Securitization.Net

	US Securities and Exchange Commission Proposes to Remove References to Credit Ratings from Certain Securities Act and Exchange Act Rules and Forms On February 9, 2011, the United States Securities and Exchange Commission (SEC), in Release No. 33-9186; 34-63874, proposed removing references to credit ratings from nationally recognized statistical rating agencies (NRSROs) in certain of its rules and f ...more Mayer Brown LLP (2/15/2011)
	Federal Securities Claims Dismissed in In re Royal Bank of Scotland based on Morrison On January 11, 2011, Judge Deborah Batts of the Southern District of New York dismissed Section 10(b) and Rule 10b-5 claims brought by a putative class of US plaintiffs against Royal Bank of Scotland (RBS) and several underwriters and individuals. The cla ...more Mayer Brown LLP (2/11/2011)
	SEC Adopts Final Rules Related to Issuer Due Diligence Review of Assets and Disclosure of Underwriting Exceptions in Public Offerings of Asset-Backed Securities On January 20, 2011, the US Securities and Exchange Commission (the “SEC”) issued final rules requiring the issuer in a registered public offering of asset-backed securities to perform a due diligence review of the assets being securitized in that transac ...more Mayer Brown LLP (2/2/2011)
	SEC Adopts Final Rules Related to Representation andWarranties in Asset-Backed Securities Offerings On January 20, 2011, the US Securities and Exchange Commission(the “SEC”) issued final rules imposing extensive and potentially onerousm reporting and disclosure requirements on issuers with respect to past and future repurchase or replacement activity ar ...more Mayer Brown LLP (1/31/2011)
	More Unanticipated Consequences - Application of Article 122a of the EU Capital Requirements Directive to Activities of Certain US Subsidiaries and Affiliates of EU Credit Institutions In contrast to the frequent criticism made of US financial reform that it is rushed and uncoordinated, the comparable European Union (EU) reforms have generally been seen as deliberate and consultative. Unfortunately, better “process” doesn’t mean that EU ...more Mayer Brown LLP (1/26/2011)
	Basel Committee Releases Final Text of Basel III Framework On December 16, 2010, the Basel Committee on Banking Supervision (Committee) released the final text of the Basel III package of capital and liquidity reforms, which were originally proposed in December 2009, were modified and elaborated upon in subsequen ...more Mayer Brown LLP (1/7/2011)
	Auction Rate Securities (ARS) Fraud Claim Against Merrill Lynch Dismissed for Failure to Allege Causation Adequately In early December 2010, Judge Preska of the Southern District Court of New York dismissed federal claims against Merrill Lynch and other related parties based on the plaintiffs’ failure to adequately plead that alleged misstatements and manipulative condu ...more Mayer Brown LLP (1/3/2011)
	European bank regulators issue guidelines on securitisation risk retention, due diligence and disclosure requirements The Committee of European Banking Supervisors (CEBS) of the European Union (EU) on 31 December 2010 issued final guidelines (the “Guidelines”) on application of new Article 122a of the Capital Requirements Directive (CRD) (“Article 122a”), which became ef ...more Mayer Brown LLP (1/1/2011)
	A Swap is a Swap is a ... What?! Title VII of the Dodd Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), entitled “Wall Street Transparency and Accountability Act,” contains significant reforms of the over-the-counter derivatives markets. ...more Mayer Brown LLP (11/18/2010)
	US SEC Proposes Rule Prohibiting Fraud, Manipulation and Deception in Connection with Security-Based Swaps Pursuant to the authority contained in Section 763(g) of the Dodd-Frank Act, the US Securities and Exchange Commission (SEC) in Release 34-63236 has proposed a new Rule 9j-1 under the Securities Exchange Act of 1934, as amended (Exchange Act). This new ru ...more Mayer Brown LLP (11/8/2010)
	Lloyds Finding Presence in Brokerage Biz Lloyds Banking is building an asset-backed bond brokerage business. ...more Asset-Backed Alert (10/29/2010)
