New Developments in Securitization 2010

Overview

Why You Should Attend

As the securitization world begins to emerge from the credit crunch, it faces an onslaught of new regulation and uncertainty.  Many transactions have been downgraded and have suffered unforeseeable losses and 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 two-day 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

Conference Highlights:

• Learn about new legislative and regulatory developments:
  - Financial regulatory, securitization and derivatives reform, including The Dodd-Frank Wall Street Reform and Consumer Protection Act
  - FDIC securitization safe harbor reforms
  - FAS 166/167 and other accounting changes
  - Structured products litigation update
• Learn about solutions being pursued in the market and new areas of opportunity:
  - Distressed asset funds 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.

Special Features

Live Webcast - Simultaneous live webcast of the New York session is available for individual viewing. Webcast participants will receive streaming audio and/or video of the program, view and print the Course Handbook, and have the ability to submit questions electronically.

For more information click on the Live Webcast link in the Related Items box.

Special Bonus to all Registrants

All attendees receive a complimentary copy of PLI's comprehensive Course Handbook. This softcover, bound volume was written to augment this program and to stand alone as a permanent reference. PLI's Course Handbooks represent the definitive thinking of the nation's finest legal minds, and are often the standard reference in the field.

Please Note: Webcast attendees will receive a downloadable version of the Handbook one business day prior to the program.

PLI Group Discounts

Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.

PLI Can Arrange Group Viewing to Your Firm

Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.

Cancellations

All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.

Schedule

Day One:  9:00 a.m. - 5:15 p.m.

Morning Session:  9:00 a.m. - 12:30 p.m.

9:00  Opening Remarks

Gary Barnett

9:15  Trends in Securitization: Research Perspective

• Overview of year’s activities
• Issuance volumes
• Credit quality trends
• Other developments
• Lessons from the credit crunch
• Prospects for 2011

Mark Adelson

10:15  Networking Break

• Regulatory and other initiatives affecting ABS offering process, including Regulation AB II
• Recent developments and current issues regarding securitizations
• What to expect from the SEC staff next year

TBD

11:30  Regulation AB II

• Overview of proposed changes to SEC rules governing asset-backed securities
• Likely opposition to proposed changes
• Litigation updates

Michael H. Mitchell, Jordan M. Schwartz

12:30  Lunch

Afternoon Session:  2:00 p.m. - 5:15 p.m.

2:00  The Dodd-Frank Securitization Reforms, FDIC Safe Harbor Securitization Reforms and Rating Agency Reforms

• Overview of the reforms and the effects on securitization transactions
• How these reforms affect existing transactions
• Outlook for 2011

Giselle M. Barth

4:00  Networking Break

• Recent deals and developments
• Regulatory and legislative developments
• Impact of accounting changes
• The auction rate securities mess and alternatives to auction rates
• Predictions for the future

Andrew M. Faulkner, Stuart M. Litwin

5:15  Adjourn

Day Two:  9:00 a.m. - 5:00 p.m.

Morning Session:  9:00 a.m. - 12:15 p.m.

• Overview of how new derivatives reforms will impact securitizations
• Clearing and trading
• Swap data repositories

Gary Barnett

10:00  Residential and Commercial Mortgage Securitizations

• Recent deals and developments
• Regulatory and legislative developments
• Predictions for the future

Lawrence D. Rubenstein, Bianca A. Russo

11:00  Networking Break

11:15  Securitization Accounting Developments - What’s New?

• FAS 166/167
• New VIE consolidation rules - FIN 46 R-squared
• Expected effective date and transition

James R. Mountain

12:15  Lunch

Afternoon Session:  1:45 p.m. - 5:00 p.m.

1:45  Tax Developments in Securitization

• Domestic structures
• Off-shore structures
• Emerging issues and unanswered questions
• Other tax developments

David Z. Nirenberg

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 related 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 trustees in RMBS loan repurchase obligations.

Robert J. Coughlin, Susan F. DiCicco, Jonathan E. Pickhardt

3:45  Networking Break

• The use of securitization with the assets of failed banks
• Government requests for loan repurchases in ABS trusts
• Life settlements (extension risk, insurable interest issues)
• Structured settlements (court orders, non-assignment issue)
• Catastrophe bonds (structure issues)
• Trade receivables
• Lottery awards (obligor issues, withholding tax issue)
• Aircraft leases (diversity of lessees, unwrapped deals)
• Timeshare loans

Patrick D. Dolan

5:00  Adjourn

Faculty

Chairperson(s)

Program Attorney(s)

CLE Credit

Travel Information

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