Global Financial Markets Podcast by Mayer Brown

The UK National Security and Investment Act 2021 (the "Act") entered into force on January 4, 2022 and enables the UK government to screen, block and unwind certain transactions on national security grounds. A new body, the Investment Security Unit ("ISU"), is responsible for the operation of the new regime. The Act provides for mandatory prior notification and approval of certain transactions in 17 sensitive sectors, and for the retrospective "call-in" of other transactions. The new regime does not only apply to M&A. The new powers could also potentially apply to lending (especially secured financings) and restructuring and, until the ambit of the legislation becomes clearer, a cautious approach is advised. Lenders are well advised to consider whether the Act would apply to their lending and restructuring transactions, and the implications for the deal timetable and execution risk. Mayer Brown partners David Harrison and Trevor Borthwick give an overview of the new powers and discuss the key factors to consider at each stage of a lending transaction: signing/closing, trigger events during the tenor of the facility and enforcement/restructuring.

Since January 2021, the Biden administration has signaled that it intends to ramp up anti-money laundering (AML) regulation and enforcement. That was reinforced late last year when the administration issued its comprehensive Strategy on Anti-Corruption, which declared that combating illicit finance is one of its principal goals. The strategy highlights how regulators and law enforcement officials will leverage recent AML legislation and enhanced regulations that encourage transparency, increase obligations for gatekeepers and foster global cooperation to ratchet up AML enforcement actions, all of which creates greater compliance challenges and risk for financial institutions. Mayer Brown partners Glen Kopp, Gina Parlovecchio and Brad Resnikoff discuss how to better understand the strategy and the related developments in AML regulation and enforcement.

In response to the recent devastating events in Ukraine, many jurisdictions have imposed a broad range of new sanctions and export controls focused on the Russian state and certain Russian businesses and individuals. The new sanctions and export control regimes of the EU, the UK and the US have been evolving in real time over the past couple of weeks, and there are important but subtle differences between those regimes. However, the consequences of non-compliance can be severe, so it is important for everyone to have a broad understanding of the rules, especially as they can impact transactions that are not obviously related to Russia or Ukraine. Please join Mayer Brown partners Jason Hungerford, Ash McDermott and David Duffee for an overview of the rules and how they impact the syndicated loans market in expected and unexpected ways.

Rohit Chopra took over the helm of the CFPB last fall and has already started to make his mark on the agency, bringing a decidedly antitrust focus to his new role. Mayer Brown partners Ori Lev and Stephanie Robinson for a discussion of Chopra's first six months, including the CFPB's use of its Section 1022 authority, notable enforcement actions and other policy developments.

After two years of responding to the pandemic, US banking regulators likely will refocus this year on forward-looking issues. In particular, the following issues are expected to occupy a significant portion of the regulators' time in 2022: Regulatory Capital Rule Revisions Climate-Related Risk Management Expectations Digital Asset Activities Fintech Bank Charters Third-Party Vendor Risk Management Investment Fund Relationships Community Reinvestment Act Mayer Brown partners Jeffrey Taft and Matthew Bisanz discuss these anticipated hot issues.

Late last year, a federal district court ruled that securitization trusts holding student loans might be liable for the alleged unfair and deceptive collection practices of the trusts' servicers. This is the first time that the US Consumer Financial Protection Bureau (CFPB) has sought to hold a securitization trust liable for acts of its servicers and the first judicial decision addressing the CFPB's argument that such trusts are covered persons subject to the CFPB's UDAAP authority. The decision could have broad-ranging implications not just for this asset class but for the securitization of consumer loans generally. Mayer Brown partners Barbara Goodstein, Ori Lev and Steve Kaplan discuss the background of the case, the court's recent ruling and the potential implications for both primary and secondary market participants in consumer loan securitizations.

Mayer Brown partners James Antonopoulos, Amanda Baker, Steven Garden, Brian Kuhl, Eric Mitzenmacher, Ger O'Donnell and Jan Stewart discussed "What to Expect in 2022" in the structured finance markets. They examined some of the key opportunities and challenges this new year will bring to market participants and discuss trending topics and the current regulatory landscape. Topics included updates on ABS filings with the SEC, consumer regulations, fintechs, RMBS, LIBOR and tax.

Last month, the US Office of the Comptroller of the Currency (OCC) issued the second part of its initiative to address the effects of climate change—draft principles for managing exposure to climate-related financial risks. Those principles and the OCC's earlier call to action to bank boards portend that the rapid implementation of climate risk management practices could occupy a significant amount of management and board time this year. And while targeted at OCC-regulated banks with over $100 billion in total assets, the draft principles may be of interest to banking organizations of all sizes and charters. Mayer Brown partners Paul Forrester and Matthew Bisanz and associate Kerri Webb discuss how to understand these new OCC principles.

