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Articles by Arthur S. Rublin
Kirschner: The Final Act?
SCOTT ZEMSER,1 ARTHUR S. RUBLIN,2 BEN CROSBY3 On August 24, 2023, the US Court of Appeals for the Second Circuit issued its decision in the Kirschner v. JPMorgan litigation saga, rejecting the plaintiff's argument that syndicated term loans should be treated as securities.4 On February 20, 2024, the US Supreme Court denied the Kirschner petition for a writ of certiorari—an application for permission to appeal the Second Circuit's decision to the Supreme Court.
The Private Fund Adviser Rule And The Kirschner Decision: An August Doubleheader
The regulatory and judicial developments of the last few days relating to the loan markets and to loan funds have been significant. On Tuesday, lenders and borrowers were concerned about a world in which syndicated and other loans would be treated as securities. And managers of collateralized loan obligation vehicles ("CLOs") were concerned about being subject to extensive new Federal regulations. Both of these concerns were addressed this week.
The Private Fund Adviser Rule and the Kirschner Decision: An August Doubleheader | JD Supra
The regulatory and judicial developments of the last few days relating to the loan markets and to loan funds have been significant. On Tuesday, lenders and borrowers were concerned about a world in which syndicated and other loans would be treated as securities. And managers of collateralized loan obligation vehicles (“CLOs”) were concerned about being subject to extensive new Federal regulations. Both of these concerns were addressed this week.
The Private Fund Adviser Rule and the Kirschner Decision: An August Doubleheader
The regulatory and judicial developments of the last few days relating to the loan markets and to loan funds have been significant. On Tuesday, lenders and borrowers were concerned about a world in which syndicated and other loans would be treated as securities. And managers of collateralized loan obligation vehicles (“CLOs”) were concerned about being subject to extensive new Federal regulations. Both of these concerns were addressed this week.
US SEC Proposes New Rule for Safeguarding Client Assets - Implications for CLO Managers
The United States Securities and Exchange Commission (SEC) has proposed a new rule for registered investment advisers that would replace the current “custody rule” with a new “safeguarding rule” and make corresponding amendments to the recordkeeping rule and Form ADV. (Additional information is contained in a related press release and fact sheet.) In the proposed rule, the SEC would renumber the current custody rule (Rule 206(4)-2 under the Advisers Act) as new Rule 223-1 under the Advisers Act.
A Brief Reprieve On LIBOR Cessation
To print this article, all you need is to be registered or login on Mondaq.com. On November 30, 2020, ICE Benchmark Administration (“IBA”), the administrator of U.S. Dollar LIBOR (“USD LIBOR”) and other IBORs, lowered the pressure with respect to the upcoming cessation of USD LIBOR.
A Brief Reprieve on LIBOR Cessation
On November 30, 2020, ICE Benchmark Administration (“IBA”), the administrator of U.S. Dollar LIBOR (“USD LIBOR”) and other IBORs, lowered the pressure with respect to the upcoming cessation of USD LIBOR.
What A Biden Presidency Will Mean For Structured Finance
To print this article, all you need is to be registered or login on Mondaq.com. The implications of the 2020 election for structured finance are coming into focus. Informed by our discussions in Washington, we can anticipate the likely direction of federal policy over the next two years that will impact the structured finance markets.
Volcker Rule Revision Complete: Easing the Compliance Burden for Banks | Lexology
On June 25, 2020, five federal financial regulatory agencies published the long awaited Final Revisions to the Volcker Rule (the “Final Revisions”) which revise certain aspects of the Volcker Rule (Section 13 of the Bank Holding Company Act) with respect to the identification and treatment of covered funds.
Volcker Rule Revision Complete—Easing The Compliance Burden For Banks - Finance and Banking - United States
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TALF 2020 And CLOs: Progress In The Right Direction, But Has Enough Changed?
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U.S. Federal Reserve Expands And Provides Additional Details On Main Street Lending Program For Small And Mid-Sized Businesses
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TALF 2020 and CLOs: Progress in the Right Direction, but Has Enough Changed?
