Tag Archives: SEC

Why Regulation Fails

I’d like everyone to go out and buy a copy of Professor Paul Mahoney’s slender new book, Wasting a Crisis – Why Securities Regulation Fails.  Paul is a brilliant guy.  Until this spring, he was the dean of the University of Virginia School of Law where he is the David and Mary Harrison Distinguished Professor … Continue Reading

A Trip Through the Labyrinth – The Regulatory Man in Full

And now to return to our commentary a few weeks back about the stultifying impact of ill-thought through rules and regulations (at best) (Brexit has intervened).  This is our Regulatory State which broadly attempted to pick winners and losers and modify market behavior, to get an engineered outcome by using the blunderbuss of proscriptive rules … Continue Reading

Risk Retention: It’s the Fourth Quarter and the Home Team is Getting Glum

We thought it would be useful to give a quick, interim update on the slow-motion train wreck that is our industry’s response to the upcoming effectiveness of the Risk Retention Rule.  For those of you who have been blessedly snoozing under a rock these past couple of years, the Risk Retention Rule becomes effective on … Continue Reading

Crowdfunding: The Next Commercial Real Estate Frontier?

In a world where we buy groceries, book travel, and even date online, it should come as no surprise that online investment is becoming increasingly prevalent. The rapid shift towards an internet-centric world has made crowdfunding the next “big thing” when it comes to raising capital and finding investment opportunities. What is Crowdfunding? In the … Continue Reading

Dechert OnPoint Details Recent SEC Report on Credit Ratings for Structured Finance Products

While we’re on the topic of Dodd-Frank rules and regs that could have a significant impact on the securitization market, the SEC recently reported the findings of a study it conducted regarding assigned credit ratings for structured finance products – a report required under Section 939F of the Dodd-Frank Act that will subsequently lead to … Continue Reading

ASF 2013 (“Viva Las Vegas”)

Dechert’s securitization team is looking forward to the American Securitization Forum 2013 (“ASF 2013”) conference starting this Sunday, as it is expected to be once again the largest capital markets conference in the world. ASF 2013 is expecting over 4,500 participants who will all convene at the Aria Hotel and Convention Center in fabulous Las … Continue Reading

The Regs that Bind

In the world of magical realism which produced that paragon of legislative genius known as Dodd-Frank, I have had energy for only a bit of remote intellectual annoyance over the impact of the part of the Rule commonly known as “Volcker”.… Continue Reading

Qualified Mortgage Rule Emerges as Critical Issue in Restructuring of Residential Mortgage Market Regulation

The Consumer Financial Protection Bureau (the “CFPB”) is currently charged with defining a “Qualified Mortgage” (a “QM”). The federal banking agencies, the SEC, the FHFA and the Department of HUD are jointly charged with defining a “Qualified Residential Mortgage” (a “QRM”), and the QRM definition cannot be any broader than the QM definition. A narrowly … Continue Reading

The FinReg Sheriff Arrives in Town: Do You Feel Safer?

On January 20th, the SEC finalized its first batch of many rules to come under Dodd-Frank, requiring issuers to perform reviews of the assets underlying their ABS securities and requiring them to disclose fulfilled and unfulfilled repurchase requests for alleged breaches of representations and warranties.  These have effective dates beginning with 2012 issuance so, to a certain extent, we can kick the anxiety … Continue Reading

What Are We Still Waiting For and When Should it Arrive?

I have a Leapster Explorer™ on order for my son’s 5th birthday that I seriously hope arrives in the next two days, but in addition to that delivery, there’s a lot of securitization-related rulemaking required or permitted to be delivered under the Dodd-Frank Wall Street Reform and Consumer Protection Act that was enacted on July … Continue Reading

FDIC: Mining a Safe Harbor

Last week the FDIC approved its final Safe Harbor Rule regarding securitization. That something that sounds so good could be so bad leaves you thinking: can’t we catch a break in trying to repair this damaged economy? To set the stage a bit, the FDIC has a suite of powers, while acting as conservator or … Continue Reading

And Now the Real Game Begins

It’s August 6 as I write this, and the finance industry is taking a deep breath after hustling for weeks to get their comments delivered to the SEC on the SEC’s massive restructuring (pdf) of Reg AB and offering reform.  We here at Dechert had been very busy writing the CREFC comments (pdf) and I’m delighted to … Continue Reading

Securitization Survives Round One

Back from vacation … The sheer joy of re-engagement cannot be captured in words.  But, can there be a better way of restarting than perusing FinReg?  Being the parochial structured finance lawyer that I am, I start with Subtitle D with the Potemkin village-like name of  "Improvements to the Asset Backed Securitization Process" and Section … Continue Reading

More From FASB

FASB wants to expand Fair Value to other financial assets.  That bears repeating:  FASB has published an Exposure Draft that would extend the dubious joys of fair value accounting to ALL financial assets.  I so wish I was making this up.  On May 26, 2010, FASB published this missive. Fair Value seems to hold a … Continue Reading

Skin in the Game

I can’t stand it. We now have skin in the game provisions proposed by the SEC, the FDIC, the House of Representatives and the United States Senate.  On CNN the other day, Congressman Barney Frank said that the most important part of the House Financial Reform bill was skin in the game in securitization. Okay, I know we’re probably … Continue Reading
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