Why you should attend
As the securitization world begins to emerge from the financial crisis, it faces an onslaught of new regulation and uncertainty. Many transactions have been downgraded and have suffered unforeseeable losses. Additionally, investor confidence in structured products has been badly shaken. Moreover, many transactions have been subject to restructurings and litigation of various types. Will these reforms be sufficient to restore investor confidence?
At this program, you will receive an intensive and comprehensive introduction and update on what solutions are being pursued in the market and what legislative and regulatory actions and initiatives are underway.
What you will learn
- Learn about new legislative and regulatory developments:
- Financial regulatory, securitization and derivatives reform, including Dodd-Frank implementation and rulemaking, and Reg AB II
- FDIC securitization safe harbor reforms
- FAS 166/167 and other accounting changes
- The impact of Basel III
- Rating agency reform; changes in rating agency criteria
- Structured products litigation update
- Learn about solutions being pursued in the market and new areas of opportunity:
- Resurgent asset classes and related opportunities
- Vehicle restructurings
- Other financing options
- Resolving disputes between classes of the same issue
- Government sponsored and esoteric ABS
Who should attend
Attorneys at law firms, corporations, investment banks, investment funds, and other financial institutions dealing with or exposed to asset-backed securities or structured products. Business professionals who need to understand the securitization process.
Day One: 9:00 a.m. - 5:15 p.m.
Morning Session: 9:00 a.m. - 12:30 p.m.
9:00 Opening Remarks
Patrick T. Quinn
9:15 Overview of Proposed Changes to Regulations Governing Asset-Backed Securities
- Reg AB II Re-proposal Including New Rules for Shelf Eligibility
- Investment Company Act Proposed Amendments
- New Conflict of Interest Rules
- New Due Diligence Rules
- Representation and Warranty Repurchase Reporting Rules
- Rating Agency Reforms
- Update on status of SEC’s waterfall computer program proposal
- Status of SEC’s proposal to condition availability of private placement safe harbors on an issuer undertaking to provide investors with the same information as would be required in a registered transaction
Tom Deutsch (Moderator), Lawrence D. Rubenstein, Scott A. Stengel
11:15
Networking Break
11:30
Derivatives Regulation and its Impact on Securitization
- Overview of derivatives reforms under Dodd-Frank
- Clearing and margining
- Registration and reporting
- Loss of swap leverage
- Grandfathering
Jeffrey L. Robins, Ellen L. Marks, Michael S. Sackheim
12:30
Lunch
Afternoon Session: 1:45 p.m. - 5:15 p.m.
1:45
Risk Retention and Securitization Transactions
- Proposed Rules from U.S. Regulators
- European Union Risk Retention Requirements
- Scope of the FDIC safe harbor
- Preconditions for safe harbor protection
- Potential impact on future issuance
Lewis Cohen, Andrew M. Faulkner, Stephen S. Kudenholdt, Bianca A. Russo
3:00
Securitization Accounting Developments: What’s New?
- FAS 166/167
- IFRS
- Implications of Regulatory Reform initiatives
David N. Thrope
4:00
Networking Break
4:15
Ethics Issues for Securitization Lawyers
- Disclosure Issues in Synthetic Transactions
- Proprietary Structures
- Legal Conflicts
Laurence Pettit, Michael S. Sackheim
5:15
Adjourn
Day Two: 9:00 a.m. - 5:00 p.m.
Morning Session: 9:00 a.m. - 12:15 p.m.
9:00
Observations from S.E.C. Office of Structured Finance
- Overview of the Office of Structured Finance
- Recap of the last year
- Staff observations
- Outlook for 2012
Rolaine S. Bancroft
10:00
Residential and Commercial Mortgage Securitizations
- Recent deals and developments
- Regulatory and legislative developments
- Predictions for the future
Lawrence D. Rubenstein, Patrick T. Quinn, Bianca A. Russo
11:00
Networking Break
11:15
New Developments in Traditional ABS (Auto, Equipment Loan and Lease, Student Loan and Credit Card Securitizations)
- Recent deals and developments
- Regulatory and legislative developments
- Predictions for the future
Andrew M. Faulkner, Stuart M. Litwin
12:15
Lunch
Afternoon Session: 1:45 p.m. - 5:00 p.m.
1:45
New Developments in Collateralized Loan Obligations
- Overview
- Regulatory and legislative developments
- CLO 2.0
- Predictions for the future
Robert Coors, Robert Klein, Jocelyn Lynch, Matthew A. Miller, John M. Timperio, Min Xu
2:45
Litigation, Bankruptcy and Trustees
- Developments in CDO and other RMBS-related litigation and forecasts of future CDO litigation trends
- Assessing potential litigation claims and risks relate to CDO liabilities
- Resolving disputes between CDO tranches
- Developments involving trustees in CDO default and liquidation
- Trustee use of interpleader, declaratory judgment and the like
- Issues affecting transaction participants concerning RMBS loan repurchase obligations
Susan F. DiCicco, James K. Goldfarb
3:45
Networking Break
4:00
Tax Developments in Securitization
- Domestic structures
- Off-shore structures
- Emerging issues and unanswered questions
- Other tax developments
Kristofer W. Hess, Willys H. Schneider
5:00
Adjourn
Chairperson(s)
Moderator(s)
Tom Deutsch ~ Executive Director, American Securitization Forum
Speaker(s)
Bianca A. Russo ~ Managing Director and Associate General Counsel, JPMorgan Chase & Co.
Min Xu ~ Vice President - Senior Analyst, Moody's Investors Services
Program Attorney(s)
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
Due to high demand and limited inventory in NYC, we recommend reserving hotel rooms as early as possible.
The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: res.ny@warwickhotels.com
PLI's live programs are approved in all states that require mandatory continuing legal education for attorneys, except Arizona. Please be sure to check with your state for details.
Please check the CLE Calculator above each product description for CLE information specific to your state.
Special Note: In New York, newly admitted attorneys may receive CLE credit only for attendance at "transitional" programs during their first two years of admission to the Bar. Non-traditional course formats such as on-demand web programs or recorded items, are not acceptable for CLE credit. Experienced attorneys may choose to attend and receive CLE credit for either a transitional course or for one geared to experienced attorneys. All product types, including on-demand web programs and recorded items, are approved for experienced attorneys.
Please note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.
Credit will be granted only to the individual on record as the purchaser unless alternative arrangements (prearranged groupcast) are made in advance.