US regulatory issues—structured products and securitisation

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Loan Market Association (LMA)—news on documentation [Archived]

This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from...

Foreign exchange (FX) derivatives

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

Types of debt securities

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...

Incremental debt flexibility or accordion features

What are incremental facilities?An incremental facility is feature included in a credit agreement where, subject to meeting certain pre-agreed...

Practice notes

Fixed and floating charges

There are four main types of security available under English law: •mortgage•charge•pledge, and•lienThis Practice Note explains:•the nature of a...

9th Nov

Practice notes

Loan Market Association (LMA) leveraged documentation

Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...

9th Nov

Practice notes

ISDA definitions

The vast majority of derivative transactions are documented by standard documentation developed and published by the International Swaps and...

9th Nov

In-house

Practice notes

Events of default

This Practice Note considers:•the purpose of events of default included in facility agreements•common events of default relating to borrowers and...

9th Nov

COVID-19

In-house

Practice notes

Acquisition finance—ancillary facilities

On an acquisition finance transaction, the borrowing group, in addition to the debt (whether loans or bonds) required to fund the transaction, will...

9th Nov

Practice notes

Assignments by way of security

Assignments by way of security can take different forms and it is important to understand how they are created and their effect. Security over choses...

9th Nov

In-house

Practice notes

Crystallisation of floating charges

The key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the charged assets in the normal course of...

9th Nov

Practice notes

Hot topics for Banking & Finance lawyers

This Practice Note lists hot topics (with links to the appropriate materials) that may be of interest to Banking & Finance lawyers. It is updated...

9th Nov

Practice notes

Bridge to bond facilities

What are they?A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing...

Produced in partnership with Cleary Gottlieb and Ian Chin of Morrison & Foerster 12th Jan

Practice notes

Debt securities—10b-5 letters

A 10b-5 letter (also referred to as a 'disclosure letter') is a letter delivered to the underwriters by issuer's and underwriters' counsel in...

Produced in partnership with Charles Farnsworth of Baker McKenzie and Adam Farlow of Baker McKenzie 12th Jan

Practice notes

Instructing and managing local counsel

Given the cross-border nature of many banking transactions, it is common for the principal legal advisors for lenders and borrowers to need to...

9th Nov

Practice notes

Floating charges—advantages and disadvantages

Summary of advantages and disadvantages of the floating chargeThis Practice Note discusses the advantages and disadvantages of taking a floating as...

9th Nov

Practice notes

Market disruption clauses in facility agreements

In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London...

9th Nov

Practice notes

Secondary debt trading—completing the trade confirmation

The majority of secondary debt trades are conducted by telephone or by email. Following the trade call or email exchange, the parties will document...

9th Nov

Precedents

Director’s certificate for a bilateral loan: borrower

[insert date]To:[insert full name and address of lender]Dear [insert full name of lender]I am a director of [insert full name of borrower] (the...

9th Nov

Practice notes

Guide to completing the ISDA Schedule

Coronavirus (COVID-19): This Practice Note contains information on subjects potentially impacted by the government and regulators' responses to the...

9th Nov

Most recent US regulatory issues—structured products and securitisation content

Practice notes

Clearing obligations: central clearing process and the role of clearing houses

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Chrys Carey of Morrison & Foerster and Peter Green of Morrison & Foerster 15th Apr

Practice notes

US: Foreign Account Tax Compliance Act (FATCA)—summary

The Hiring Incentives to Restore Employment Act (the HIRE Act) include provisions that give the US Internal Revenue Service (the IRS) administrative...

Produced in partnership with John Narducci (Partner) and Stephen C Lessard (Associate) of Orrick, Herrington & Sutcliffe LLP 9th Apr

Practice notes

Tax—FATCA tracker

This tax 'tracker' tool displays the current status of both US FATCA and UK FATCA intergovernmental agreements (IGA).The tracker is split into five...

9th Apr

Practice notes

US regulation of structured products and securitisation—one minute guide

The principal United States (US) regulators and regulations that govern structured products and securitisations issuing outside of the US are set out...

8th Apr

Practice notes

A comparison of EMIR and Title VII of the Dodd-Frank Act

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Morrison & Foerster 8th Apr

Practice notes

FATCA in the UK—securitisation vehicles

Background to FATCAFATCA is so-called because it derives from the Foreign Account Tax Compliance provisions in Subtitle A of Title V (offset...

Produced in partnership with White & Case 8th Apr

Practice notes

Dodd-Frank tracker—key legislation for Financial Services [Archived]

STOP PRESS: The Financial Choice Act, which was passed in US House of Representatives on June 2017 seeks in large part to undo many of the restrictive...

1st Mar

Practice notes

Dodd-Frank Act—overview for non-US lawyers—essentials

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the...

Produced in partnership with Dwight Smith of Covington & Burling LLP 1st Mar

Practice notes