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Mayer Brown, a leading global law firm, announced that Lawrence V. Berkovich has joined the firm in Charlotte as a partner in the Banking & Finance practice. Previously, he was a counsel with Dechert LLP in Charlotte.
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Mayer Brown Legal Update
The next milestone date in the Commodity Futures Trading Commission’s (“CFTC’s”) phase-in of mandatory clearing occurs on June 10, 2013, when so-called “Category 2 entities” must begin clearing swaps subject to the mandate. Securitization vehicles, insurers, investment funds and non-swap dealer financial institutions will generally be Category 2 entities. The effect of the June 10 phase-in on the operations of securitization vehicles, in particular, is unclear.
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Mayer Brown, a leading global law firm, was recognized as a top law firm in the Reactions Insurance and Reinsurance Legal Survey 2013, a key industry benchmark highlighting the best insurance and reinsurance law firms globally. Mayer Brown was ranked among the top three law firms within three insurance and reinsurance-related categories in the North America region.
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Media Coverage
Winter 2013
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Media Coverage
13 February 2013
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Legal Update
18 January 2013
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Mayer Brown Legal Update
In December 2012 the Basel Committee on Banking Supervision (BCBS) published a consultation paper (BCBS 236) proposing substantial changes to the methods banks use to calculate risk-based capital requirements related to securitisation exposures. The proposal’s stated objectives are to make securitisation capital requirements more prudent and risk-sensitive, to lessen reliance on external credit ratings, and to reduce "cliff effects" (in which small differences in credit quality or other parameters produce large differences in capital requirements). Comments on the proposal are due 15 March 2013.
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Legal Update
31 December 2012
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Mayer Brown Legal Update
The US Commodity Futures Trading Commission has issued a release containing a final exemptive order and proposing for public comment additional guidance regarding the cross-border regulation of swaps.
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Legal Update
18 December 2012
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Mayer Brown Legal Update
The Commodity Futures Trading Commission (the “Commission”) today adopted interim final rules that defer the dates by which swap dealers (“SDs”) and major swap participants (“MSPs”) are required to comply with many provisions of the Commission’s external business conduct rules and with certain internal business conduct rules that require agreements or the exchange of information with counterparties.
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Media Coverage
18 December 2012
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Media Coverage
December 2012
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Couverture Média
17 December 2012
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Option finance n°1201/1202 du 17 décembre 2012
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Legal Update
10 December 2012
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Mayer Brown Legal Update
The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission (CFTC) issued interpretation and no-action letter No. 12-45, which does three things: it provides interpretive clarification that some securitization entities are not “commodity pools”; it provides conditional no-action relief for certain legacy securitization entities; and it provides time-limited no-action relief until March 31, 2013 for non-exempt securitization entities to allow for more time for further dialogue with CFTC Staff.
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Legal Update
20 November 2012
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Mayer Brown Legal Update
On November 16, 2012, under specific authority granted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the US Secretary of the Treasury (Secretary) issued the long-awaited final determination (Determination), which states that physically settled “foreign exchange swaps” (FX Swaps) and “foreign exchange forwards” (FX Forwards) are exempt from the definition of “swap” and not subject to many of the swap requirements under the Commodity Exchange Act (CEA).
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Legal Update
8 November 2012
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Mayer Brown Legal Update
German insurance companies are playing a larger role as purchasers in the credit portfolio transactions market than they used to.
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Legal Update
1 November 2012
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Mayer Brown Legal Update
The Internal Revenue Service and the US Department of Treasury have issued “Announcement 2012-42: Timelines for Due Diligence and Other Requirements under FATCA” (the Announcement).
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Legal Update
19 October 2012
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Mayer Brown Legal Update
On October 11, 2012, the Division of Swap Dealer and Intermediary Oversight (Division) of the Commodity Futures Trading Commission (CFTC) issued interpretation letter No. 12-14, “Request for Exclusion from Commodity Pool Regulation for Securitization Vehicles” (the CFTC Securitization Interpretation Letter), to the American Securitization Forum (ASF) and the Securities Industry and Financial Markets Association (SIFMA). |
Media Coverage
9 October 2012
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Cayman Financial Review
A bylined article co-authored by Banking & Finance partner Paul Forrester (Chicago) summarizes the recent activity in US structured finance markets and comments on the potential impact of various pending regulatory initiatives that may affect the future prospects for these markets.
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News Release
29 August 2012
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Mayer Brown, a leading global law firm, announced today that Ann Richardson Knox has joined the firm in New York as a partner in the Banking & Finance practice.
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Media Coverage
24 August 2012
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International Financing Review
Banking & Finance partner Jon Van Gorp (Chicago) is quoted on the first “so-called” real estate owned-to-rental securitizations in the US.
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Media Coverage
16 August 2012
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Legal Update
15 August 2012
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Media Coverage
2 August 2012
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News Release
23 July 2012
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Mayer Brown, a leading global law firm, announced today that the firm was ranked as top issuer counsel for US asset-backed securities/mortgage-backed securities deals in Asset-Backed Alert’s midyear rankings. Mayer Brown ranked in first place with a total of 26 deals with a total value of $21.9 billion (1H-12 issuance) and 18 deals with a total value of $14.5 billion (1H-11 issuance).
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News Release
25 June 2012
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Mayer Brown, a leading global law firm, announced today that it advised Wells Fargo & Company on a definitive agreement to acquire WestLB’s subscription finance portfolio.
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Mayer Brown, a leading global law firm, announced today that the 2012 edition of Chambers USA: America’s Leading Lawyers for Business ranked 124 of its lawyers, with 149 total rankings, in 51 nationwide and/or state practice categories. Of these, 38 rankings are top-band or higher rankings in 25 nationwide and/or state categories.
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