	US SEC Proposes Rules on ABS Warranty Repurchase Reporting On October 4, 2010, the US Securities and Exchange Commission released proposed new rules required by section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act). The release is one of several that the Commission will be require ...more Mayer Brown LLP (10/6/2010)
	FDIC Adopts New Securitization Safe Harbors On September 27, 2010, the Board of the Federal Deposit Insurance Corporation (FDIC) adopted new safe harbors1 (the New Rules) relating to the treatment of securitizations (and participations2) in receivership or conservatorship of an insured depository i ...more Mayer Brown LLP (10/1/2010)
	FDIC Adopts New Securitization Safe Harbors On September 27, 2010, the Board of the Federal Deposit Insurance Corporation (FDIC) adopted new safe harbors1 (the New Rules) relating to the treatment of securitizations (and participations2) in receivership or conservatorship of an insured deposit ...more Mayer Brown LLP (10/1/2010)
	Wilmington Trust Clarifies Role in Oriental Trading Company, Inc. Bankruptcy Case Wilmington Trust said today that it is not providing credit to Oriental Trading Company, Inc., which filed for Chapter 11 protection on August 25, 2010. ...more Wilmington Trust Company (8/26/2010)
	U.S. Securitization Report - August 2010 BMO Capital Markets -- Asset Securitization Group (8/23/2010)
	Card-Funding Balance Tips in Favor of ABS A shift in funding expenses is prompting RBS to consider issuing U.S. credit-card bonds for the first time, while longtime players Bank of America and J.P. Morgan mull deals of their own. ...more Asset-Backed Alert (8/13/2010)
	Dodd-Frank Wrinkle Reshapes Rating Process Rating agencies are asking issuers and underwriters of asset-backed bonds to insure them against damages from investor lawsuits, with mixed results. ...more Asset-Backed Alert (8/6/2010)
	Banks Eye Revival of Home-Loan Conduits Several Wall Street banks are thinking about setting up units that would routinely take on mortgages from smaller financial institutions, with the intent of securitizing the credits down the line. ...more Asset-Backed Alert (7/30/2010)
	Still in the Race: European ABS Picks Up Speed, But Might Get Derailed Europe has ridden into the summer months in the same state of uncertainty that has set the course for the last 18 months. ...more Asset Securitization Report--SourceMedia (7/30/2010)
	U.S. Securitization Report - July 2010 BMO Capital Markets -- Asset Securitization Group (7/26/2010)
	Rating-Agency Retreat to Lift Bond Values The stage is set for the values of asset-backed bonds to rise, thanks to this week's government-induced shutdown of new-deal production. ...more Asset-Backed Alert (7/23/2010)
	Sallie Weighs Spinoff Against Asset Sales Sallie Mae, which has been looking into a sale of the residual interests in its past securitizations of government-guaranteed student loans, could spin off its banking arm instead. ...more Asset-Backed Alert (7/16/2010)
	R&I Assigns A- Prelim: Sumitomo Life Fund Securitization The preliminary rating is for the asset-backed securities (ABS) to be issued backed by 70.0 billion yen in kikin raised by Sumitomo Life Insurance Company (Sumisei). ...more Rating and Investment Information, Inc. (7/12/2010)
	Dow Jones Credit Suisse Hedge Fund Index Posts Estimated Performance of -0.88% in June Early estimates indicate the Dow Jones Credit Suisse Hedge Fund Index ("the Index") will experience negative performance in June, with a -0.88% decrease for the month (based on 77% of assets reporting). ...more Credit Suisse (7/9/2010)
	S&P Is Monitoring Possible 12b-1 Reforms For Impact On Rated Standard & Poor's Ratings Services is monitoring regulatory discussions surrounding the guidelines that govern how mutual funds charge 12b-1 fees to investors. ...more Standard & Poor's (7/6/2010)
	BofA Merril Tops Public 1H Rankings Bank of America Merrill Lynch managed to claim the top lead manager position with a market share of 17% and $4.4 billion in issuance. ...more SourceMedia.com (7/1/2010)
	U.S. Structured Finance 2010 Midyear Outlook: Regulatory Issues May Temper The Market's Recovery Standard & Poor's (6/29/2010)