Phase 6 of the Global Margin Rules applies from September 1, 2022, and may affect pension funds and other counterparties. September 2022 seems a long way off, but market deadlines are looming as early as January 2022. Join Margin Reform CEO Shaun Murray and Mayer Brown partners Edmund Parker and Edward Jewitt as they discuss this expansion, which captures pension funds with over £/€8bn of uncleared derivatives and imposes documentation and logistical challenges far more complicated than the 2016 variation margin round.

Last month, the US Office of the Comptroller of the Currency (OCC) issued a call to action on climate change to the boards of directors of large OCC-regulated banks. Based on that call to action, all bank boards should consider asking their institutions about enhancing climate change-related risk management practices. While this will be a long-term effort that will include further guidance from the agency, it is clear that the OCC expects banks to begin work now and refine their practices over the next year. Please join Mayer Brown partner Paul Forrester and senior associate Matt Bisanz to better understand the OCC's new expectations for larger banks and how they may be relevant to all US banks.

As inbound investment into the United States from overseas continues to grow, many investors from the Middle East and South East Asia are seeking means by which they can invest in US assets in a manner that complies with their religious beliefs. Please join Mayer Brown partner Barry Cosgrave for an overview of Islamic finance and some of the key structures that are used to put these structures into effect. Barry will focus on the background of Islamic finance and the anatomy of a transaction. He will also review one of the most commonly used structures and how it can be adapted for a multitude of purposes within the finance, structured finance, debt capital markets and investment management industries.

Please join Mayer Brown senior Public Policy, Regulatory & Political Law partners Andrew Olmem and Jonathan Becker as they provide an update on several of the most important issues under debate in Washington. They will discuss the prospects for the passage of the Biden administration's Build Back Better Plan and infrastructure bill; whether and how Congress will increase the statutory debt limit; the direction of antitrust policy under the Biden administration; and the status of nominations for the Federal Trade Commission, Department of Justice's Antitrust Division, a Federal Reserve chair and other Board of Governors nominees.

Lenders to and investors in Buy Now, Pay Later (BNPL) businesses should be alert to the due diligence issues that may arise in this fast-growing industry. Please join Mayer Brown partners Amanda Baker, Steve Kaplan, Eric Mitzenmacher and Elizabeth Raymond for an overview of emerging issues in this space. Our lawyers will focus on the unique regulatory issues raised by BNPL products and possible ways to address those issues. They will also review how BNPL companies are financing their growth and the active transactional market that has developed in this industry.

The Consumer Financial Protection Bureau (CFPB) has been active on many fronts, notwithstanding the absence of a Senate-confirmed director. Please join Mayer Brown partners Ori Lev and Stephanie Robinson and associate Christa Bieker to discuss CFPB developments over the past months.

The way consumers purchase goods and services is rapidly changing, and insurance is no exception. AI, advanced analytics, smart devices and other technologies are enabling new capabilities, and insurance companies, together with their Insurtech and Big Tech partners, are finding innovative ways to reach and service customers using these tools. Join Mayer Brown partners Rohith George, Paul Chen and Yevgeniy Markov and senior associates Yuliya Feldman and Julian Dibbell as they discuss trends and highlight regulatory, commercial and contractual issues in this exciting space.

Join Mayer Brown partners Tamer Soliman, Thomas So and Duncan Abate as moderator as they discuss the Biden administration's impact on the vitally important US-Sino relationship. The discussion will consider changes in the ongoing trade war, political and human rights issues and other bilateral concerns.

Following the Federal Housing Finance Agency's (FHFA) recent restrictions on Government Sponsored Enterpise (GSE) investments in loans secured by second homes and investment properties, private label securitizations have become more attractive. Join Mayer Brown partners Haukur Gudmundsson, Kris Kully, Tameem Zainulbhai and associate Jenna Siebold as they provide an overview of these transactions.

Banking as a Service ("BaaS") refers to arrangements where licensed banks integrate their digital banking services directly into the products of other non-bank businesses. Join Mayer Brown partners David Beam, Rohith George and Joe Pennell and associate Julian Dibbell as moderator as they discuss these arrangements and how they compare to traditional technology outsourcing and other types of bank-fintech partnerships. The conversation will cover some of the key regulatory and contractual issues that arise when setting up these arrangements and other factors that financial institutions should consider when evaluating whether and how to enter the BaaS space.

