Safe harbor

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My port in your heavy storm.

A favourite metaphor for U.S. Securities lawyers, who find safe harbors in many unexpected places, to shelter them and their clients from the vicissitudes of:

• The Bankruptcy Code, when closing out a derivative master agreements against a U.S. corporations (and — perhaps not — ERISA plans);
• The Investment Advisers Act of 1940, for broker/dealers wishing to bundle fees for research services into their commissions for equity brokerage;
• The onerous registration requirements of the Securities Act of 1933, to be found under Rule 144A of that spectacular statute when selling securities to qualifying institutional buyers, and under Regulation S for non-US persons.

There are doubtless many more.