexing and ETFs Conference. 

Chapman attorney Paul Carman served as a table co-chair at the 12th Annual US and Latin America Tax Practice Trends Conference. 

Chapman attorney Rick Cosgrove spoke at the US P3 Forum 2019. 

Chapman’s Chicago office hosted a reception recognizing Ezra Lintner as the first recipient of the Chapman and Cutler LLP Maynard H. Jackson Jr. Diversity Scholarship. Ezra is an openly transgender Dean's List Scholar at DePaul University College of Law.

The Securities and Exchange Commission voted 3 to 1 to adopt highly anticipated new and amended rules, forms and guidance relating to registered investment advisers’ and broker-dealers’ conduct and interactions with retail customers.  

Chapman attorneys Laura Appleby, Dan Bacastow, Rick Cosgrove, and Juliet Huang spoke at The Bond Buyer's Midwest Municipal Market Conference.

In a case of particular significance to parties that enter into forward contracts as means of hedging the future price of commodities used in their business, the U.S. Bankruptcy Court for the Northern District of Ohio has found that a “forward contract merchant” must be in the business of entering into forward contracts in order to generate a profit, not merely as a hedge.

Chapman was named among Law360's 70 best law firms for women attorneys that are “demonstrating that the industry's gender diversity goals can turn into a measurable result, and boost the number of women at all levels of a law firm." This is the third consecutive year that Chapman was recognized.

Chapman attorney Barry Pershkow spoke at the 2019 ETFs Global Markets Roundtable.

Chapman attorneys David Batty, Kimberly Bischoff, Will Petraglia, Sara Ghadiri, and Eric Manor volunteered at the Charlotte Fire Department Headquarters for a Wills for Heroes clinic.

Chapman attorney Greg Xethalis spoke at a program held in connection with New York Blockchain Week.

Chapman was honored by the Chicago Legal Clinic with the 2019 Pro Bono Service Award, which recognizes outstanding contributions to the clinic’s mission to provide community-based quality legal services and education to the underserved and disadvantaged.

Chapman attorney Juliet Huang spoke at the 39th Annual Association for Governmental Leasing and Finance Conference. 

On April 25, the U.S. District Court for the Southern District of New York reversed a bankruptcy court’s finding that a bank’s imposition of a freeze on a married couple’s bank account upon the filing of their Chapter 7 bankruptcy petition, pending instructions from the Chapter 7 trustee, violated the automatic stay.

Chapman attorney Laura Appleby spoke at the Turnaround Management Association's Network of Women Summit.

Attorneys from Chapman's San Francisco office participated in the Legal First Responders kick off event. Legal First Responders is a program of Legal Access Alameda.

Chapman Associate and Pro Bono Counsel Sara Ghadiri was named to the 2019 class of The Outstanding Young Persons of Illinois by the Illinois Jaycees — Sara was the only honoree this year in the category of political, legal, and/or government affairs.

Chapman attorneys Kyle Harding and Anjali Vij spoke at the 2019 Illinois Association of School Business Officials Annual Conference. 

Chapman attorney Sharone Levy spoke at the Illinois Community College Chief Financial Officers Spring Conference.

NetDocuments, the leading, secure cloud-based content services platform, today introduced SetBuilder, the fully-integrated NetDocuments application based on the acquisition of Chapman’s Closing Room solution. 

Chapman attorney Melanie Gnazzo spoke at the Equipment Leasing and Finance Association's 2019 Legal Forum.

Chapman attorneys recently partnered with attorneys and legal professionals from BMO Financial Group (through their Pro Bono program) to draft renewal paperwork for individuals whose Deferred Action for Childhood Arrivals is up for renewal.

Chapman attorneys Laura Appleby and Larry Halperin spoke at a program hosted by the Municipal Analysts Group of New York. 

Having failed in attempts to accelerate the termination of a CDO, an investor group holding senior notes filed an involuntary petition against an issuer to liquidate the CDO before its stated maturity under the U.S. Bankruptcy Code.

Chapman attorney Greg Xethalis spoke at LendIt Fintech USA 2019.

On March 28, the Securities and Exchange Commission charged the former controller of the College of New Rochelle, a New York-based not-for-profit college, with violating, and aiding and abetting violations of, the antifraud provisions of the federal securities laws.

Chapman attorneys Kelley Bender and Sara Ghadiri spokie at the 2019 American College of Investment Counsel's Spring Investment Forum.

Pension shortfalls. Crumbling infrastructure. Wage pressures. These are only a few of the budgetary pressures facing state and local governments. It’s no surprise that, with so many demands on limited tax dollars, funds needed to address social problems are being diverted.

MetLife has once again recognized Chapman for inclusivity efforts spanning affinity group activities, mentoring and sponsorship opportunities, training and pipeline programs, and supplier diversity initiatives.

Fund sponsors are increasingly considering two similar types of registered closed-end investment companies known as “interval funds” and “tender offer funds” as an attractive alternative to open-end mutual funds, ETFs and traditional closed-end funds.

On March 20, the Securities and Exchange Commission voted to propose amendments to existing rules and forms that, if adopted, would modify the registration, communication, offering and reporting processes applicable to registered closed-end investment companies and business development companies regulated under the Investment Company Act.

Chapman was again named one of the Best Places to Work for LGBTQ Equality, receiving a 100% score on the annual Corporate Equality Index. 

Chapman attorneys Marc Franson and Melanie Gnazzo spoke at the 18th Annual Investors' Conference on Equipment Finance. 

