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BRRD and Bail-in Morrison & Foerster, Unicredit, IFLR The Bank Recovery and Resolution Directive (BRRD) has now been adopted in the EU and most of its provisions were required to become effective in member states as from January 1 2015.

The BRRD harmonises the range of resolution tools available to supervisory authorities in the EU in the event of the failure of major financial institutions. A key cornerstone of the new legislation is the introduction of a new “bail-in” power available to regulatory authorities enabling them to require the write-down or conversion into equity of a wide range of unsecured senior debt as part of the resolution of a failing institution. Uncertainty remains as to the full extent of the bail-in powers and the range of instruments it is likely to apply to and finalised guidance and rulemaking is still awaited on various issues during the course of 2015.

We will consider the scope of the bail-in power and how it might be applied in practice, as well as discussing how this might affect the structuring of financial instruments issued by banks and the possible attitudes of investors in bank liabilities.

- Jeremy Jennings-Mares, Morrison & Foerster
- Isaac Alonso, Unicredit
- Danielle Myles, IFLR (moderator)
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Apr 28 2015 11:00 am
75 mins
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  • Once again, many issuers are considering liability management alternatives, including open market repurchases, debt-equity swaps, and tender and exchange offers. Recently issued no-action letter relief may provide issuers and their advisers with greater flexibility for tender offers for non-convertible debt securities, including non-investment grade debt securities. We will discuss the conditions for such relief. Also, we will review recent court decisions involving the application of the Trust Indenture Act in the context of liability management transactions.

    Our speakers will cover:
    • Disclosure issues;
    • Concerns regarding material non-public information;
    • The tender offer rules;
    • No-action letter relief for non-convertible debt securities;
    • Recent court decisions
    • Accounting considerations;
    • Tax considerations.
  • Alternative payment options, including mobile payments and virtual currencies, are gaining traction among consumers. Smartphones and other mobile devices are increasingly used to make payments to businesses and other consumers. Banks and non-bank providers of payment services that seek to innovate in the mobile space are well served by considering the vast regulatory regime that applies to consumer payments.

    Virtual currencies also introduce legal considerations for banks and other entities active in the space. For example, anonymity – viewed as central by some to virtual currency transactions – creates particular challenges, such as the risk of money laundering, for banks and other regulated entities (eg non-bank money transmitters).

    This webinar will provide an overview of the legal issues related to mobile payments and virtual currencies, highlighting trends in the market and related regulatory developments.

    - Obrea Poindexter, Morrison & Foerster
    - Jeremy Mandell, Morrison & Foerster
    - Danielle Myles, IFLR (moderator)
  • Attributes that make a good leader
    Leadership styles
    Preparing for a leadership role
    Engaging mentors to aid you in your journey as a leader
    Tracking your progress
  • Over four years have passed since enactment of the Dodd-Frank Act in the US. Most of the significant regulations required to implement the mandate of the Act have been finalized. But the devil is in the details….

    Implementation of many of the final rules is only just beginning. During this webcast, the speakers will review the principal actions taken by the banking agencies and other US regulators during 2014, with a special focus on those measures having greatest impact on non-US banks doing business in the country.

    We also will focus on the thorniest implementation questions and highlight the regulations that must still be finalized. The speakers will address:

    •The Volcker Rule and related implementation questions,
    •Treatment of covered funds under the Volcker Rule,
    •The final capital rules for US banks and the intermediate holding company framework for foreign banks,
    •The cross-border derivatives rules,
    •The regulation of mortgage loan origination and securitisation, and
    •What’s next.

    Oliver Ireland, Morrison & Foerster
    Kenneth Kohler, Morrison & Foerster
    James Schwartz, Morrison & Foerster
    Gary E Kalbaugh, ING Financial Holdings
    Tom Young, IFLR
  • Many investors are increasingly seeking to align their financial goals with their social objectives. Various legal entity structures have evolved, such as benefit corporations.

    Similarly, certain financial instruments have developed that may be structured in order to align financial and social goals. An example of these trends can be seen in the development of the market for green bonds, which has grown as issuers of debt securities reach a broader investor audience that seeks to promote sustainability and related initiatives.

