Areas Of Concentration
- Asset-Backed Securities
- Capital Call Transactions
- Commercial Loans
- Consumer Loans
- Credit Card Receivables
- Equipment Finance Receivables
- Esoteric Assets and Emerging Asset Classes
- Motor Vehicle Loans, Leases, and Floorplan Receivables
- Oil and Gas and Utilities Receivables
- Renewable Energy Assets
- Structured Settlements
- Student Loans and Education Finance
- Timeshare Receivables
- Trade Receivables
- Transportation Assets
- Collateralized Loan Obligations and Collateralized Debt Obligations
- Commercial Paper and Bank-Financed Transactions
- Community Development and Charter School Finance
- Corporate Debt Repackaging Securities
- Industry Advocacy and Regulatory Counsel
- Mortgage-Backed Securities
- Municipal Asset Securitizations
- Portfolio Acquisitions and Principal Finance
- Taxation
- Troubled Securitizations
- Trustees and Back-Up Servicers
Related Areas
Attorneys
- James Abney
- Kimberly Ahlgrim
- Melissa Ahn
- Adrienne Ancheta
- Anna Anderson
- Peter Bach-y-Rita
- Cynthia Baker
- Zachary Baughman
- Walter Begley
- Matthew Boba
- Colman Burke
- James Cantrell
- Besty Chang
- Catherine Choo
- Valerie Clark
- Craig Cohen
- Marla Chernof Cohen
- Richard Cosgrove
- Aaron Efta
- Demetrios Festa
- Craig Fishman
- Preetha Gist
- Melanie Gnazzo
- Felicia Graham
- William Gray
- John Hitt, Jr.
- Thomas Howard
- R. William Hunter
- Evan Kelson
- John Ketcham
- Joshua Kinard
- Gregory Klamrzynski
- Steven Kopp
- Douglas Madsen
- Peter Manbeck
- Kenneth Marin
- Christopher McGovern
- Kellie Merkel
- David Mills
- Michael Mitchell
- Timothy Mohan
- Orion Mountainspring
- Cary Nadelman
- Mitchell Naumoff
- Molly Niffenegger
- David Nirenberg
- Scott Pierpont
- Todd Plotner
- Patrick Quill
- Daniel Swanson
- David Sykes
- Marilynn Tham
- Franklin Top III
- Brittany Viola
- R. Bradley Vollkommer
- Samuel Yoo
Professional Staff
At Chapman and Cutler, we have an industry-leading asset securitization and structured finance practice focused on helping clients finance a broad range of financial assets. Our attorneys have a deep understanding of the nuances and complexities of executing highly sophisticated financing transactions in a rapidly changing marketplace. We are dedicated to bringing creative, practical, and efficient solutions to our clients’ asset-based financing needs in the U.S. and abroad.
Our extensive experience includes:
- representing issuers in establishing, structuring, and restructuring their securitization programs for traditional assets, such as credit cards, auto loans and leases, and consumer loans;
- representing a substantial number of asset-backed commercial paper (ABCP) sponsors in structuring and restructuring their ABCP programs and representing commercial banks and their sponsored conduits in financing a wide array of financial assets;
- handling numerous asset-backed transactions involving unique revenue streams, including those associated with esoteric asset classes;
- representing issuers, underwriters, investors, and trustees in financing transactions of a variety of asset classes;
- leading industry groups in market-wide initiatives addressing the most extensive regulatory reforms ever to impact the structured finance market;
- representing numerous trustees, collateral agents, and servicers and back-up servicers in virtually all manner of securitization and structured finance transactions;
- advising clients on derivatives and structured products that are essential components of securitization transactions; and
- counseling clients on the acquisition of portfolios of credit card accounts and receivables, student loans, and other consumer loans, many of which are financed through securitizations.
Because we are uniquely focused on finance, Chapman’s securitization and structured finance attorneys complement the other practices in our firm and draw upon those other practices to deliver comprehensive service.
