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“Enhanced” trust preferred securities: A-OK?

Morrison & Foerster LLP
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USA
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October 2 2009

On August 7, 2009, the IRS released Chief Counsel Memorandum 200932049 (the "Memorandum"), addressing the treatment of "trust preferred securities."

IRS lends public-private investment program a helping hand

Morrison & Foerster LLP
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USA
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October 2 2009

PPIP, unveiled on March 23, 2009, was designed to encourage the creation of markets for so-called "toxic assets" that were at the center of the credit crisis

Permissive guidance on commercial mortgage loan modifications

Morrison & Foerster LLP
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USA
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October 2 2009

On September 15, 2009, the IRS and the Treasury issued final regulations addressing permitted modifications of commercial mortgage loans held by a REMIC and Revenue Procedure 2009- 45, describing the conditions under which modifications to mortgage loans will not cause the IRS to challenge the tax status or treatment of securitization vehicles that hold the loans

An update on regulations affecting credit rating agencies

Morrison & Foerster LLP
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USA
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April 7 2010

On February 2, 2009, the Securities and Exchange Commission (the “SEC”) issued final rule amendments (the “Final Rules”) relating to Nationally Recognized Statistical Rating Organizations (“NRSROs”) and proposed additional NRSRO rules (the “Proposed Rules”

Exploring the boundaries of variable rate debt instruments

Morrison & Foerster LLP
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USA
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December 31 2009

A complication that arises for floating rate-linked notes within the Type 1 category (i.e., principal protected notes treated as debt for U.S. federal income tax purposes) where the rate is expressed by reference to an index that does not measure borrowing rates (e.g., LIBOR or EURIBOR) is whether the expressed rate is treated as an objective rate within the meaning of the applicable regulations

The classroom fixed-to-floaters

Morrison & Foerster LLP
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USA
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October 13 2010

Fixed-to-floating rate notes appear to becoming more popular for fixed-income investors lately

Repackagings

Morrison & Foerster LLP
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USA
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February 22 2011

We are often asked to consider whether "bundling" certificates of deposit (CDs) and offering interests in these CDs would be considered a new instrument and whether the FDIC insurance would still be passed along to investors purchasing the interests

FINRA Rule 5122 revisions may affect certain structured products

Morrison & Foerster LLP
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USA
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February 22 2011

On January 11, 2011, the Financial Industry Regulatory Authority ("FINRA") issued Regulatory Notice 11-04 (the "Notice") proposing to expand FINRA Rule 5122 to govern all private placements in which a member firm participates - not just those in which the member firm (or its control entity) is the issuer - while retaining all but one of the existing exemptions, including those for offerings sold solely to certain institutions, qualified purchasers and other sophisticated investors

FDIC issues advance notice of proposed rulemaking on securitization safe harbor; seeks comments on securitization reforms

Morrison & Foerster LLP
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USA
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December 18 2009

As a follow-up to its announcement at its November 15, 2009 meeting that it would propose additional changes to 12 C.F.R. 360.6 (the “Securitization Rule”) concerning the treatment by the Federal Deposit Insurance Corporation (the “FDIC”), as conservator or receiver, of financial assets transferred in connection with a securitization or participation, the Board of Directors of the FDIC issued, at its December 15, 2009 meeting, an advance notice of proposed rulemaking (the “Notice”) regarding possible amendments to the Securitization Rule.1

FDIC extends securitization safe harbor and portends further securitization reforms

Morrison & Foerster LLP
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USA
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November 18 2009

On November 12, 2009, the board of directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted an interim final rule (the “Interim Rule”) amending 12 C.F.R. 360.6 (the “Securitization Rule”) regarding the FDIC’s treatment, as conservator or receiver, of financial assets transferred in connection with a securitization or participation

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