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Transactions in the collateralized loan obligation (“CLO”) market have generally included some form of LIBOR replacement provisions for over a year, stemming from the announcement in July 2017 by Andrew Bailey, the head of the UK Financial Conduct Authority (“FCA”), that the FCA intended to phase out LIBOR in its present form by the end

On April 25th, the Alternative Reference Rates Committee, an advisory committee of the New York Federal Reserve Bank (ARRC), released recommended contractual fallback language for U.S. dollar LIBOR denominated floating rate notes and syndicated loans.

This language is part of ARRC’s mandate to help resolve issues with contracts that reference LIBOR.  The ARRC recommends

Joining other coastal states (including Florida, Louisiana and Texas[1]), North Carolina (NC) is considering permitting utility tariff bonds for storm recovery. In both SB 559, filed in NC’s Senate on April 2, 2019, and in HB 624, filed in NC’s House on April 4, 2019, storm recovery costs (and related storm recovery reserves) would be permitted to be covered by a required “financing order,” and an applicant utility obtaining such a financing order would be permitted to issue related utility tariff bonds and bill customers for a non-bypassable charge to repay those bonds.
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In what we believe to the first and only transaction of its kind, the Connecticut Green Bank (Green Bank) is monetizing certain solar renewable energy credits (SHRECs) generated under its Solar Home Renewable Energy Program and sold to Connecticut Light and Power (d/b/a Eversource Energy) and United Illuminating (UI) according to a related presale report (and as had been announced in an earlier request for proposal).
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As anticipated, Japan’s Financial Supervisory Authority (FSA) has released its final risk retention rule (in Japanese) in substantially the same form (including as to grandfathering) as FSA had previously published last December. Our chart comparing the Japanese proposal with existing EU and US risk retention requirements is here. FSA has also released related FAQs

Congress amended the Truth in Lending Act in May 2018 by directing the Consumer Finance Protection Bureau to prescribe ability-to-repay regulations with respect to Property Assessed Clean Energy (“PACE”) financing. PACE financing helps homeowners cover the costs of home improvements, which financing results in a tax assessment on the consumer’s property. Ability-to-repay regulations, which TILA