US private placement: Difference between revisions
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
{{a|repack| | {{a|repack|}} | ||
===[[Risk retention rules]]=== | ===[[Risk retention rules]]=== | ||
| Line 23: | Line 23: | ||
{{sa}} | {{sa}} | ||
{{us disclaimer}} | |||
{{ref}} | {{ref}} | ||
Revision as of 10:08, 28 February 2023
|
The Law and Lore of Repackaging
|
Risk retention rules
Commodity pool operator
If you have a swap securitised with multiple investors. Physically settled forwards are not included in definition of swap.
Investment Company Act of 1940
Exemptions from requirement to register under the Securities Act as an investment company
Rule 3a-7
Rule 3a-7 of the Investment Company Act of 1940 excludes issuers of asset-backed securities (ABS) from the definition of “investment company” where their securities are either rated[1] or purchased exclusively by qualified purchasers[2] and who do not make public offerings of their securities. Rule 3a-7 does not qualify for the Volcker “covered fund” exemption.
Self-liquidating securities are securities that are backed by assets that generate cash flows to repay the securities. For example, mortgage-backed securities are self-liquidating because they are backed by mortgages that produce monthly payments. Tentatively emission allowances are not self-liquidating securities because they do not have a cashflow and do not automatically redeem
Rule 3a-7 under the Investment Company Act of 1940 upon the satisfaction of certain conditions.
Rule 3c-7
Permits qualifying private funds that do not plan to issue an IPO and which sells to qualified purchasers to qualify for the 3C7 exemption
4(a)(2)
Held outside clearing system in definitive global registered form Common for insurance companies standard form NAIC form of placement documents
See also
This wiki frequently includes untutored and probably disrespectful views on matters of US law, regulation and general culture. To be clear: the JC’s predominant purpose is to troll, not to give constructive advice on how to live your life, much less how to organise your regulatory affairs. The JC is not a US attorney, does not want to be one, and claims no great expertise or insight into US securities regulation, other an abiding conviction that it is way, way more complicated than it needs to be, and the benefit of that abstrusity accrues exclusively to those who are US attorneys and the organs of state that are populated by them. If you read this and take it seriously, other than as a source of entertainment, more fool you.
References
- ↑ In 1 of the 4 highest categories assigned to long-term debt, or an equivalent for short-term debt, by at least one nationally-recognised statistical rating agency.
- ↑ Or “accredited investors” or “qualified institutional buyers”