	DBRS Releases April Canadian Securitization Market Overview Report DBRS has today released the Canadian Securitization Market Overview report for the month ended April 30, 2010. The report provides an overview of the total Canadian securitization market, which includes asset-backed securities (ABS), commercial mortgage-b ...more DBRS (6/28/2010)
	U.S. Securitization Report - June 2010 The latest news and transactions in the securitization market ...more BMO Capital Markets -- Asset Securitization Group (6/24/2010)
	DBRS Assigns Final Ratings to Santander Drive Auto Receivables Trust 2010-A DBRS (6/24/2010)
	DBRS Confirms the Ratings of Merrill Lynch Financial Assets Inc., Series 2004-Canada 12 DBRS (6/23/2010)
	DBRS Confirms Certain MAV Note Ratings, Places MAVI and MAVII A-1 Notes Under Review with Positive Implications DBRS has today placed the Master Asset Vehicle I (MAVI) and Master Asset Vehicle II (MAVII and together with MAVI, the MAVs) Class A-1 Notes Under Review with Positive Implications. ...more DBRS (6/22/2010)
	Agencies Mull Risk-Retention Alternatives The FDIC, Federal Reserve, Office of the Comptroller of the Currency and SEC are discussing a measure that would allow structured-product issuers to avoid proposed risk-retention rules. ...more Asset Backed Alert, Harrison Scott Publications Inc. (6/18/2010)
	FDIC Proposal Links Market Reform to the Securitization Safe Harbor On May 11, 2010, the Board of the Federal Deposit Insurance Corporation (FDIC) released a notice of proposed rulemaking1 (NPR) concerning the FDIC's rule (the Rule) relating to the treatment of securitizations (and participations2) in receivership or ...more Mayer Brown LLP (5/18/2010)
	Summary of the US SEC's ABS Rule Change Proposal The US Securities and Exchange Commission (the Commission) has released an important and voluminous notice of proposed rulemaking1 (the NPR) relating to asset-backed securities (ABS). Comments on the NPR will be due 90 days after the NPR ...more Mayer Brown LLP (4/21/2010)

	US Securities and Exchange Commission Proposes to Remove References to Credit Ratings from Certain Securities Act and Exchange Act Rules and Forms On February 9, 2011, the United States Securities and Exchange Commission (SEC), in Release No. 33-9186; 34-63874, proposed removing references to credit ratings from nationally recognized statistical rating agencies (NRSROs) in certain of its rules and f ...more Mayer Brown LLP (2/15/2011)
	Federal Securities Claims Dismissed in In re Royal Bank of Scotland based on Morrison On January 11, 2011, Judge Deborah Batts of the Southern District of New York dismissed Section 10(b) and Rule 10b-5 claims brought by a putative class of US plaintiffs against Royal Bank of Scotland (RBS) and several underwriters and individuals. The cla ...more Mayer Brown LLP (2/11/2011)
	SEC Adopts Final Rules Related to Issuer Due Diligence Review of Assets and Disclosure of Underwriting Exceptions in Public Offerings of Asset-Backed Securities On January 20, 2011, the US Securities and Exchange Commission (the “SEC”) issued final rules requiring the issuer in a registered public offering of asset-backed securities to perform a due diligence review of the assets being securitized in that transac ...more Mayer Brown LLP (2/2/2011)
	SEC Adopts Final Rules Related to Representation andWarranties in Asset-Backed Securities Offerings On January 20, 2011, the US Securities and Exchange Commission(the “SEC”) issued final rules imposing extensive and potentially onerousm reporting and disclosure requirements on issuers with respect to past and future repurchase or replacement activity ar ...more Mayer Brown LLP (1/31/2011)
	More Unanticipated Consequences - Application of Article 122a of the EU Capital Requirements Directive to Activities of Certain US Subsidiaries and Affiliates of EU Credit Institutions In contrast to the frequent criticism made of US financial reform that it is rushed and uncoordinated, the comparable European Union (EU) reforms have generally been seen as deliberate and consultative. Unfortunately, better “process” doesn’t mean that EU ...more Mayer Brown LLP (1/26/2011)
	Basel Committee Releases Final Text of Basel III Framework On December 16, 2010, the Basel Committee on Banking Supervision (Committee) released the final text of the Basel III package of capital and liquidity reforms, which were originally proposed in December 2009, were modified and elaborated upon in subsequen ...more Mayer Brown LLP (1/7/2011)
