On October 23, 2020, the International Swaps and Derivatives Association (“ISDA”) released the ISDA IBOR Fallbacks Protocol (“Protocol”) and a Supplement to the 2006 ISDA Definitions (“Supplement”). While the Supplement amends definitions to the 2006 ISDA Definitions, it only amends definitions for new contracts. The Protocol gives participants an opportunity to amend existing contracts.
The New York City Department of Finance (“NYCDOF”) has published for comment proposed rules which would establish criteria and program guidelines for the New York City Commercial Property Assessment Clean Energy (“C-PACE”) Program. The proposed rules establish eligibility criteria for obtaining C-PACE loans for the purpose of retrofitting or renovating properties for energy efficiency
In 2015, the US Court of Appeals for the Second Circuit in New York stunned markets when it issued an opinion in Madden v. Midland Funding, LLC that ignored the “valid-when-made” principle of usury law that had been in place for decades. That decision impugned much of the secondary consumer debt market, including credit card
To promote growth of renewable energy projects, the New York State Legislature recently passed bill A.7805/S.6523 (the “C-PACE Bill”), which will allow real estate developers and commercial property owners to obtain Property Assessed Clean Energy (“PACE”) financing for new construction projects. PACE programs are thought to be beneficial for cities, promoting energy efficiency, reducing energy
On August 31, 2020, in response to requests by the Alternative Reference Rates Committee (ARRC), the US Commodities Futures Trading Commission (CFTC) issued revised no-action letters to swap dealers and other market participants relating to the transition from use of the London Interbank Offered Rate (LIBOR) as a reference rates in transactions. These letters supersede
With the potential end of LIBOR quickly approaching in only 16 months, the ARRC has been publishing many helpful resources to aid in the market’s transitions from LIBOR to SOFR, including multiple quick reference resource guides listed below.
As part of the ARRC’s Summer Series (a webinar series aimed at educating the public about SOFR
As noted in previous LIBOR Transition posts, the availability of LIBOR as a reference rate is not guaranteed beyond the end of 2021. On July 1, 2020, the Federal Financial Institutions Examination Council (FFIEC), which consists of US federal and state banking regulators and the Consumer Financial Protection Bureau, issued a Joint Statement highlighting the
The US Structured Finance Association (the “SFA”), the securitization industry group, has filed an amicus brief in support of a challenge and objection to the Motion for Order Rejecting Certain Unexpired Vehicle Leases Effective Nunc Pro Tunc to June 11, 2020 Pursuant to Sections 105 and 365(A) of the Bankruptcy Code (the “Motion”) filed by
On June 10, 2020, the European Commission’s High-Level Forum (HLF) issued its final report on the Capital Markets Union (CMU), which proposes detailed recommendations for improving and enhancing the capital markets of the European Union (EU). The report’s 17 recommendations are grouped under four larger themes: (i) creating a vibrant and competitive business environment; (ii)
LIBOR is used as a component of an interest or finance charge in consumer transactions as well as the commercial transactions we have discussed in prior LIBOR Transition posts. On June 4, 2020, the US Consumer Financial Protection Bureau (CFPB), issued a proposed rule that would amend US consumer credit regulations to address the pending