The mission of the Securitization and Structured Finance Committee is to provide a forum for discussion of legal issues and market trends related to securitization and other structured finance transactions, including structuring, legal, regulatory, accounting and market aspects of transactions and the securities markets.
- The Committee has approximately 580 members
- Committee members include attorneys representing a broad array of market participants and experience levels
- We have three in-person meetings each year at the Business Law Section Spring and Fall Meetings and at the ABA Annual Meeting
- Our meeting at the Fall Meeting often includes participation by representatives of the Securities and Exchange Commission
- Our Comment Letters Subcommittee, through regulatory comment letters, serves as a source of information to the SEC and other regulators about securitization and structured finance transactions and the securities market, and about the impact that proposed rulemakings and laws will have on such transactions
- Our Structured Finance Litigation Subcommittee serves as a forum for identifying cases that impact securitization and structured finance transactions and assisting transaction lawyers to address issues arising from such cases
- We sponsor and co-sponsor programs relating to areas of significant interest to practitioners, including the latest securitization developments
- We provide members with significant opportunities to participate in our activities
Areas of Expertise
- Public, private and cross-border securitization and structured finance transactions
- Securities laws relating to securitization and structured finance transactions, including disclosure, offering and reporting requirements under the SEC’s Regulation AB, the Investment Company Act of 1940 and the Trust Indenture Act of 1939
- Other regulatory requirements impacting securitization and structured finance transactions, including the FDIC’s securitization safe harbor rules, credit rating agency reforms, risk retention requirements and swap regulations
- International regulations affecting securitization and structured finance transactions, including Canadian and European Union securitization and accounting regulations
- U.S. and international securitization trading and markets
- Opinion practice relating to securitization and structured finance transactions
Following the Obama Administration's announcement of its proposed legislative reforms aimed at securitization and recognizing securitization's critical role both to the availability of consumer credit and to corporate liquidity, the Securitization and Structured Finance and Banking Law Committees formed a drafting committee of lawyers with broad experience in the asset securitization and banking arenas. The Committees believed that a "white paper" describing securitization's history, structures, economics and role in the economic crisis, and discussing some of the possible effects of the proposed reforms, could educate readers and assist policymakers in formulating a targeted approach to securitization reform that would avoid unintended consequences. The drafting committee, chaired by Ellen Marks (Latham & Watkins LLP), recently completed the paper, entitled "Securitization in the Post-Crisis Economy: An ABA Business Law Section White Paper." The White Paper was presented by the Committees to the ABA Task Force on Financial Markets Regulatory Reform, and with its encouragement, the Business Law Section furnished copies of the White Paper to Senator Dodd, Congressman Frank and other key members of Congress on January 25, 2010.
Our thanks to Ellen Marks and the other members of the drafting committee, Vicki Tucker (Hunton & Williams LLP), Mark J. Kowal (Sidley Austin LLP), Craig A. Wolson (former chair of the Structured Finance Committee of the New York City Bar Association), Cristeena Naser (American Bankers Association); Colleen H. McDonald (Reed Smith, LLP), Karla L. Boyd (AMACAR Group), Shaileen Patton (Pillsbury Winthrop Shaw Pittman LLP), Mairi V. Luce (Duane Morris LLP), and to Mark Ditto, Beth Lawnicki and Scott Michie of Latham & Watkins LLP for their assistance.
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