Chapman and SFI Updates
- ArticleMarch 2019
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.
- ConferenceFebruary 24-27, 2019
Chapman attorneys Preetha Gist, Tim Mohan, and David Sykes will be speaking at the Structured Finance Industry Group's Vegas 2019 conference.
- Client AlertDecember 11, 2018
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 United States Bankruptcy Code.
- Client AlertDecember 11, 2018
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.
- ConferenceNovember 28-30, 2018
Chapman attorney Patrick Quill spoke at CLO Summit 2018, which was sponsored by Chapman.
- Client AlertNovember 1, 2018
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.
- ConferenceSeptember 23-25, 2018
Chapman attorneys Preetha Gist and John Hitt spoke at the 24th Annual ABS East Conference.
- ConferenceSeptember 13-16, 2018
Chapman attorney Sam Yoo spoke at the 2018 International Association of Korean Lawyers Conference.
- Client AlertJuly 9, 2018
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.
- Client AlertMay 23, 2018
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.
- Client AlertMay 17, 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.”
- Client AlertMay 14, 2018
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.”
- White PaperApril 2018
The 2018 update of Chapman's book, "The Regulation of Marketplace Lending: A Summary of the Principal Issues," discusses the latest “true lender” and Madden developments, CFPB changes and how they may affect regulatory priorities and enforcement, the roles of banks in marketplace lending, blockchain uses, and servicing and collection issues.
- ConferenceApril 18, 2018
Chapman attorney David Sykes spoke at the 6th Annual Green Investing Conference.
- White PaperMarch 2018
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.
- ArticleMarch 2018
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.
- ConferenceMarch 20, 2018
Chapman attorneys Tom Howard and Todd Plotner spoke at the Equipment Leasing and Finance Association's 17th Annual Investors' Conference on Equipment Finance.
- ConferenceFebruary 25-28, 2018
Chapman attorneys Preetha Gist, Melanie Gnazzo, Tom Howard, and Tim Mohan spoke at SFIG Vegas 2018.
- Client AlertFebruary 21, 2018
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.
- Client AlertFebruary 9, 2018
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.
- Client AlertDecember 21, 2017
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
- Client AlertNovember 3, 2017
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.
- Client AlertOctober 6, 2017
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.
- ArticleOctober 2017 (Originally Published July 27, 2017)
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.”
- ConferenceSeptember 17–19, 2017
Chapman attorneys Preetha Gist and John Hitt spoke at the 23rd Annual ABS East Conference.
- White PaperAugust 2017
Keeping track of the regulatory developments affecting asset-backed commercial paper (“ABCP”) conduits and their sponsors is a daunting task. This updated desk reference reviews regulatory and legislative developments affecting the ABCP market.
- Client AlertJuly 12, 2017
More than a year after the Consumer Finance Protection Bureau submitted a proposed rule to limit consumer financial services contract arbitration clauses, the CFPB sounded the death knell on July 10, 2017, when it released its long-awaited final rule.
- Client AlertJune 14, 2017
On June 12, the Department of Treasury issued the first report in a series regarding regulation of the financial system in a manner consistent with Core Principles set forth in Executive Order 13772 signed by President Trump on February 3, 2017.
- ArticleMay 2017
The May 2015 decision of the U.S. Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC sent shockwaves through the marketplace lending industry, and nearly two years later the questions generated by this case remain largely unanswered. These questions have been further complicated by the long-awaited remand decision from the U.S. District Court for the Southern District of New York.
- Client AlertMay 2, 2017
On April 19, the House Financial Services Committee posted a “discussion draft” of a revised version of the CHOICE Act. The discussion draft contains most of the provisions in last year’s bill with a number of important changes.
- Client AlertFebruary 28, 2017
On February 27, the U.S. District Court for the Southern District of New York issued its long-awaited remand decision in Madden v. Midland Funding, LLC.
