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The regulatory and judicial developments of the last few days relating to the loan markets and to loan funds have been significant.

On Tuesday, lenders and borrowers were concerned about a world in which syndicated and other loans would be treated as securities. And managers of collateralized loan obligation vehicles (“CLOs”) were concerned about being

As we discussed in a previous post, last October the Financial Accounting Standards Board (“FASB”) added the development of guidance on disclosure requirements with respect to trade payables programs to their agenda.  At the same meeting, FASB explicitly decided not to address the issue of how trade payables programs should be characterized for accounting

Following on from our April 2020 post (where we discussed the call from certain accounting firms and others for guidance from the Financial Accounting Standards Board (“FASB”) on the treatment of trade payables programs) and our October 2020 post (where we provided an update on the FASB’s proposals in response), on June 23, 2021, the IFRS International Accounting Standards Board (“IASB”) tentatively agreed to add a narrow-scope standard-setting project in respect of “supplier finance arrangements” to its work plan with the intention of amending certain IFRS and IAS standards to include additional disclosure requirements and clarifications in respect of “supplier finance arrangements.”
Continue Reading Update on IFRS Disclosure Requirements for Supplier Finance Arrangements

Financial Statement Disclosure of Supply Chain and other Trade Payables Programs

Trade payables programs have in recent years increased greatly in popularity among both large and small companies. While originally the sole domain of the large global banks and firmly based on a fairly straightforward reverse factoring model, these programs are now offered by banks

There has been increasing discussion with respect to the accounting treatment of trade payable programs and whether the obligations of the entity that owes the receivable (the “company”) under these programs should continue to be treated as trade payables on their balance sheet or, instead, be reflected as
Continue Reading Accounting and Rating Agency Treatment of Supply Chain and other Trade Payables Programs

The disruptions in economic conditions caused by the coronavirus disease 2019 (COVID-19) are reaching the commercial paper and longer term debt capital  markets.  The Board of Governors of the Federal Reserve System (Federal Reserve) has already set into motion three separate facilities as part of its effort to facilitate credit and help alleviate collateral volatility

We have recently survived the longest government shutdown in U.S. history and narrowly avoided another.  Congress passed a full appropriations bill on February 15, 2019, which the president signed.  Parts of the appropriations begin to expire as early as October 1, 2019. Here’s a look at how the ABS markets are affected during a government

As we pack our bags for Las Vegas (and it looks like our winter coats too), we are happy that several Mayer Brown partners will be featured speakers at SFIG Vegas 2019, being held February 24-27, 2019. See the more information at the conference website.

Leading off on Sunday, February 24, 2019,  Brad Keck will share his experiences as a practice leader and Hiring Partner, on a panel discussing The Law Firm of the Future: Successfully managing the Modern Practice.  Then on Monday, February 25, Carol Hitselberger, a leader not only at Mayer Brown but also in the securitization industry, will participate on a panel entitled, Beyond GSE CRT: Expanding the Use of Credit Risk Transfer; and Matt O’Meara, head of the firm’s Private Credit practice, will moderate the Private Credit Funds: 2019 Market Outlook panel. Credit Funds will be front and center at SFIG this year.Continue Reading Mayer Brown lawyers featured at SFIG Vegas 2019 conference