On December 9, 2020, the International Capital Market Association (ICMA) released its Climate Transition Finance Handbook (Handbook) and related Q&As to guide issuers in connection with the issuance of:
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On June 18, 2020, the Office of Compliance, Inspections and Examinations of the US Securities and Exchange Commission announced in a risk alert that it will conduct examinations of SEC-registered investment advisers, broker-dealers and investment companies, among others, to assess their preparedness for LIBOR’s expected discontinuation.
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Yesterday, May 27, 2020, the US Alternative Reference Rates Committee (ARRC) published updated best practices guidance, including a summary factsheet, complete best practices guidance and a graphical timeline. While the updates cover more market participants and include some additional details for certain interim milestones (including various end dates for specified products by which LIBOR usage…
On Friday, May 22, 2020, in the closely watched Millennium Health case, Judge Gardephe issued a Memorandum Opinion and Order granting the defendants’ motion to dismiss, including the six causes of action in the plaintiff’s petition under the securities laws of California, Colorado, Illinois and Massachusetts, and holding that the leveraged loans at issue were…
This Lexis Practice Advisor: First Analysis article discusses the final rule amendments adapted by the U.S. Securities and Exchange Commission (SEC) that modernize the offering related provisions of the Securities Act of 1933, as amended (the Securities Act), and the communications safe harbors available to business development companies (BDCs) and closed-end funds (CEFs), including interval…
On March 6, 2020, the Alternative Reference Rates Committee (ARRC) released its “Proposed Legislative Solution to Minimize Legal Uncertainty and Adverse Economic Impact Associated with LIBOR Transition.” This Legal Update summarizes the proposed legislation and discusses why, though well-intentioned, it may not be sufficient to meet the ARRC’s objective.
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On January 30, 2020, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading Commission proposed revisions to the covered funds provisions of the Volcker Rule. The proposal is intended to address the…
Following the inaugural sovereign blue bond issuance by the Republic of Seychelles last October, there have been two recent blue bond announcements. First, The Nature Conservancy recently announced its ambitious “Blue Bonds for Conservation,” aiming for $1.6 billion by 2025. Second, Morgan Stanley, working with the World Bank, sold $10 million of blue bonds aiming…
On November 30, 2018, the Securities and Exchange Commission (the “Commission”) adopted a new rule establishing a non-exclusive research report safe harbor (“Rule 139b”) for unaffiliated brokers or dealers that publish or distribute research reports regarding qualifying investment funds. The Commission took this action in furtherance of the mandate of the Fair Access to Investment…
On October 31, 2018, the US Securities and Exchange Commission issued a final rule to modernize required property disclosures for mining registrants. The requirements are currently set out in Item 102 of Regulation S-K and Industry Guide 7. This Legal Update discusses key points of the Final Rule as well as its practical implications.
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