Repack Programs: Structuring and Legal Considerations

Whether to address funding diversification objectives, liquidity management plans, risk-based capital concerns, or other goals, many issuers consider establishing repackaging programs. These programs can take many forms but generally raise a number of structuring and legal considerations that should be addressed early in the planning process. During our discussion, in addition to providing some background on market developments, we will discuss the following:

• Compartment/multi-series vehicles or series LLCs and choice of jurisdiction,
• Rule 144A and Regulation S programs and investor qualifications,
• Investment Company Act and commodity pool issues,
• US and European risk retention requirements in capital relief transactions,
• Emissions Certificates repackagings,
• Addressing the Volcker Rule, and
• Swap and other derivatives related considerations.

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