Worldwide: Finance and Banking

More than fifteen years after the Dodd-Frank Act reconstructed the legal architecture governing over-the-counter derivatives markets, Professor Ilya Beylin's empirical research examines a fundamental question that remains unresolved: what effect did that reconstruction have on the actual use of swaps? His careful, data-intensive analysis reveals that the answer is considerably more complicated than simple narratives of regulatory success or failure would suggest.

Sponsors and corporates face an increasingly complex legal and regulatory landscape when implementing hedging strategies in debt financings. This comprehensive guide examines the critical coordination required between treasury, legal teams, financial advisors and hedge providers to navigate ISDA documentation, regulatory compliance under EMIR and Dodd-Frank, and deal-contingent structures.

The CFTC has initiated a comprehensive regulatory review of 24/7 trading and clearing for derivatives markets, issuing staff guidance, requesting public comment, and staying certain product launches. Market participants including exchanges, clearinghouses, and intermediaries face new operational, risk management, and compliance considerations as continuous trading models challenge traditional settlement windows and segregation requirements. The Commission's approach emphasizes that different asset classes m

On July 13 and July 15, a coalition of 11 states and the District of Columbia, followed by two former FDIC Board members, filed amicus briefs supporting Colorado in the en banc proceedings...

A secured lender's appointment of a receiver over collateral may trigger a borrower's Chapter 11 bankruptcy filing, potentially causing significant delay and expense. Recent bankruptcy court decisions reveal how specific language in receivership orders can mitigate this risk by divesting debtor management of authority to act on the borrower's behalf.

On June 23, Rhode Island Governor Dan McKee signed Senate Bill 3075, establishing capital, liquidity, corporate governance, audit, and risk-management requirements...

More than fifteen years after the Dodd-Frank Act reconstructed the legal architecture governing over-the-counter derivatives markets, Professor Ilya Beylin's empirical research examines a fundamental question that remains unresolved: what effect did that reconstruction have on the actual use of swaps? His careful, data-intensive analysis reveals that the answer is considerably more complicated than simple narratives of regulatory success or failure would suggest.

The SEC Staff has issued no-action guidance clarifying that certain data center securitizations structured with the issuing entity owning the facility directly are not "asset-backed securities" under the Exchange Act. This determination hinges on whether data centers qualify as "self-liquidating financial assets" and has broader implications for similar financing structures across multiple asset classes including real estate, whole business securitizations, and collateralized fund obligations.

In leveraged and asset-based lending, the unitranche structure offers a sophisticated approach to allocating risk and return among lenders within a single credit facility. How do first out and last out arrangements work in practice, and what critical provisions should lenders negotiate to protect their interests? This analysis examines the mechanics, economic features, and key considerations that inform participation decisions in these increasingly popular financing structures.

Private equity portfolios are leaving material savings unclaimed because traditional approaches can only surface opportunities one company at a time. New AI-enabled techniques now allow sponsors to identify and capture savings simultaneously portfolio-wide, with results in weeks rather than months, addressing the industry's challenges of higher interest rates, elongated holds, and narrow exit windows.

The SEC has issued a series of no-action letters and proposed rules that are reshaping the regulatory framework for business development companies and closed-end funds. From co-investment relief extensions to potential blue sky preemption, these developments signal a notable shift in the agency's approach to fund regulation and capital formation.

Payment-in-kind (PIK) interest allows fund borrowers to defer cash interest payments by converting them into additional principal obligations, offering a powerful liquidity management tool for private equity and real estate investment funds. This analysis examines the strategic considerations, tax implications, and regulatory guardrails that both borrowers and lenders must evaluate when implementing PIK interest provisions in subscription and NAV facilities. From leverage covenant compliance to interest rat