- Client AlertFebruary 22, 2017
The U.S. Court of Appeals for the D.C. Circuit made headlines following its decision in the PHH Corporation et al. v. Consumer Financial Protection Bureau case. The Court found that the CFPB’s single-director, removable-only-for-cause structure was unconstitutional. However, the Court has now vacated that order in its entirety and set the case to be heard again en banc.
- ArticleFebruary/March 2017
With Republicans retaining control of both chambers of Congress and Donald Trump elected President, the prospects for financial regulatory reform have changed. Many observers point to the Financial CHOICE Act as the best indication of Republican Congressional aspirations for such reform.
- To the Point!December 6, 2016
On Friday, Comptroller of the Currency Thomas Curry announced that the Office of the Comptroller of the Currency will issue limited-purpose bank charters to qualified fintech companies.
- ArticleJuly 25, 2016 (Originally Published July 22, 2016)
A recent decision of the Maryland Court of Appeals could require marketplace lenders and others who arrange for federal or state banks to fund consumer loans to consumers residing in Maryland to obtain licenses as “credit services businesses” and could prohibit them from arranging those loans at interest rates exceeding the applicable Maryland usury caps.
- Client AlertMay 20, 2016
On April 4, the U.S. Treasury Secretary announced that the government would release regulations to curb inversions and reduce the ability of companies to avoid taxes through “earnings stripping;” those regulations were published in the Federal Register on April 8th.
- Client AlertMay 16, 2016
On May 10, 2016 the U.S. Department of the Treasury published a white paper entitled “Opportunities and Challenges in Online Marketplace Lending.” The White Paper follows the “Request for Information” which the Department published in July 2015 to solicit public input on various topics concerning marketplace lending.
- Regulatory UpdateApril 26, 2016
On April 26, 2016, the Federal Deposit Insurance Corporation issued a proposed rule to implement the Net Stable Funding Ratio requirement. The Board of Governors of the Federal Reserve Board will consider the proposed NSFR rule at its meeting on May 3, 2016 and the Office of the Comptroller is also expected to to consider the proposed rule in the near future.
- Client AlertApril 22, 2016
On March 4, 2016 the Board of Governors of the Federal Reserve System issued a Notice of Proposed Rulemaking re-proposing a rule that would establish credit limits for single counterparties ofU.S. bank holding companies, foreign banking organizations, and U.S. intermediate holding companies of an FBO, with $50 billion or more of consolidated assets.
- Regulatory UpdateApril 6, 2016
Today, the Basel Committee on Banking Supervision published a consultative document proposing revisions to its Basel III leverage ratio framework. Among other things, the Proposed Revisions provide that for purposes of calculating the denominator of the leverage ratio, off-balance sheet exposures of banks to securitization transactions are to be treated the same as such exposures are treated under the Basel Committee revisions to its securitization framework for risk-based capital.
- Client AlertMarch 21, 2016
On Friday, March 18, 2016, the United States Supreme Court issued a call for the views of the Solicitor General of the United States before it decides whether to hear an appeal from a Second Circuit Court of Appeals decision rendered last May in the case of Madden v. Midland Funding, LLC.
- To the Point!March 10, 2016
On March 7, the CFPB announced that it is accepting consumer complaints about online marketplace lenders, giving consumers “a greater voice in these markets and a place to turn to when they encounter problems.” The CFPB also issued a bulletin to provide consumers with information on marketplace lending.
- Client AlertFebruary 23, 2016
In this article, we provide a brief overview of the key reforms under Regulation AB II, followed by a more focused review of the next compliance hurdle that ABS issuers will face — annual compliance checks to determine continued shelf eligibility.
- Regulatory UpdateFebruary 9, 2016
On February 9, 2016, the SEC’s Division of Corporation Finance published a guide for issuers of Asset-Backed Securities addressing changes in EDGAR filing procedures to support new and updated filing requirements under Regulation AB II and Exchange Act Rule 15Ga-2.
