May 12, 2021 Webinar
11:00am – 12:00pm EDT
Register here.
For US federal tax purposes, the main consideration for replacing an interbank offered rate (IBOR) with a fallback rate (or of adding a fallback mechanic to an existing instrument) is that this alteration could result in a deemed exchange of the instrument (with tax…
Lexis Practice Advisor
This practice note focuses on recent market trends in risk factor disclosure required in US Securities and Exchange Commission (SEC) filings and provides recent risk factor disclosure examples, covering COVID-19, Brexit, London Interbank Offered Rate (LIBOR) cessation, cybersecurity, and China-based issuers. Additionally, this practice note discusses recent amendments to the description of…
On April 7, 2021, the proposed New York “legislative solution” for legacy USD LIBOR contracts became Article 18-C of the New York General Obligations Law. Article 18-C is primarily aimed at USD LIBOR contracts, securities or instruments (e.g., floating rate notes (“FRNs”), loans, securitizations and mortgages) with the 2006 ISDA Definitions LIBOR fallbacks,…
Wednesday, September 23, 2020 and Thursday, September 24, 2020
Click here for more information.
The firm is proud to sponsor the SIFMA Compliance & Legal Virtual Forum, a two-day September event featuring industry leaders’ perspectives on the current regulatory and enforcement environments, lessons learned thus far, and much more.
Marlon Paz will speak on a…
Monday, September 21, 2020
Register here.
This year’s virtual PLI program will cover accounting, disclosure and reporting relief related to COVID-19 for mid-sized and small reporting companies. Further discussions throughout the webinar include the standard-setting agenda of the FASB, updates on rulemaking, interpretive guidance, frequent comments, and enforcement actions emanating from the SEC.
Mayer…
Issuers with outstanding fixed-to-floating or floating rate preferred securities or depositary shares representing an interest in underlying preferred securities will soon need to consider how to address operative LIBOR-based provisions in advance of the cessation of LIBOR. The governing documents for many outstanding depositary shares and preferred securities that reference LIBOR do not envision a…
Is 100% consent of the holders required to change the interest rate of an outstanding LIBOR floating rate note? Many practitioners would say yes, but we examine another approach in our article “Consent Solicitations: Challenging Orthodoxies”, published in this month’s REVERSEinquiries newsletter.
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…