Toi Hutchinson, Chapman's Director of Community Relations and Social Responsibility, spoke at the 2019 Chicago Women in Public Finance Conference. 

Chapman Practice Innovations Analyst Shea Smock spoke at a Document Review, Analysis & Interpretation Using Artificial Intelligence conference hosted by Giant City Media. 

In a break from other recent circuit court decisions, the Fifth Circuit ruled that amounts due under a make-whole provision contained in a note purchase agreement constituted unmatured interest and were not permitted to be paid to a creditor under the Bankruptcy Code.

In a case of constitutional importance, the US Court of Appeals for the First Circuit addressed whether members of the Financial Oversight and Management Board created by PROMESA are “Officers of the United States” subject to the US Constitution’s Appointments Clause.

Chapman attorneys Sarah Breitmeyer and Brent Feller spoke at the National Association of Bond Lawyers's The Institute. 

This article outlines the features of proposals to adjust the applicability of certain capital and liquidity tests and certain enhanced prudential standards for bank holding companies.

Effective February 27, 2019, there are two new reportable events for which an issuer must provide notice to the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website.

Chapman attorneys Michael Friedman and Larry Halperin spoke at VALCON 2019, which was hosted by the American Bankruptcy Institute and the Association of Insolvency & Restructuring Advisors.

Chapman attorneys Preetha Gist, Tim Mohan, and David Sykes spoke at the Structured Finance Industry Group's Vegas 2019 conference.

The SEC Rule 15c2-12 amendments will be effective on and after February 27, 2019 with the effect described in the Release. In addition, the Release describes the SEC’s position on certain material financial obligations that may have an impact on primary offerings in addition to disclosures of reportable events made in the future under Rule 15c2-12.

The Financial Industry Regulatory Authority, Inc. recently issued its 2019 Risk Monitoring and Examination Priorities Letter. The Risk Monitoring and Examination Priorities Letter also directs members to their 2017 and 2018 Reports on Examination Findings. This Client Alert provides brief summaries of some of the more significant issues FINRA’s letter raises.

In December 2017, Congress added a provision to the tax code that allows some taxpayers to defer some capital gain and eliminate other gain if the taxpayer invests in an Opportunity Zone and certain conditions are met. 

A recent decision of the United States District Court for the District of Delaware has provided further support within the Third Circuit for so-called “gift” plans (i.e., plans in which a secured creditor class “gifts” a portion of its plan distribution to a junior class).

Chapman attorney Paul Carman spoke at the 8th Annual International Bar Association Tax Conference. 

Chapman is proud to be recognized as an American Bar Association (ABA) Free Legal Answers 2018 Pro Bono Leader for our attorneys work on behalf of the ABA Free Legal Answers program in Illinois.

Chapman attorneys Kyle Harding and Anjali Vij spoke at the 2019 Illinois Association of Park Districts / Illinois Park and Recreation Association Soaring to New Heights Conference.

Chapman attorney Tony Yager served as chair of the Private Placements Industry Forum. 

The beginning of each year provides an opportunity for investment advisers to review compliance and regulatory matters, including issues related to private investment funds and commodity pools.

On December 14, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a Risk Alert reminding investment advisers of their recordkeeping obligations with respect to electronic messaging and summarizing their related observations from recent examinations.

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations has released its 2019 National Exam Program Examination Priorities.

A recent court decision has provided guidance regarding the meaning of “governmental unit” under the U.S. Bankruptcy Code.This determination is important because if it is a “governmental unit,” an entity would only be eligible to file a bankruptcy petition if it is a “municipality” under the Bankruptcy Code and meets the other eligibility requirements for filing a municipal bankruptcy petition.

Chapman's Chief Executive Partner Tim Mohan to lead cancer support organization Gilda's Club Chicago.

Chapman attorney plays key role in supporting Illinois name change legislation to protect domestic abuse survivors.

For the past two years, Chapman attorneys have collaborated with Illinois Legal Aid Online’s (ILAO) Free Legal Answers Program. This month we reached a milestone, answering more than 500 legal questions and helping Illinois residents faced with major life challenges.

The Securities and Exchange Commission recently issued a no-action letter which allows broker-dealers to rely on investment advisers to perform some or all of their Customer Identification Program obligations under federal anti-money laundering legislation.

The state of Colorado initiated two lawsuits against online lending platforms. The suits alleged that the platforms had violated the state’s Uniform Consumer Credit Code by charging interest and some fees in excess of those allowed under Colorado law and that the consumer loan agreements utilized a non-Colorado governing law provision, also in violation of the law.

Chapman attorney Laura Appleby will be recognized as one of the 2018 “40 under 40” emerging leaders in insolvency practice at the American Bankruptcy Institute's 2018 Winter Leadership Conference.

Chapman attorney Marc Franson spoke at the 2018 Illinois Bankers Association Bank Counsel Conference. 

Providers of services acting as mere conduits for parties transferring money remain protected from fraudulent conveyance actions under the United States Bankruptcy Code, at least according to a recent bankruptcy court decision in the Eleventh Circuit.

Chapman attorney Greg Xethalis spoke at the Digital Asset Investment Forum.

New treasury regulations proposed by the Internal Revenue Service on October 31 significantly diminish the sting of Section 956 for many US corporations that own stock in non-US corporations that have investments in US property.

Chapman attorney Patrick Quill spoke at CLO Summit 2018, which was sponsored by Chapman. 

In October, the U.S. District Court for the Southern District of New York entered a final judgment against Christopher St. Lawrence, the former Supervisor of the Town of Ramapo, New York and Director of Finance and President of the Ramapo Local Development Corporation.

