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This market trends article examines recent trends regarding medium-term note programs (MTN programs), providing an overview of the market in 2019 and 2020 with a focus on general deal structure and process, recent deal terms, and disclosure trends. Financial service companies, such as bank holding companies, continued to use medium-term note programs as their vehicles…

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.

Read our Legal Update.

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 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.

Read our full legal update here

FINRA’s 2020 Risk Monitoring and Examination Priorities Letter identifies a number of areas of focus for the examination program in the coming year.  Here we highlight particular areas of focus for capital markets practitioners:

  • Private placement retail communications and online distribution platforms:  FINRA will review how member firms use social media and other platforms in

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This article discusses the public statement dated July 12, 2019, made by the Securities and Exchange Commission’s (SEC) Division of Corporation Finance, Investment Management and Trading and Markets, and the Office of the Chief Accountant, encouraging market participants to begin the transition away from U.S. dollar LIBOR, which is expected to cease publication in 2021.…

Wednesday, February 19, 2020
1:00 PM – 2:00 PM EST
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Please join Mayer Brown’s Bradley Berman and David Duffee and for a discussion of the upcoming cessation of LIBOR quotations and the market’s transition to the Secured Overnight Financing Rate (SOFR). We will discuss what market participants should expect to see…

We previously blogged about the recent AICPA conference. At the conference, representatives from the Office of Chief Accountant also shared some views regarding the discontinuation of LIBOR. The Staff of the OCA joined in the July 2019 statement with the SEC Staff from the Division of Corporation Finance, the Division of Investment Management and the…

On Friday, July 12, 2019, the Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management and Trading and Markets, and the SEC’s Office of the Chief Accountant issued a statement regarding the LIBOR phase out, focusing attention on the “urgency” of implementing alternative reference rates.  The statement references the work of the Alternative Reference…