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LIBOR Transition Developments: Fallback Supplement and Protocol to be Released October 23, 2020

im-report LIBOR Transition Developments: Fallback Supplement and Protocol to be Released October 23, 2020 Debbie A. Klis · October 14, 2020

On October 9, 2020, the International Swaps and Derivatives Association (“ISDA”) announced that it will release the IBOR Fallbacks Supplement to the 2006 ISDA Definitions (“Supplement”) and the ISDA 2020 IBOR Fallbacks Protocol (“Protocol”) on October 23, 2020, which will take effect on January 25, 2021 (the “Effective Date”).  The 2006 ISDA Definitions will include…

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September 30, 2020’s LIBOR Hardwired Transition Date Has Arrived

im-report September 30, 2020’s LIBOR Hardwired Transition Date Has Arrived Debbie A. Klis · September 30, 2020

Today is the day that the New York Fed’s Alternative Reference Rates Committee (ARRC) recommended transition to a “hardwired” approach for LIBOR[i] successor provisions in U.S. dollar-denominated syndicated credit facilities takes effect.  Henceforth, to the extent not already utilized, all new syndicated business loans should include ARRC-recommended (or substantially similar) hardwired USD LIBOR fallback language.…

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New ESG-Related Regulatory Obligations for Private Funds

insights New ESG-Related Regulatory Obligations for Private Funds Debbie A. Klis · September 23, 2020

The consideration of environmental, social and governance factors alongside financial factors in the investment decision-making process are increasingly popular ways for investors to evaluate companies and funds in which they may choose to invest.  According to the most recent report from US SIF Foundation, investors held $11.6 trillion in assets chosen according to ESG criteria…

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New ESG-Related Regulatory Obligations for Private Funds

im-report New ESG-Related Regulatory Obligations for Private Funds Debbie A. Klis · September 21, 2020

The consideration of environmental, social and governance factors alongside financial factors in the investment decision-making process are increasingly popular ways for investors to evaluate companies and funds in which they may choose to invest.  According to the most recent report from US SIF Foundation, investors held $11.6 trillion in assets chosen according to ESG criteria…

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SEC Expands Pool of Eligible Private Offering Participants

im-report SEC Expands Pool of Eligible Private Offering Participants Debbie A. Klis · September 16, 2020

The Securities and Exchange Commission’s (SEC) recent expansion of the definition of “accredited investor” in the final rule (Final Rule) issued on August 26, 2020, allows people with professional knowledge, experience or certifications to qualify as accredited investors, which is a highly welcome step that is creating quite a buzz!!  The Final Rule is particularly…

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USCIS Issues Clarifying Guidance for Redeployment of EB-5 Capital

insights USCIS Issues Clarifying Guidance for Redeployment of EB-5 Capital Debbie A. Klis · July 30, 2020

USCIS issued a policy alert (PA-2020-11) (the “Policy Alert”) on July 24, 2020, to disclose recent amendments to its internal policy manual governing the “redeployment” of EB-5 capital. The Policy Alert applies expressly to all Form I-526 and Form I-829 petitions pending on or after the date of publication. The Policy Alert lacks any language indicating…

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Increase in Sophistication of Ransomware Attacks on SEC Registrants

im-report Increase in Sophistication of Ransomware Attacks on SEC Registrants Debbie A. Klis · July 12, 2020

On July 10, 2020, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a cybersecurity risk alert in which it discussed the flood of bad actors orchestrating phishing campaigns designed to penetrate financial networks to access internal resources and deploy ransomware.  OCIE’s alert indicated that ransomware attacks on SEC registrants appeared to become more…

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ARRC Releases Fallback Language for the LIBOR Transition

im-report ARRC Releases Fallback Language for the LIBOR Transition Debbie A. Klis · July 2, 2020

The Alternative Reference Rates Committee (ARRC) released updated fallback language for new originations of U.S. dollar-denominated syndicated business loans that reference LIBOR and new variable-rate private student loans on June 30, 2020.  The language is intended to address the disruption that could occur should the termination of LIBOR indeed occur at the end of 2021.…

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Welcome News for Venture Capital, Opportunity Zone and other Private Equity Funds: Federal Agencies Ease Volcker Rule Restrictions

im-report Welcome News for Venture Capital, Opportunity Zone and other Private Equity Funds: Federal Agencies Ease Volcker Rule Restrictions Debbie A. Klis · June 26, 2020

On June 25, 2020, the Securities and Exchange Commission, Comptroller of the Currency and the Commodity Futures Trading Commission, the Federal Reserve and Federal Deposit Insurance Corporation announced a final rule that will allow banks to invest in private funds including hedge funds, qualified opportunity zone funds (QOFs), and other private equity funds. Indeed, the…

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The Investor Advisory Committee Urges SEC to Take Global Lead in Requiring ESG Disclosures

im-report The Investor Advisory Committee Urges SEC to Take Global Lead in Requiring ESG Disclosures Debbie A. Klis · June 20, 2020

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 established the Investor Advisory Committee (the “IAC”) to advise the Securities and Exchange Commission (“SEC”) to protect investor interests and to promote investor confidence and the integrity of the securities marketplace.  The IAC has held three sessions on the topic of environmental, social, and governance…

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