Chapman and Cutler LLP mourns the loss of partner, colleague, and friend, Michael J. Mitchell, who passed away on November 25, 2018 in Chicago. He was 63.

On November 16, attorneys at Chapman partnered with attorneys and legal professionals from BMO Financial Group (through their Pro Bono program) to draft renewal paperwork for individuals whose Deferred Action for Childhood Arrivals was up for renewal.

NetDocuments, the leading secure cloud-based content services platform for law firms, corporate legal teams and compliance departments, announced today at ndElevate, its annual customer and partner summit, that it acquired Closing Room, a deal management application developed by Chapman and Cutler LLP to streamline transactional closing processes.

In two recent cases, the Court of Appeals for the Seventh Circuit held that the Illinois Department of Revenue could not collect delinquent retail and sales taxes from the proceeds of assets sold pursuant to section 363 of the Bankruptcy Code.

A decision by the Court overseeing Puerto Rico’s bankruptcy-like Title III proceeding has reiterated what every secured creditor understands — perfection matters. The Court found that bondholders holding $2.9 billion in debt issued by the Employees Retirement System of the Government of the Commonwealth of Puerto Rico were rendered unsecured due to inadequate financing statements.

The U.S. Court of Appeals for the Fifth Circuit recently affirmed decisions of a Bankruptcy Court and District Court recharacterizing an alleged lease to a disguised financing arrangement. The Court determined that the transaction was “per se” a financing, and therefore did not need to go on to analyze the economic realities of the transaction in detail.

Chapman attorney Vince Pelleriti served as Co-Chair of the 2018 Private Placements Global Forum. 

Chapman attorney Marc Franson spoke at the 4th Annual Investors' Conference on Online Lending. 

On September 30, the Governor of California signed into law Senate Bill No. 1235, which amends the California Financing Law (previously known as the Finance Lenders Law) to impose new disclosure requirements on licensed commercial lenders and brokers including for online lending programs doing business in California.

This desk reference is intended to provide an in-depth analysis of the numerous issues affecting an equipment lessor when dealing with a lessee after it has filed for bankruptcy protection.

Chapman attorney Kim Ahlgrim attended the Working Mother Best Law Firms for Women Luncheon, recognizing Chapman and other firms named to the 2018 Best Law Firms for Women list. 

Chapman attorney Nicole Windsor spoke at the American College of Investment Counsel's Fall Annual Meeting and Education Conference. 

Chapman attorneys Kathleen Moriarty and Greg Xethalis spoke at the Digital Asset Strategies Summit. 

Chapman attorney Matt Wirig spoke at an Illinois State Bar Association CLE program.

Chapman attorney Marc Franson spoke at the Illinois Credit Union League's 41st Annual Attorneys Conference.

Chapman attorney Kelley Bender spoke at the American Bar Association LLC Institute 2018.

Chapman's Practice Innovations and Technology Partner Eric Wood spoke at the LegalWeek Strategic Technology Forum USA. 

It is common for buyers of assets in bankruptcy cases to proceed to closing even if the court’s approval of the sale is under appeal. Their willingness to do so comes in large measure thanks to Section 363(m) of the Bankruptcy Code, which protects most sales from being unwound even in the face of an otherwise meritorious appeal. 

Chapman attorney Marc Franson spoke at the 3rd Annual Online Lending Policy Summit, hosted by the Online Lending Policy Institute. 

Chapman attorney Preetha Gist will be speaking at the Alternative Finance Summit 2018: Marketplace Lending, Cryptocurrency and Crowdfunding. 

Chapman attorneys Juliet Huang and Nate Odem spoke at The Bond Buyer's California Public Finance Conference.

Chapman attorney Joe Saverino spoke at the Illinois Association of School Administrators 2018 Annual Conference.

Chapman attorneys Sarah Breitmeyer, Ryan Bowen, Nancy Burke, David Cholst, and Juliet Huang spoke at the National Association of Bond Lawyers 43rd Annual Bond Attorneys' Workshop.

Chapman attorneys Preetha Gist and John Hitt spoke at the 24th Annual ABS East Conference.

The Internal Revenue Service recently provided excise tax relief for funds taxed as regulated investment companies that were required to increase their gross income because of the new Section 965 transition tax.

Earlier this month, Governor Jerry Brown of California signed into law a bill that sets some of the strongest clean energy standards in the world. Senate Bill 100 requires that one hundred percent of all retail sales of electricity in California come from clean energy sources by 2045.

Chapman attorney Cari Grieb was recognized by the Commercial Finance Association with the 40 Under 40 Award. 

Chapman attorney Greg Xethalis spoke at the National Investment Company Service Association Crypto Economy Summit, hosted by Chapman.

Chapman attorney Sam Yoo spoke at the 2018 International Association of Korean Lawyers Conference.

Chapman attorney Joe Silvia spoke at the 2018 Mortgage Bankers Association Regulatory Compliance Conference.

Chapman attorney Kathleen Moriarty spoke at the American Bar Association 2018 Business Law Section Annual Meeting.

The Jefferson County bankruptcy proceeding may have reached its culmination with a recent decision by the U.S. Court of Appeals for the Eleventh Circuit finding an appeal of the bankruptcy court’s approval of the Jefferson County plan of adjustment as equitably moot.

Chapman attorney Dan Bacastow spoke at the National Association of Health and Educational Facilities Finance Authorities Fall 2018 Conference.

Chapman attorney Greg Xethalis attended the ID2020 Alliance Summit. 