- Client AlertFebruary 1, 2016
A recent decision of the U.S. District Court for the Eastern District of Pennsylvania has highlighted once again the regulatory risks that the so-called “true lender” doctrine can create for internet-based lenders who partner with banks to establish exemptions from applicable state consumer protection laws.
- Regulatory UpdateJanuary 25, 2016
On January 14, 2016 the Basel Committee on Banking Supervision published final rules related to the Fundamental Review of the Trading Book. Each member country, including the United States, will have to consider how it will give effect to the FRTB framework.
- Regulatory UpdateNovember 25, 2015
On November 2, 2015 President Obama signed the Bipartisan Budget Act of 2015, replacing a longstanding set of statutory provisions governing the audit and adjustment of partnership income tax returns.
- Client AlertNovember 9, 2015
A recent decision of the Maryland Court of Special Appeals could impact marketplace and other lenders who arrange for federal or state banks to fund consumer loans in Maryland at rates in excess of the applicable Maryland usury caps.
- Regulatory UpdateOctober 23, 2015
At a meeting on October 22, 2015, the FDIC Board approved a final rule regarding Treatment of Financial Assets Transferred in Connection with a Securitization or Participation.
- Regulatory UpdateOctober 22, 2015
At a meeting today the FDIC Board approved a joint final rule establishing margin requirements for swaps that are not cleared through a clearinghouse.
- Regulatory UpdateOctober 16, 2015
The FDIC has announced an open session meeting of its Board of Directors to take place at 10:00 AM on Thursday, October 22, 2015.
- Regulatory UpdateOctober 16, 2015
The FDIC has announced an open session meeting of its Board of Directors to take place at 10:00 AM on Thursday, October 22, 2015.
- Regulatory UpdateSeptember 18, 2015
On September 17, 2015, the SEC adopted final amendments to Rule 2a-7 under the Investment Company Act of 1940. The amendments eliminate references to credit ratings in the Rule and make changes to the issuer diversification requirements of the Rule.
- ArticleSeptember 2015 (Originally Published June 3, 2015)
The Banking Law Journal republished a Chapman Client Alert.
- Client AlertAugust 13, 2015
In the case of Madden v. Midland Funding, LLC, the Second Circuit narrowly interpreted the scope of federal preemption of state usury laws under the National Bank Act as such laws apply to certain non‑bank loan assignees.
- Chapman InsightsJune 30, 2015
The purpose of this article is to provide a general overview of how royalty-backed securitizations work and to encourage further use of royalty-backed securities by leaders in the music, business, and financial industries.
- Regulatory UpdateMay 20, 2015
On May 18, 2015, the Board of Governors of the Federal Reserve System issued guidance indicating when a banking organization that determines its risk-based capital using the advanced approaches may apply the simplified supervisory approach rather than the supervisory formula approach when determining the risk weight of a securitization exposure for risk-based capital purposes.
- Regulatory UpdateMay 5, 2015
On May 4, 2015, the U.S. Commodity Futures Trading Commission published a letter providing clarification of an issue that has been of acute interest to the auto and equipment securitization industry. Section 2(h)(7)(A) of the Commodity Exchange Act permits certain qualifying entities to elect not to clear a swap that is otherwise subject to a Clearing Determination.
- Regulatory UpdateApril 1, 2015
On March 31, 2015, the U.S. Commodity Futures Trading Commission issued no-action relief stating that, with respect to certain legacy special purpose vehicle swaps, swap dealers would be exempt from complying with certain CFTC regulations. These Specified Regulations relate to external business conduct standards and swap trading documentation that swap dealers would otherwise be required to adhere to.
- Regulatory UpdateFebruary 19, 2015
On February 18, 2015, the European Commission issued two publications which begin a three-month consultation with member states, capital market participants, and other stakeholders towards the development of an action plan for a fully functioning European Capital Markets Union by 2019.