    The session will provide an overview of the green bond market, the considerations in structuring and offering green bonds, and the disclosure and reporting requirements. In addition, the speakers will provide an overview of the Green Bond Principles.

    The Green Bond Principles are best practices for issuances and outline an approach for designating, disclosing, managing, and reporting on the proceeds of a Green bond.


    Anna Pinedo, Morrison & Foerster
    Susan Mac Cormac, Morrison & Foerster
    Lindsay Beck, NPX
    Danielle Myles, IFLR
  • Traditionally, most public companies in the US were organised as C-corporations. However, tax developments in recent years have given corporate planners a wide range of new tools to structure a public company. For example, tax pass-through MLP and REIT structures are spreading into new asset classes. Also, traditional double taxed ‘C’ corporations are using tax pass-through entities, including REITs and partnerships, to reduce or eliminate entity-level taxes as well as optimise their internal structures with tax ‘disregarded entities’. These new tools lead to a variety of tax choices in deciding how to structure a public company.

    During this briefing, which is intended for a general audience, the speakers will explain the structures, restrictions and pitfalls in this evolving hybrid world of C-corporations mixed with tax pass-throughs. Specifically, they will discuss:

    - master limited partnerships
    - REITs and alternative assets that may qualify as ‘real estate’
    - using REITs to unlock real estate currently held in corporate form
    - Business development companies
    - Consolidated groups of corporations and disregarded entities
    - Up-C structures

    - Remmelt Reigersman, Morrison & Foerster
    - Tom Humphreys, Morrison & Foerster
    - Tom Young, IFLR (moderator)
  • The cross-border private placement market continues to grow, providing non-US issuers with an opportunity to raise capital from US insurance companies, pension funds and other institutional investors, as well as European institutions. The robust market, which is nearing $50 billion in the US alone, has attracted issuers across industries and jurisdictions that seek to diversify their funding or supplement their bank lending and raise longer-term debt. In this webinar, speakers will discuss:

    - the global private placement market and recent trends
    - the market participants
    - documentation requirements
    - traditional covenants and model forms
    - marketing process
    - ratings and the NAIC
    - secondary transfers

    - Scott Ashton, Morrison & Foerster
    - Brian Bates, Morrison & Foerster
    - Danielle Myles, IFLR (moderator)
  • A number of regulatory developments continue to affect, and bring about significant change in, the US mortgage market. During this webinar, the panellists will provide their perspective on developments affecting the housing finance and mortgage market, including:

    - new final Regulation AB II
    - US housing finance legislation
    - the status of Dodd-Frank securitisation reforms
    - Volcker Rule issues
    - risk retention rules
    - consumer and mortgage lending reforms, and the role of the Consumer Financial Protection Bureau
    - the role of non-banks in the mortgage market
    - regulatory and enforcement matters relating to mortgage market participants.

    - Ken Kohler, Morrison & Foerster
    - Don Lampe, Morrison & Foerster
    - Jerry Marlatt, Morrison & Foerster
    - Larry Rubenstein, Wells Fargo
    - Tom Young, IFLR (moderator)
  • Join us to discuss the importance of building your personal brand. Our panel of experienced speakers will share their expertise and views with the IFLR Women in Business Law Group members.
  • IFLR Women in Business Law Group members are invited to join a webinar on Speaking with Confidence. Topics include:
    • Making an impact
    • Connecting with the audience
    • Body language and non-verbal cues
    • Remaining authentic and credible
    • Developing your own voice an style
    • Planning and preparation - structuring what you want to say
    • Speaking without notes
    • Using visuals to maintain interest
    • Controlling nerves

    Speakers: Tish Clyde, SVP Global Industrial Relations & Employment Counsel, DHL; Caroline Donald, International Chief of Staff, Legal Department, Executive Director & Senior Counsel, Goldman Sachs; Sarah Harper, Vice President, Senior Legal Adviser, Visa Europe; Marianne O'Connor, Associate, Career Savvy Women;
    Gemma Varriale, EMEA Editor, IFLR

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