Chapman attorney David Sykes spoke at the SunSpec Solar and Storage Finance Summit. 

On August 22, the three federal banking agencies issued an interim final rule implementing the May 2018 banking law’s requirement that investment grade, liquid and readily marketable municipal obligations be treated as Level 2B “high quality liquid assets” under the liquidity coverage ratio rule.

Chapman attorney Kathleen Moriarty spoke at a Quantitative Work Alliance for Applied Finance, Education, and Wisom New York Chapter event.

As an increasing number of jurisdictions have entered into intergovernmental agreements related to FATCA or agreed to mandate compliance with the OECD common reporting standard, exempt organizations are being asked to classify themselves in subscription agreements and forms provided to the investment vehicles.

On August 20, the SEC issued Release No. 34-83885 adopting amendments to Rule 15c2-12 under the Securities Exchange Act of 1934, as amended. The amendments add two new events to the list of reportable events for which an issuer or obligated person must provide notice to the MSRB's Electronic Municipal Market Access website. 

Chapman and Cutler LLP attorney Sara Ghadiri has played a key role in supporting legislation to expand protections for survivors of domestic abuse and stalking.

Chapman and Cutler LLP is pleased to announce that it has been named to the Best Law Firms for Women 2018 list, published by Working Mother.

Chapman attorney Greg Xethalis spoke at Distributed 2018, a conference that brings together global leaders in the blockchain community. 

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a National Exam Program Risk Alert outlining the most common deficiencies that OCIE staff has identified in recent examinations of registered investment advisers’ best execution practices.

Chapman attorney Kathleen Moriarty spoke at the 14th Annual Global ETF Awards.

On February 9, President Trump signed into law the Bipartisan Budget Act of 2018 which retroactively extended some temporary tax breaks and includes some additional provisions which were left out of the Tax Cuts and Jobs Act of 2017. 

On June 14, the Board of Governors of the Federal Reserve System issued a final rule that establishes credit limits for single counterparties of US bank holding companies and foreign banking organizations with $250 billion or more in assets, and US intermediate holding companies of covered FBOs with $50 billion or more of consolidated assets.

On June 28, the Securities and Exchange Commission proposed Rule 6c-11 under the Investment Company Act of 1940 and amendments to Form N-1A and Form N-8B-2 that overhaul the patchwork regulatory framework that currently governs the $3.4 trillion ETF industry.

Chapman attorney Greg Xethalis spoke at Crypto Evolved.

Chapman attorneys Marc Franson, Scott Fryzel, John Martin, and Greg Xethalis spoke at the Illinois Bankers Association Annual Conference. 

Chapman attorneys Rick Cosgrove and Juliet Huang spoke at The Bond Buyer's Midwest Municipal Market Conference.

The United States Court of Appeals for the Ninth Circuit issued a decision reversing a lower court’s order that designated the vote of a secured bank creditor that had purchased claims from a subset of unsecured creditors for the admitted purpose of blocking confirmation of the debtor’s plan of reorganization.

In a case of first impression, the Illinois Appellate Court has held that a condominium association does not have to first sue the prior owner of a condominium for unpaid assessments before it can seek unpaid assessments from the new owner that purchased the condominium at a foreclosure sale.

Chapman attorney Paul Carman spoke at the 11th Annual Tax Planning Strategies US and Latin America Conference, hosted by the American Bar Association and the International Fiscal Association.

Chapman attorney Rick Cosgrove spoke at the 2018 US P3 Infrastructure Forum.

Chapman's Chief Executive Partner Tim Mohan served as co-chair of the 2018 Legal Executive Forum, hosted by Thomson Reuters Legal Executive Institute. 

Chapman attorneys Dan Bacastow and Nancy Burke spoke at the 2018 NAHEFFA Quad State Plus Conference.

The Municipal Securities Rulemaking Board recently published its 2017 Compliance Advisory for Brokers, Dealers and Municipal Securities Dealers. The Compliance Advisory outlines several MSRB rules that the MSRB believes present key compliance risks for brokers, dealers and municipal securities dealers.

Chapman attorney Rick Cosgrove spoke at the National Federation of Municipal Analysts 35th Annual Conference. 

Chapman was named among the 62 best law firms for women attorneys that are “outpacing their peers, breaking down barriers, and forging a path to a more diverse working environment” by Law360.

A recent decision from the U.S. Court of Appeals for the Third Circuit has created a circuit split in how the federal circuit courts have interpreted the statute of limitations as it applies to the Fair Debt Collection Practices Act.

On May 22, the House passed Senate bill S. 2155, which would amend certain Dodd-Frank provisions and, primarily for smaller banks and credit unions, provide additional regulatory relief. President Trump is expected to sign the bill, so that it will take effect as law.  

This article discuss two recent decisions that have provided some insight into what happens when a debtor files a Chapter 13 bankruptcy petition as a means of redeeming sold real estate taxes.

Chapman attorneys Michael Friedman and Larry Halperin spoke at VALCON 2018.

On May 14, the Basel Committee on Banking Supervision issued two documents entitled “Criteria for Identifying Simple, Transparent and Comparable Short-Term Securitisations” and “Capital Treatment for Simple, Transparent and Comparable Short-Term Securitisations.” 

Under 1991 US guidance, if a non-US partner sold its interest in a US partnership, the selling partner would look through to the business of the partnership and would be required to file a US tax return and pay US tax if the partnership would have had income effectively connected to a US trade or business on a deemed sale of its assets. But that guidance was reversed in a tax court case. Then the US position was reversed again in the Tax Cuts and Jobs Act.

