Tag Archives: Regulation AB

SFIG Vegas 2019

As we return to our desks after last week’s whirlwind in Las Vegas for the Structured Finance Industry Group (SFIG) Conference, we find ourselves reflecting on how this conference was at once business as usual while also showing evidence of an evolving industry looking to the future. Approximately 8,050 attendees, including a sizable Dechert team, … Continue Reading

Final REG AB Rules: Man Bites Dog

I am congenitally pessimistic and some have, shockingly, called me cynical. Early last week, while we waited for Reg AB, I would have bet more than a dollar that there would have been a number of things in this final Rule which would disappoint. Well, I was broadly wrong. The Rule as published, with its … Continue Reading

Unintended Consequences Avoided? CFTC Provides Relief for Certain Securitization Vehicles

Last Thursday, the U.S. Commodity Futures Trading Commission (“CFTC”) responded to ASF’s and SIFMA’s requests for relief from the new CFTC rules which implemented certain Dodd-Frank amendments that brought swaps within the purview of the CFTC.  The new rules, which took effect on October 12, 2012, threatened to regulate many securitization vehicles as commodity pools … Continue Reading


It’s that time of year when we’re forced to think about budgets and business plans. The pointy headed types from the accounting department want to know exactly what we’ll be doing the second week of next May and, as I’m sure every one of you have said (or thought) when confronted with such bureaucratic insanity: If I … Continue Reading

So You Really Want To Do A Public Deal?

As the CMBS market begins to get its feet underneath it, a number of folks have begun to pine for the public markets. Since 2009, every CMBS deal has been issued as a 144A (or otherwise privately placed). The public market is beginning to feel like a memory. While there seems to have been relatively … Continue Reading

Animal Spirits and Limits of Memory

While perhaps akin to stories of sixteen foot gators in the New York sewer system, I have heard that there is a physiological basis for suppressing the more painful memories of childbirth which is the species’ way of ensuring that couples have more than one child. Perhaps a similar thing is affecting investors and market … Continue Reading

ASF Sunset Seminar: What to Expect from the Dodd-Frank Rulemakings

The general theme of the American Securitization Forum Sunset Seminar held on Wednesday at Dechert’s NY office was the unintended consequences of the Dodd-Frank Act. Our largest conference room was packed with over a hundred securitization industry players all searching for the best predictions on the shape of the massive amount of regulations coming our … 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 Update: Status of Recent Legislative and Regulatory Proposals ‬

Dechert has assembled a team to cover the latest legislative and regulatory developments affecting the CMBS, RMBS, and ABS markets. Each Dechert Securitization Update provides timely information on these developments. For a discussion of several recent legislative and regulatory developments that will shape the future of the securitization markets, please see the latest Securitization Update … Continue Reading