On May 12, 2020, the Federal Reserve Bank of New York announced the issuance of updated Terms and Conditions and a Frequently Asked Questions document (the “FAQs”) regarding the 2020 Term Asset-Backed Securities Loan Facility (“TALF 2020”). In this Legal Update, we discuss several aspects of the updated TALF 2020 documents with particular relevance to CLOs, including several welcome improvements and a few drawbacks.
Legacy CMBS Added As Eligible Collateral Under TALF Program
Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice): Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below. Mondaq has a "free to view" business model.
U.S. Federal Reserve Expands and Provides Additional Details on Main Street Lending Program for Small and Mid-Sized Businesses
On April 30, 2020, the Federal Reserve Board announced expanded loan offerings and terms for the forthcoming Main Street Lending Program. Among other changes, Main Street is now open to larger businesses with up to 15,000 employees or $5 billion in 2019 annual revenue (previously up to 10,000 employees or $2.5 billion in 2019 annual revenue). The minimum size of certain loans was also reduced to $500,000 from $1 million to help provide assistance to smaller businesses.
Html.Raw(The CARES Act And CLOs - Coronavirus (COVID-19) - United States)
To print this article, all you need is to be registered or login on Mondaq.com. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act,1 was signed into law.
TALF 2020 and CLOs | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
TALF 2020 and CLOs
On April 9, 2020, the U.S. Federal Reserve announced revised preliminary terms for the Term Asset-Backed Securities Loan Facility (“TALF 2020”). Certain CLO securities that are rated AAA by at least two rating agencies and are not rated below AAA by any other rating agency will be eligible collateral for loans under this program. In this Legal Update, we highlight several aspects of the preliminary terms of TALF 2020 with particular relevance to CLOs.
The CARES Act and CLOs | JD Supra
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act,1 was signed into law.
Legal Update on Section 4003 of the CARES Act – Liquidity for Eligible Businesses, States, and Municipalities | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
The CARES Act and CLOs
As discussed in a previous post, Section 4003 of the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, authorizes $500 billion of liquidity to support businesses, states and municipalities “related to losses incurred as a result of coronavirus.” It can be expected that a portion of the liquidity authorized by Section 4003 of the CARES Act will take the form of loans to companies that are borrowers under loans held by collateralized loan obligation vehicles (“CLOs”).
US Federal Reserve Reintroduces Primary Dealer Credit Facility In Crisis Effort
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Legal Update on Section 4003 of the CARES Act – Liquidity for Eligible Businesses, States, and Municipalities | LexBlog
In a development with potential relevance for leveraged borrowers and, by extension, the CLO market, the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, was signed into law by President Trump on March 27, 2020. The CARES Act provides for liquidity support for both large and mid-size businesses that, unlike the Primary Market Corporate Credit Facility and the Secondary Market Corporate Credit Facility, is not limited to investment grade businesses or investment grade debt.
Fed Support For At Least Short Term ABCP Markets Looks Quite Promising
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US Fed Support for at Least Short Term ABCP Markets Looks Quite Promising
The disruptions in economic conditions caused by COVID-19 are reaching the commercial paper and longer term debt capital markets. The Board of Governors of the US Federal Reserve System has already set into motion three separate facilities as part of its effort to facilitate credit and help alleviate collateral volatility that are expressly available to different participants in such.
Fed support for at least short term ABCP markets looks quite promising
The disruptions in economic conditions caused by the coronavirus disease 2019 (COVID-19) are reaching the commercial paper and longer term debt capital markets. The Board of Governors of the Federal Reserve System (Federal Reserve) has already set into motion three separate facilities as part of its effort to facilitate credit and help alleviate collateral volatility that are expressly available to different participants in such.
US Federal Reserve Reintroduces Primary Dealer Credit Facility in Crisis Effort
On March 17, 2020, as part of an effort to facilitate credit during disruptions in economic conditions caused by COVID-19, the Board of Governors of the Federal Reserve System (Federal Reserve) reestablished a dealer credit facility last operated during the 2008 credit crisis – the Primary Dealer Credit Facility (“PDCF2020”). Available starting on March 20, 2020, PDCF2020 is a loan facility providing credit to primary dealers who in turn are making credit available to businesses and households.
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