Chapman attorney Marc Franson spoke at the Benzinga Global Fintech Awards, which was sponsored by Chapman. 

Chapman attorney Barry Pershkow spoke at the ETFs Global Markets Roundtable. 

Recently in Hackler v. Arianna Holding Co., the U.S. District Court for the District of New Jersey held that a real estate tax foreclosure sale can be set aside as a preferential transfer under Section 547 of the Bankruptcy Code.

Today, the Basel Committee on Banking Supervision issued two documents entitled “Criteria for Identifying Simple, Transparent and Comparable Short-Term Securitisations” and “Capital Treatment for Simple, Transparent and Comparable Short-Term Securitisations.”

For non-US individuals and corporations that invest in real estate within the US, the rules that subject their gains to US federal income tax generally are found under Section 897. The Foreign Investment in Real Property Tax Act rules have often been attacked as a disincentive for overseas investors to enter the US real estate market.

Chapman is proud to be a founding Charter Sponsor of the Institute for the Future of Law Practice’s first two intensive boot camp training programs that will launch at Northwestern University’s Pritzker School of Law and the University of Colorado Law School

Chapman attorney Laura Appleby spoke at the Turnaround Management Association's Network of Women Summit.

Chapman's Juliet Huang and Toi Hutchinson spoke at the 2018 Association for Governmental Leasing and Finance Annual Conference. 

Chapman attorneys Erin Bartholomy, Kent Floros, Kyle Harding, and Anjali Vij spoke at the 2018 Illinois Association of School Business Officials Annual Conference.

Chapman attorney Sara Ghadiri spoke at the 2018 Illinois Legal Aid Online Volunteer Appreciation Event. 

On April 18, the Securities and Exchange Commission released a new interpretation addressing investment advisers’ fiduciary duties to their clients. The SEC’s proposed interpretive guidance reaffirms and clarifies duties owed by investment advisers to their clients under Section 206 of the Investment Advisers Act of 1940.

On April 18, the Securities and Exchange Commission proposed new Regulation Best Interest under the Securities Exchange Act of 1934 that would establish a federal standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. 

The Securities and Exchange Commission recently proposed new and amended rules and forms under the Investment Advisers Act of 1940 and the Securities Exchange Act of 1934 to require registered investment advisers and broker-dealers to provide a brief relationship summary to retail investors regarding their offered services, the standard of conduct and fees associated with the services.

Chapman attorney Kathleen Moriarty spoke at the 2018 Blockchain Technology, Digital Currency and ICO National Institute, hosted by the American Bar Association.

Chapman attorney Nate Odem spoke at WasteExpo 2018.

Chapman attorneys Eric Wood and Matt Wirig and the firm's Director of Practice Innovations Michael Nogroski spoke at the 2018 Corporate Legal Operations Consortium (CLOC) Corporate Legal Operations Institute. 

Chapman attorney Bruce Bedwell spoke at the 2018 American College of Invetment Counsel's Spring Investment Forum.

Chapman attorneys Erin Bartholomy and Sharone Levy spoke at the Illinois Community College Chief Financial Officers (ICCCFO) Spring Conference.

Today, the Securities and Exchange Commission voted 4 to 1 to propose highly anticipated new and amended rules and guidance relating to registered investment advisers’ and broker-dealers’ conduct and interactions with retail customers.

Chapman attorney David Sykes spoke at the 6th Annual Green Investing Conference.

On April 9, 2018, Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York, in In re Avanti Communications Group PLC, held that non-consensual third-party releases included in a U.K. scheme of arrangement were enforceable under chapter 15 of the United States Bankruptcy Code.

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations recently published a Risk Alert that highlights frequently-identified investment adviser fee and expense compliance issues from exams of over 1,500 investment adviser examinations during the past two years.

Chapman’s "Defaulted Securities: The Guide for Trustees and Bondholders" advances understanding and consideration of issues related to trustees and bondholders in both corporate and municipal financings.

Chapman attorneys Marc Franson and Greg Xethalis spoke at LendIt Fintech USA 2018.

Chapman attorney Marc Franson participated in the inaugural episode of Talking Fintech with hosts Jeremy Potter and Colin Darke. 

This article describes the impact of the Tax Cuts and Jobs Act on securitization transactions. The article addresses in detail the new limitation on the deduction for business interest expense as well as the requirement that the transferee of an equity interest in a partnership engaged in a US trade or business withhold 10% of the amount realized unless the transferor certifies that it is a US person. 

The question of what happens when a debtor files a Chapter 13 bankruptcy petition as a means of redeeming sold real estate taxes is being addressed throughout the country with more regularity. Recently, bankruptcy courts in Illinois and Georgia have provided some insight into how this question should be answered.

Chapman will be sponsoring the Banking Institute, hosted by the University of North Carolina Law School's Center for Banking and Finance. 

Chapman sponsored the Investment Company Institute's Mutual Funds and Investment Management Conference.

Chapman attorneys Tom Howard and Todd Plotner spoke at the Equipment Leasing and Finance Association's 17th Annual Investors' Conference on Equipment Finance.

Chapman attorney Michael Friedman spoke at the 2018 Tel Aviv Institutional Investment Conference. 

Chapman attorney Juliet Huang spoke at the 9th Annual Illinois Women's Leadership Conference.

Chapman attorney Joe Silvia spoke at The ONE Conference.

Chapman attorneys Preetha Gist, Melanie Gnazzo, Tom Howard, and Tim Mohan spoke at SFIG Vegas 2018.