- Regulatory UpdateJanuary 21, 2015
On January 21, 2015, the FDIC proposed a rule that would clarify the requirements of its Securitization Safe Harbor Rule regarding retention of an economic interest in the credit risk of securitized financial assets upon and following the effective date of the credit risk retention regulations adopted under Section 15G of the Securities Exchange Act.
- Regulatory UpdateDecember 24, 2014
The final credit risk retention rule was published in the Federal Register today, December 24, 2014, setting the compliance dates for the final rule.
- Regulatory UpdateDecember 18, 2014
The Federal Reserve Board announced today that it has acted under the Volcker Rule to give banking entities until July 21, 2016, to conform investments in, and relationships with, covered funds and foreign funds that were in place prior to December 31, 2013, with the requirements of the Volcker Rule.
- Regulatory UpdateDecember 11, 2014
On December 11, 2014, the Basel Committee on Banking Supervision published final revisions to the securitization framework for determining regulatory capital requirements on exposures arising from securitization transactions.
- Regulatory UpdateDecember 11, 2014
On December 11, 2014, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions issued a Consultative Document proposing criteria that may be used by transaction parties and regulators to assist in the development of simple and transparent securitization structures.
- Regulatory UpdateDecember 10, 2014
On December 9, 2014, the Board of Governors of the Federal Reserve System proposed a framework to establish risk-based capital surcharges for the largest, most interconnected U.S. bank holding companies pursuant to Section 165 of the Dodd-Frank Act.
- Regulatory UpdateOctober 31, 2014
On October 31, 2014, the Basel Committee on Banking Supervision issued the final standard for a Net Stable Funding Ratio requirement.
- White PaperOctober 23, 2014
In September 2014, the U.S. banking agencies adopted final rules implementing a liquidity coverage ratio requirement that will test a bank's ability to withstand "liquidity stress periods." In collaboration with the Structured Finance Industry Group (SFIG), Chapman attorneys authored a guide summarizing elements of the final rule that have the greatest impact on the securitization market.
- Regulatory UpdateOctober 21, 2014
At an open meeting this morning, October 21, 2014, in a 4-1 vote, the Federal Deposit Insurance Corporation adopted final rules to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act of 1934, which were added to that statute pursuant to Section 941 of the Dodd-Frank Act.
- Regulatory UpdateOctober 15, 2014
The Board of Governors of the Federal Reserve System announced today that it is holding an open meeting at 3:30pm (EST) on Wednesday, October 22, 2014, to vote on adoption of a final risk retention rule under Section 941 of the Dodd-Frank Act.
- Regulatory UpdateSeptember 24, 2014
This morning, Regulation AB II was published in the Federal Register.
- Regulatory UpdateSeptember 10, 2014
Chapman and Cutler hosted a regulatory update program on September 10, 2014, regarding the recently adopted final rules implementing Regulation AB II and the Liquidity Coverage Ratio.
- Chapman InsightsSeptember 10, 2014
On September 3, 2014, the US banking agencies adopted final rules implementing a liquidity coverage ratio (LCR) requirement that will test a bank's ability to withstand liquidity stress periods. The specific objective of the LCR rules is to ensure that a bank has enough high quality liquid assets (referred to as HQLA) that can be immediately converted into cash to meet its liquidity needs for a 30-day stress period.
- Regulatory UpdateSeptember 3, 2014
On September 3, 2014, the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") adopted final rules implementing revisions to the denominator measure for the supplementary leverage ratio.
- Regulatory UpdateSeptember 3, 2014
This morning, September 3, 2014, the Federal Reserve Board adopted final regulations implementing the liquidity coverage ratio (LCR) requirement in the United States.
- Regulatory UpdateAugust 28, 2014
On August 27, 2014, in a 3-2 vote, the SEC approved final rules applicable to nationally recognized statistical rating organizations (NRSROs).
- Regulatory UpdateAugust 28, 2014
The FDIC has announced an open meeting on September 3, 2014, at 2:00 p.m. Eastern time to vote on final regulations implementing the liquidity coverage ratio (LCR) and changes to the supplementary leverage ratio (SLR).
