Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
On Oct. 19, 2017, the U.S Government Accountability Office (the
"GAO"), the investigative arm of Congress, has ruled that
the 2013 Interagency Leveraged Lending Guidance was not
"guidance', but in fact a rule that should have been
subject to Congressional approval under the 1996 Congressional
Review Act.
In March, U.S. Senator Pat Toomey of Pennsylvania requested the
GAO ruling to decide if the Guidance was in fact a rule.
"It is a rule subject to the requirements of the CRA,"
the GAO said in a letter to Toomey today.
While the full implications of the GAO determination are
uncertain, it is likely that the onerous restrictions on and
regulatory interference with leveraged lending that regulated banks
have endured since 2013 will be dramatically eased, although the
timing such easing is uncertain.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