Chapman attorney Kathleen Moriarty participated in a webinar panel discussion on investing in cryptocurrencies. 

Chapman attorney Dan Bacastow spoke at the Rooftops Conference Chicago.

Chapman attorney Juliet Huang spoke at the National Association of Bond Lawyers' Tax and Securities Law Institute. 

Chapman announced that David Sykes rejoined the firm earlier this month as a partner in the San Francisco office, adding to the firm’s renewable energy and securitization practices.

In light of the increasing significance of cybersecurity incidents, the SEC published a press release and additional Commission-level guidance regarding disclosure obligations relating to cybersecurity risks and incidents, which reinforces and expands upon the SEC staff guidance provided in 2011 and addresses two additional topics.

Chapman attorney Sara Ghadiri has played a key role in supporting legislation to expand protections to survivors of domestic abuse and stalking.

Chapman attorneys Rick Cosgrove, Bill Hunter, Nate Odem, and Chris Preston attended The Bond Buyer's Texas Public Finance Conference. 

Chapman attorney Joe Silvia spoke at a Chicago Bar Association Financial Institutions Committee meeting.

Although recent legislation commonly referred to as the Tax Cuts and Jobs Act retained Section 956 of the Internal Revenue Code (and its notorious deemed dividend issue), the enactment of other changes may reduce the impact of Section 956 on taxpayers.

The US Court of Appeals for the District of Columbia Circuit recently issued a decision in a case that involved a question of whether the risk retention requirements imposed by Section 941 of the Dodd-Frank Act required open market CLO managers to retain risk in those transactions they managed. 

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations recently released its 2018 National Exam Program Examination Priorities. Highlights from the 2018 exam priorities are reviewed in this Client Alert. 

Czyzewski v. Jevic Holding Corporation made some court-watchers nervous that the decision would be applied broadly to disturb other bankruptcy-related distributions.

Chapman attorney Kathleen Moriarty spoke at the Yahoo Finance All Markets Summit. 

In a decision likely to have a far-reaching effect in the municipal debt markets, the Court overseeing Puerto Rico’s bankruptcy-like Title III proceeding ruled that holders of municipal obligations secured by a pledge of special revenues are not guaranteed payment during the pendency of a bankruptcy proceeding.

In bankruptcy cases where a not-for-profit corporation is closely related to or controlled by a governmental unit, a creditor may challenge the not-for-profit corporation’s bankruptcy eligibility, arguing that the not-for-profit corporation is, in substance, a “governmental unit” and therefore not eligible to file a Chapter 11 petition.

In July, Andrew Bailey, the CEO of the United Kingdom’s Financial Conduct Authority, announced that the FCA and the panel banks whose submissions are used to determine the London Interbank Offered Rate will only sustain LIBOR until the end of 2021.

This article addresses the benefits to a senior secured lender of Representations and Warranties Insurance, and certain considerations financial institutions should make in documenting a middle market loan transaction when an acquisition financing utilizes RWI.

Chapman attorney Eric Wood spoke at Legaltech New York. 

Chapman attorneys Philip Edison, Stacy Pike, and Tony Yager spoke at the 2018 Private Placements Industry Forum.

The beginning of each year provides an opportunity for investment advisers to review compliance and regulatory matters, including issues related to private investment funds and commodity pools, which are briefly summarized in this alert.

Chapman attorney Marc Franson spoke at the LoanTape Legal & Regulatory Conference.

Chapman attorney Paul Carman spoke at the 7th Annual International Bar Association Tax Conference. 

Chapman attorney Barry Pershkow spoke at the Inside ETFs Conference. 

On January 11, the Third Circuit issued a decision in a case that limited the reach of the Rooker-Feldman doctrine as a defense to bankruptcy avoidance actions. The court’s reasoning, however, has implications that go well beyond the particular facts of the case.

Chapman attorney Anjali Vij spoke at the IAPD / IPRA Soaring to New Heights Conference.

The Financial Industry Regulatory Authority, Inc. recently issued its 2018 Regulatory and Examination Priorities Letter. A number of FINRA’s comments direct firms to review the 2017 Examination Findings Report for additional insights into specific areas of concern and effective practices.

As state and local governments seek more creative financing methods for economic development projects, some have turned to the formation of subsidiary entities that can provide financing assistance, potentially without triggering debt limits under state or local laws or violating covenants under existing financings.

On December 22, 2017, President Trump signed into law the most sweeping tax law changes in the last thirty years. Highlights of the new tax reform legislation as they impact individuals are summarized in this Client Alert.

Overlooked in the many discussions about the new tax laws are the consequences on trusts and estates and the high likelihood trusts and their beneficiaries will see larger income tax bills for the next seven years. This Client Alert focuses on how the tax changes will impact trusts and estates, identify some of the significant uncertainties and provide recommendations for fiduciaries.

On December 20, Congress passed the act commonly referred to as the Tax Cuts and Jobs Act of 2017. Although no provision of the Act was designed specifically to address securitization transactions, two new sets of rules are likely to have significant effects on at least some securitization transactions

Chapman attorney Kathleen Moriarty was featured on an episode of Bloomberg's ETF IQ to discuss bitcoin and the fund life cycle. 

On December 15, House and Senate conferees reached an agreement on the Tax Cut and Jobs Act and released the final version of the Bill, which is expected to be voted on this week in the House and Senate.

Chapman attorney Michael Friedman recently joined DebtWire’s Richard Goldman for a podcast interview.