	Auction Rate Securities (ARS) Fraud Claim Against Merrill Lynch Dismissed for Failure to Allege Causation Adequately In early December 2010, Judge Preska of the Southern District Court of New York dismissed federal claims against Merrill Lynch and other related parties based on the plaintiffs’ failure to adequately plead that alleged misstatements and manipulative condu ...more Mayer Brown LLP (1/3/2011)
	European bank regulators issue guidelines on securitisation risk retention, due diligence and disclosure requirements The Committee of European Banking Supervisors (CEBS) of the European Union (EU) on 31 December 2010 issued final guidelines (the “Guidelines”) on application of new Article 122a of the Capital Requirements Directive (CRD) (“Article 122a”), which became ef ...more Mayer Brown LLP (1/1/2011)
	A Swap is a Swap is a ... What?! Title VII of the Dodd Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), entitled “Wall Street Transparency and Accountability Act,” contains significant reforms of the over-the-counter derivatives markets. ...more Mayer Brown LLP (11/18/2010)
	US SEC Proposes Rule Prohibiting Fraud, Manipulation and Deception in Connection with Security-Based Swaps Pursuant to the authority contained in Section 763(g) of the Dodd-Frank Act, the US Securities and Exchange Commission (SEC) in Release 34-63236 has proposed a new Rule 9j-1 under the Securities Exchange Act of 1934, as amended (Exchange Act). This new ru ...more Mayer Brown LLP (11/8/2010)
	Lloyds Finding Presence in Brokerage Biz Lloyds Banking is building an asset-backed bond brokerage business. ...more Asset-Backed Alert (10/29/2010)
	US SEC Proposes Rules on ABS Warranty Repurchase Reporting On October 4, 2010, the US Securities and Exchange Commission released proposed new rules required by section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act). The release is one of several that the Commission will be require ...more Mayer Brown LLP (10/6/2010)
	FDIC Adopts New Securitization Safe Harbors On September 27, 2010, the Board of the Federal Deposit Insurance Corporation (FDIC) adopted new safe harbors1 (the New Rules) relating to the treatment of securitizations (and participations2) in receivership or conservatorship of an insured depository i ...more Mayer Brown LLP (10/1/2010)
	FDIC Adopts New Securitization Safe Harbors On September 27, 2010, the Board of the Federal Deposit Insurance Corporation (FDIC) adopted new safe harbors1 (the New Rules) relating to the treatment of securitizations (and participations2) in receivership or conservatorship of an insured deposit ...more Mayer Brown LLP (10/1/2010)
	Wilmington Trust Clarifies Role in Oriental Trading Company, Inc. Bankruptcy Case Wilmington Trust said today that it is not providing credit to Oriental Trading Company, Inc., which filed for Chapter 11 protection on August 25, 2010. ...more Wilmington Trust Company (8/26/2010)
	U.S. Securitization Report - August 2010 BMO Capital Markets -- Asset Securitization Group (8/23/2010)
	Card-Funding Balance Tips in Favor of ABS A shift in funding expenses is prompting RBS to consider issuing U.S. credit-card bonds for the first time, while longtime players Bank of America and J.P. Morgan mull deals of their own. ...more Asset-Backed Alert (8/13/2010)
	Dodd-Frank Wrinkle Reshapes Rating Process Rating agencies are asking issuers and underwriters of asset-backed bonds to insure them against damages from investor lawsuits, with mixed results. ...more Asset-Backed Alert (8/6/2010)
	Banks Eye Revival of Home-Loan Conduits Several Wall Street banks are thinking about setting up units that would routinely take on mortgages from smaller financial institutions, with the intent of securitizing the credits down the line. ...more Asset-Backed Alert (7/30/2010)
	Still in the Race: European ABS Picks Up Speed, But Might Get Derailed Europe has ridden into the summer months in the same state of uncertainty that has set the course for the last 18 months. ...more Asset Securitization Report--SourceMedia (7/30/2010)