The disruptions in economic conditions caused by the coronavirus disease 2019 (COVID-19) are reaching the commercial paper and longer term debt capital markets. The Board of Governors of the Federal Reserve System (Federal Reserve) has already set into motion three
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Might Consumer Forbearance be Expanded to Business?
To contain the coronavirus and save lives, the government has required many people to stay home and not report to work. To help those people manage their financial obligations, the government is also mandating different types of payment forbearance relief.
Market Participants Request Expansion of TALF 2.0
On March 23, 2020, the Federal Reserve Bank of New York (“FRBNY”) established the Term Asset-Backed Securities Loan Facility (“TALF 2.0 Program”) to support the flow of credit to consumers and businesses. The FRBNY expects that the TALF 2.0 Program
Securitisation after Brexit – Considerations for securitisations involving UK entities
The UK left the EU on 31 January 2020 at 11:00 p.m. UK time. This legal update summarises the application of EU law in the UK after Brexit, with particular reference to the Securitisation Regulation.
Read the Legal Update here
PTAP/C19 – The “Last Resort” for Ginnie Mae Issuers Facing a Liquidity Crunch
While residential mortgage loan servicers, trade associations and various members of Congress have been urging the Department of Treasury and the Federal Reserve Board to provide a dedicated servicing advance facility, Ginnie Mae did just that. On April 10, 2020,
IBOR Transition: Proposed US Federal Tax Regulations
On February 6, 2020, Russell Nance, Steven Garden and Brennan Young presented an overview of the proposed regulations addressing the US federal tax consequences of replacing an interbank offered rate (IBOR) with a successor rate as part of Mayer Brown’s
Brexit: The Way Forward
After three and a half years of negotiations and uncertainty, the United Kingdom left the European Union at 11:00 p.m. on 31 January 2020. But when will Brexit actually be done? In this Legal Update, we discuss the scale of
The Taxpayer First Act and the Impact on Secondary Market Participants
The Taxpayer First Act (the “Act” or “TFA”) imposes new limits on the disclosure of US taxpayer tax information obtained on or after December 28, 2019. The Act is designed, among other things, to overhaul and modernize operations at the
TODAY: NAIC Proposed Principal-Protected Note Definition – Mayer Brown Teleconference
The NAIC Valuation of Securities (E) Task Force held a meeting on February 4, 2020 discussing the proposed definition of “Principal-Protected Notes“ (PPNs), following the release of a January 2020 staff memo on the proposed definition.
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Capital Markets Tax Quarterly
Mayer Brown’s Capital Markets Tax Quarterly provides capital markets-related US federal tax news and insights. In this issue of CMTQ, we look at final quarter of 2019. We discuss Section 871(m) phase-in, the Warren wealth tax proposal, and final nonresident