- Regulatory UpdateAugust 27, 2014
At an open meeting this morning, August 27, 2014, the SEC unanimously adopted final rules under Regulation AB that substantially revise the offering process, disclosure and reporting requirements for registered offerings of asset-backed securities (ABS).
- Regulatory UpdateAugust 27, 2014
On August 27, 2014, the Federal Reserve Board announced that an open meeting will be held on September 3 to vote on final regulations implementing the liquidity coverage ratio (LCR) requirement in the United States
- Regulatory UpdateAugust 22, 2014
This evening, the SEC announced that it is holding an open meeting at 10:00 a.m. (EST) on Wednesday, August 27, 2014, to vote on adoption of Regulation AB II and additional Dodd-Frank implementing regulations.
- Regulatory UpdateJuly 23, 2014
On July 23rd, the SEC adopted final amendments to Rule 2a-7 under the Investment Company Act of 1940.
- Client AlertMay 8, 2014
On February 18, 2014, the Federal Reserve issued the final version of new Regulation YY establishing “enhanced prudential standards” for large bank holding companies and large foreign banks operating in the United States.
- Regulatory UpdateApril 15, 2014
The Basel Committee on Banking Supervision released its final Supervisory Framework for Measuring and Controlling Large Exposures (Large Exposures Framework) today.
- Regulatory UpdateApril 8, 2014
On April 8th, each of the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") voted to adopt a final rule that strengthens supplementary leverage ratio standards for large, interconnected U.S. banking organizations (the "Final Rule").
- Regulatory UpdateApril 8, 2014
On April 8, the OCC, the Federal Reserve Board and the FDIC (collectively, the "Agencies") adopted a notice of proposed rulemaking (the "Proposed Rule") to implement revisions to the denominator measure for the supplementary leverage ratio ("SLR").
- Regulatory UpdateApril 7, 2014
On April 7th, the Federal Reserve Board (the Board) announced that it intends to allow banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations (CLOs) covered by the Volcker Rule.
- Regulatory UpdateApril 2, 2014
The FDIC has announced that the Board of Directors will meet in open session at 2:00 PM on April 8th to discuss, among other things, a notice of proposed rulemaking to implement revisions to the denominator measure for the supplementary leverage ratio (“SLR”).
- Regulatory UpdateMarch 28, 2014
Today, the SEC has extended the comment period on Regulation AB to April 28, 2014.
- Regulatory UpdateMarch 4, 2014
On February 26, 2014, Representative David Camp, chair of the House Ways and Means Committee, released draft legislation referred to as the Tax Reform Act of 2014 that proposes to amend major portions of the Internal Revenue Code to provide for comprehensive tax reform.
- Client AlertMarch 4, 2014
On February 26, 2014, Representative David Camp, chair of the House Ways and Means Committee, released draft legislation referred to as the Tax Reform Act of 2014 that proposes to amend major portions of the Internal Revenue Code to provide for comprehensive tax reform.
- Regulatory UpdateFebruary 25, 2014
This afternoon, Commissioner Michael S. Piwowar released a Statement supporting the SEC's decision to re-open the comment period on Regulation AB II, noting that market practices have continued to evolve since the financial crisis and the importance of obtaining the most recent data and information possible to inform and guide the SEC's decision-making process.
- Regulatory UpdateFebruary 25, 2014
Today, the SEC announced that it is re-opening the comment period on Regulation AB II to solicit further public comment on an approach to disseminate potentially sensitive asset-level data.
- Regulatory UpdateFebruary 12, 2014
On February 12, 2014, 17 members of the House of Representatives Committee on Financial Services, including the chair, Maxine Waters, wrote a letter to the federal regulators implementing the Volcker Rule asking that interpretive guidance be issued with respect to the treatment of certain CLO debt securities.
- Regulatory UpdateFebruary 3, 2014
The SEC has announced that it is removing Regulation AB II off the agenda for its February 5th open meeting.
