Activity levels for European commercial mortgage-backed securities, U.S. commercial mortgage-backed securities and commercial real estate collateralized loan obligations reflect strong global demand. Cadwalader attorneys analyze recent trends.
At a Federal Trade Commission hearing, industry professionals and experts debated the possible anticompetitive implications of institutional investors holding non-controlling amounts of voting securities in competing firms.
Cadwalader attorneys reviewed new BCBS-IOSCO criteria for identifying "simple, transparent and comparable" short-term securitizations. The memorandum also covers a standard on the capital treatment of STC short-term securitizations issued by the BCBS.
The CFTC filed a federal complaint and obtained a restraining order against a corporation and several individuals for misappropriating over $6 million in customer funds in connection with an offering of a virtual currency.
The CFTC published a "primer" that (i) provides an overview of virtual currencies, (ii) explains the CFTC's oversight of virtual currencies, and (iii) cautions market participants of the risks associated with virtual currencies.
"Desk-specific" portals are highly curated pages devoted to specific regulatory topics. The first five portals to go live cover Broker-Dealers and Markets, Asset-Backed Securities, SEC and FINRA Enforcement, Securities Offerings, and Issuers.
The SEC brought its first enforcement actions against two Initial Coin Offerings. Cadwalader attorneys examine the implications of these actions, which may shed light on the SEC's future plans for regulating ICOs.
The Structured Finance Industry Group submitted a proposed amicus brief to the SDNY Bankruptcy Court in which it asserted that the alleged debtor is not a typical chapter 11 debtor, but rather a non-recourse securitization vehicle that should be liquidated by its terms.
The CFTC Division of Swap Dealer and Intermediary Oversight granted no-action relief to a futures commission merchant. The relief provides "futures, options and swaps clearing services to customers that are 'covered funds.'"
Rolls-Royce agreed to pay $800 million in a global settlement to resolve allegations by UK, U.S. and Brazilian authorities that the car manufacturer had conducted a long-running scheme to bribe foreign officials in exchange for assistance in obtaining government contracts.
Cadwalader attorneys examined the newest final and temporary Internal Revenue Code regulations intended to prevent the shifting of debt and interest from the U.S. operations of multinational companies to U.S. subsidiaries.
The CFTC settled charges against a hedge fund manager for supervisory failures. The hedge fund manager consented to restrictions on his registration as an "associated person" of the firm and a bar against him from future registration with the CFTC in any capacity for sixteen months.
Cadwalader attorneys reviewed proposed Treasury regulations that would require business entities formed in the United States that are owned by a single foreign person to file annual information returns with the IRS.