On August 11, the IRS issued Rev. Proc. 2017-45 which allows publicly offered real estate investment trusts and regulated investment companies to make stock distributions that will qualify for the dividends-paid deduction, if certain requirements are met, and therefore enable a RIC or REIT to meet its minimum annual dividend distribution tests. 

An Illinois Bankruptcy Court held that a wedding or engagement ring worn by a man or woman, still married to the same person as when the ring was tendered before or during a wedding ceremony, qualifies as “necessary wearing apparel” under the Bankruptcy Code.

Both the House and Senate versions of the Tax Cuts and Jobs Act include a new provision that would impose an excise tax on the compensation paid by certain tax-exempt organizations if the compensation to a covered employee is more than $1 million.

Chapman attorney Kathleen Moriarty spoke at the Bloomberg ETFs in Depth Conference. 

Both the House and Senate versions of the Tax Cuts and Jobs Act include a new provision that would impose an excise tax on the compensation paid by certain exempt organizations, including certain state and local governmental entities, if the compensation to a covered employee is more than $1 million.

Chapman attorney Patrick Quill spoke at CLO Summit 2017, which was sponsored by Chapman.

Chapman attorneys Peter Manbeck, Ken Marin, and Orion Mountainspring spoke at the 3rd Annual Investors' Conference on Marketplace Lending.

Chapman attorney Marc Franson spoke at the 2017 Illinois Bankers Association Bank Counsel Conference. 

In an effort to provide insight into questions about the ability to assume, or assume and assign, intellectual property licenses through the bankruptcy process, Chapman attorney Peter Bach-y-Rita co-authored a recent article in the American Bankruptcy Institute Law Review. 

A debtor-in-possession is entitled to use cash collateral over the objections of PACA claimants so long as the debtor demonstrates that the interests of the PACA claimants are adequately protected, according to a recent ruling by Judge Dales of the United States Bankruptcy Court for the Western District of Michigan.

Chapman attorney Marc Franson spoke at the 40th Annual Illinois Credit Union League Attorneys Conference. 

On November 2, Representative Brady released the “Tax Cuts and Jobs Act.” On November 9, the Senate Finance Committee released a “Description of the Chairman’s Mark of the ‘Tax Cuts and Jobs Act.’” This summary highlights four provisions in the proposed legislation that will be of particular interest to financial institutions.

Federal Rule of Appellate Procedure 4(a)(5) incorporates 28 U.S.C. § 2107(c), which provides for extensions of the notice of appeal deadline. However, Rule 4(a)(5)(C) limits the length of such extensions. The question then is if an appellant files a notice of appeal beyond the 30-day period set forth in Rule 4(a)(5)(C), does a circuit court lack jurisdiction to hear the appeal?

In addition to changes in life, changes in the estate tax rules over the last decade have altered the planning options available for many married couples. If the federal estate tax laws are actually repealed by the current Congress, these options will be relevant for all married couples.

Legislation recently passed by the Illinois House could impact every taxing district in the State if it ultimately becomes law. Senate Bill 851, which amends the Property Tax Extension Limitation Law, implements a tax freeze for certain taxing districts, and authorizes the implementation of a tax freeze for other taxing districts pursuant to referendum.

Chapman sponsored the Commercial Finance Association's 73rd Annual Convention.

Chapman and Cutler LLP was named one of the Best Places to Work for LGBTQ Equality, receiving a 100% score on the annual Corporate Equality Index. 

Chapman sponsored the 2017 Illinois Association of Park Districts Legal Symposium. 

For the second consecutive year, Chapman is proud to accept the American Heart Association's Law Chalice, recognizing Chicago's top law firm Heart Walk fundraiser.

On November 2, Representative Brady released the proposed text of the long-awaited federal income tax reform bill. The bill also includes a provision that appears aimed at subjecting public pension plans to unrelated business taxable income.

On November 2, Representative Kevin Brady released the proposed text of the long-awaited federal income tax reform bill. The bill also includes a provision that creates a limit on the deductibility of interest. If enacted, this provision could have potentially wide-reaching impacts on securitization transactions.

Chapman attorney Lynda Given spoke at Miami University's 2017 Law & Leadership Symposium. 

On November 2, Representative Brady released the proposed text of the long-awaited federal income tax reform bill. If enacted into law, the bill would eliminate all tax-exempt private activity bonds, tax credit bonds and all tax-exempt advance refunding bonds.

Chapman attorney Vince Pelleriti served as co-chair of the 2017 Private Placements Global Forum. Attorneys Michael Harrison and Amy Olshansky spoke at the forum.

The staff of the Securities and Exchange Commission issued three no-action letters designed to assist broker‑dealers and investment advisers in addressing issues related to European Union directives and related legislation that will become effective on January 3, 2018.

The U.S. Court of Appeals for the Second Circuit reversed both the district court and the bankruptcy court’s decisions in MPM Silicones, LLC, which had held that the “prime plus” formula was the appropriate method for determining the interest rate required in connection with new notes issued to secured creditors under a Chapter 11 cramdown plan of reorganization.

The United States Court of Appeals for the Second Circuit has affirmed the district court and the bankruptcy court’s determinations in MPM Silicones, LLC that Momentive’s senior noteholders are not entitled to recover any make-whole premium on account of the replacement of their notes.

In a video by The Law Lab, Chapman attorney Eric Wood presents at the 2017 Chicago-Kent Fin(Legal)Tech Conference.

Chapman attorneys Michael Friedman and Larry Halperin spoke at a Turnaround Management Association Midwest Chapter Event.