- Regulatory UpdateJanuary 29, 2014
The SEC has announced that it is holding an open meeting at 3:00 pm on Wednesday, February 5th to adopt Regulation AB II.
- Regulatory UpdateJanuary 14, 2014
On January 14, 2014, five federal agencies approved an interim final rule to permit banks to retain certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of the Volcker Rule.
- Regulatory UpdateJanuary 13, 2014
On January 12, 2014, the Basel Committee on Banking Supervision (BCBS) issued a consultative document proposing revisions to the Net Stable Funding Ratio (NSFR) under Basel III.
- Regulatory UpdateJanuary 13, 2014
On January 12, 2014, the Basel Committee on Banking Supervision published guidance to assist national banking supervisions in implementing the liquidity ratio requirement (LCR) under Basel III.
- Regulatory UpdateJanuary 13, 2014
On January 12, 2014, the Basel Committee on Banking Supervision issued final requirements for banks' disclosures relating to the liquidity coverage ratio.
- Regulatory UpdateJanuary 8, 2014
Industry participants are concerned that the Volcker Rule's prohibition of banks acquiring or retaining "ownership interests" of CLO covered funds will prohibit banks from owning rated debt securities that include the right to replace the collateral manager for cause and appoint a replacement.
- Client AlertDecember 18, 2013
Federal regulators approved final regulations implementing the “Volcker Rule” on December 10, 2013.
- Client AlertOctober 30, 2013
On October 24, 2013, the Board of Governors of the Federal Reserve Board released a proposed rule that introduces a liquidity coverage ratio requirement that will test a bank's ability to withstand "liquidity stress periods."
- Client AlertOctober 23, 2013
On October 4, 2013, a Chicago bankruptcy court judge decided a case which establishes favorable precedent for the securitization market.
- Client AlertJuly 3, 2013
On July 2, the Board of Governors of the Federal Reserve System adopted a final rule revising its risk-based and leverage capital requirements. The changes to the Advanced Approaches framework will be effective January 1, 2014 and the new Standardized Approach framework will be effective January 1, 2015. While we are still in the process of reviewing the rule and the release (it totals 971 pages), our initial impressions of the securitization sections of the rule are set forth in this client alert.
- Client AlertMay 16, 2013
Beginning June 10, 2013, many securitization issuers could be required to submit newly executed interest rate swaps for clearing under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and implementing regulations.
- Client AlertFebruary 5, 2013
On January 7, 2013, the Basel Committee on Banking Supervision (Committee) issued major revisions to the “liquidity coverage ratio” (LCR) it published in 2010.
- Client AlertJanuary 9, 2013
On December 18, 2012 the Basel Committee on Banking Supervision published a consultative document entitled “Revisions to the Securitisation Framework.” The paper contains the Committee’s proposed revisions to the securitization framework following its “fundamental review” of the existing framework.
- Client AlertDecember 21, 2012
By letter dated December 7, 2012, the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission released interpretive guidance significantly expanding the scope of its October 11, 2012 interpretive letter. The October 11 Letter confirmed that securitization vehicles that satisfy five criteria, including a requirement that they operate consistent with either Regulation AB or Rule 3a-7 under the Investment Company Act of 1940, should not be “commodity pools” as a result of holding a swap nor should their operators be required to register as “commodity pool operators” under the Commodity Exchange Act and CFTC rules.
- Client AlertOctober 19, 2012
By letter dated October 11, 2012, the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission 1 released interpretive guidance confirming that certain securitization vehicles should not be included within the definition of “commodity pool” and that operators of such vehicles should not be included within the definition of “commodity pool operator” under the Commodity Exchange Act and CFTC rules. Separately, in a no-action letter dated October 11, 2012, the Division conditionally extended the deadline for registration as a commodity pool operator from October 12, 2012 to December 31, 2012 for vehicles that are commodity pools solely by virtue of their involvement with swaps.