The United States Treasury Department has withdrawn proposed regulations dealing with the definition of “political subdivisions” for purposes of the tax-exempt bond provisions of the federal tax law. Political subdivisions are divisions of state or local governmental units that can issue federally tax-exempt bonds. 

Chapman expands its investment management practice with the addition of Barry Pershkow, formerly SEC point person on ETFs.

In an environment of growing global mobility of many families and heightened regulatory and compliance pressures, many U.S. estate planning advisors are encountering international issues for their clients with increasing frequency.

Chapman attorney Charles Calloway spoke at the 2017 American College of Investment Counsel's Fall Meeting and Edcuation Conference.

On September 21, a Bankruptcy Court ruled that holders of notes issued pursuant to a Note Purchase Agreement entered into by a debtor’s operating subsidiary were entitled to what the court termed an ‘enormous’ make-whole payment, post-petition interest, and recovery of related fees and expenses.

On October 3, the U.S. Bankruptcy Court for the District of Delaware granted a motion to reconsider a decision it made over a year ago in the bankruptcy of Energy Future Holdings Corp. and its co-debtors and in doing so disallowed a $275 million breakup fee to a prospective asset purchaser that it had previously approved.

Chapman attorney Eric Wood spoke at the 2017 Chicago-Kent Fin(Legal)Tech Conference. 

Chapman expands its investment management and fintech practice in New York by adding Kathleen Moriarty from Arnold & Porter Kaye Scholer.

On October 3, 2017, the U.S. Bankruptcy Court for the District of Delaware granted a motion to reconsider a decision it made over a year ago in the bankruptcy of Energy Future Holdings Corp. and its co-debtors and in doing so disallowed a $275 million breakup fee to a prospective asset purchaser that it had previously approved.

A health care management services organization provides non‑clinical, administrative support services to physician group practices and other health care providers. One of the primary purposes of a MSO is to relieve licensed health care providers of non-medical business functions so they can focus on the clinical aspects of their medical practices.

In September, the IRS released proposed regulations that would not only change the types of instruments that are registration-required obligations, but also clarify when a registration-required obligation meets the requirements to be treated as issued in registered form.

Chapman attorneys Ryan Bowen, Sarah Breitmeyer, Nancy Burke, and Juliet Huang spoke at the National Association of Bond Lawyers' 42nd Annual Bond Attorneys' Workshop.

Following a recent decision by the Court overseeing the Commonwealth of Puerto Rico’s bankruptcy-like Title III proceeding, bondholders should continue to pay close attention to the pledge securing their bonds to determine how those bonds would be treated in a bankruptcy proceeding.

The recently released “Unified Framework for Fixing Our Broken Tax Code” includes a proposed limitation on the deductibility of interest expense by corporations. Although this framework does not provide details as to the nature or scope of the proposed limitations, any such limitations will potentially affect the balance in preferences between debt and equity funding.

Chapman attorney Marc Franson spoke at the Chicagoland Compliance Association's Annual Conference. 

The Financial Industry Regulatory Authority, Inc. released additional guidance on social media and digital communications in Regulatory Notice 17-18. The guidance from FINRA is summarized in this article.

While many of lender's rights are self-explanatory, a question has arisen as to what it means to amend “pro rata” sharing requirements. Recently, an amendment to NYDJ Apparel, LLC’s credit agreement highlighted what a loan investor needs to look out for when reviewing protections related to pro rata sharing.

On July 6, 2017, the Basel Committee on Banking Supervision issued two consultative documents entitled “Criteria for Identifying Simple, Transparent and Comparable Short-Term Securitisations” and “Capital Treatment for Simple, Transparent and Comparable Short-Term Securitisations.” 

Chapman attorneys Rick Cosgrove and Juliet Huang spoke at The Bond Buyer's California Public Finance Conference. 

Chapman attorney Marc Franson spoke at the 2nd Annual Online Lending Policy Summit, which was hosted by the Online Lending Policy Institute.

Chapman was proud to host the National Association of Local Housing Finance Agencies Fall Conference at the firm's Chicago office.

The Municipal Securities Rulemaking Board recently issued a market advisory to increase awareness among market participants, including issuers and obligated persons, of the importance of disclosing material information fairly, equitably and in the public domain.

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations recently published a Risk Alert that highlights frequently identified investment adviser advertising compliance issues. The Risk Alert identifies the advertising compliance issues most frequently identified in deficiency letters from investment adviser examinations.

Chapman attorneys Preetha Gist and John Hitt spoke at the 23rd Annual ABS East Conference.

Chapman attorney Ryan Bjerke will be speaking at the Utah League of Cities and Towns 2017 Annual Convention. 

Chapman attorney Stephen Tetro and Nick Whitney spoke at the 7th Annual Midwest Bank Special Assets & Credit Officer's Forum.

Chapman attorney Ken Marin spoke at the Pratising Law Institute's Marketplace Lending and Crowdfunding 2017 seminar. 

Chapman Partner David Cholst chaired and Partner Sarah Breitmeyer served on a National Association of Bond Lawyers task force that produced proposals to improve US infrastructure through tax reform.

Intercreditor agreements are commonly used to define the relative rights of senior and junior lenders, especially should the borrower become distressed or file bankruptcy. Properly defining priorities between lenders is particularly important when both parties possess security interests in the same collateral.

Many equipment lessors are watching yesterday’s prime customers transform into tomorrow’s distressed credits. This article addresses some of the key considerations for lessors in formulating a plan to deal with distressed or likely-to-be-distressed lessees, both prior to and during a potential bankruptcy proceeding.