Elizabeth Espín Stern and Carl Risch, partners in Mayer Brown's Global Mobility & Migration practice, will provide an overview of the immigration challenges facing the Biden administration, focusing on business immigration and workforce mobility. They will also provide an update on the COVID-19 travel restrictions and an overview of the US Department of State's current policy for granting national interest exceptions for executive and business travel to the United States.

The cornerstone of the $6.5 trillion-plus interest rate derivatives market, the ISDA Definitions booklet—which provides contractual terms, elections and fallbacks for the derivatives market—is receiving its first major "root and branch" update since 2006. Mayer Brown partners Ed Parker, Chris Arnold, Patrick Scholl, Bradley Berman and Vincent Sum continue their discussion of the key changes—what these mean for the participants and how the new definitions will work—with this call focusing on how the 2021 ISDA Definitions will impact products and geographies.

Ed Parker, Chris Arnold and Patrick Scholl, partners in Mayer Brown's Derivatives & Structured Products groups, will discuss the release of the 2021 ISDA Definitions. The cornerstone of the $6.5-trillion-plus interest rate derivatives market, the ISDA Definitions—which provides contractual terms, elections and fallbacks for the derivatives market—is receiving its first major "root and branch" update since 2006. Ed, Chris and Patrick will discuss the key changes, what these mean for the participants and how the new definitions will work.

With President Biden signing last week the executive order "Climate-Related Financial Risk," the administration appears to be accelerating its efforts to incorporate ESG factors into financial regulation. To understand how these developments are likely to play out, please join Mayer Brown partners Paul Forrester and Andrew Olmem, who will discuss the future of ESG regulation for US financial institutions and markets.

Join Krista Cooley and Frank Doorley of Mayer Brown's Consumer Financial Services team as they discuss recent state licensing and enforcement developments important to participants engaged in financing, purchasing or investing in consumer and small business credit.

Andrew Olmem and Jonathan Becker, partners in Mayer Brown's public policy group, will provide an overview of the spending priorities in the Biden administration's nearly $2 trillion infrastructure proposal, titled the "American Jobs Plan." They will focus on the Biden administration's proposal to fund various infrastructure programs and initiatives and possible opportunities for developers and investors. They also will discuss how Congress will shape the proposal into legislation and the legislative process for considering the legislation.

On this call, Anna Pinedo, Jeff Taft and Matt Bisanz from Mayer Brown will discuss how the revisions affect banks and deposit brokers and what the industry needs to know in advance of the January 1, 2022, compliance date.

Big changes are in store at the Consumer Financial Protection Bureau (CFPB) in light of the election and the nomination of Rohit Chopra as the agency's director. Please join Mayer Brown partners Ori Lev and Stephanie Robinson to discuss the last few months of Kathy Kraninger's tenure as director, what Acting Director Dave Uejio is doing and what we can expect from Mr. Chopra.

Please join David Duffee and Jennifer Kratochvil for a discussion of ICE Benchmark Administration's (IBA) consultation on the cessation of US dollar LIBOR settings, and the related guidance from the US bank regulators, and what all of that means for the US dollar loan market. David will examine the implications for fallback language in existing agreements, the adoption of new fallback language, the treatment of legacy LIBOR loan contracts and the pricing of new US dollar loans.

Please join Mayer Brown partners Lucia Nale and Debra Bogo-Ernst for an examination of these issues as they've developed over the past year and their predictions for 2021.

Please join Mayer Brown partners Paul Forrester, Cory Miggins, Russell Nance, Keith Oberkfell, Andrew Olmem, Jeffrey Taft and Tameem Zainulbhai for a discussion on "What to Expect in 2021" in the structured finance markets. They will examine some of the key challenges and opportunities this new year will bring to market participants and discuss trending topics and the current regulatory landscape affecting the securitization markets, including in the residential mortgage space. Topics will include what to expect from the new administration and updates on regulations, LIBOR, tax, CLOs, ABS and RMBS.

Please join Mayer Brown partners Larry Platt and Andrew Olmem for a discussion on the prospects of regulatory reform for nonbank financial companies and what it could mean for the future of US financial markets, especially the US mortgage market.

The Consumer Financial Protection Bureau (CFPB) has finalized its rulemaking trio to reshape the boundaries of Qualified Mortgages (QMs). Please join Mayer Brown partners Larry Platt and Kris Kully for a description and analysis of the new QM era.

After much anticipation, the US Consumer Financial Protection Bureau (CFPB) has issued the first significant rule implementing the Fair Debt Collection Practices Act (FDCPA) since the FDCPA was enacted more than 40 years ago. The rule clarifies how the pre-internet era FDCPA regulates debt collectors in the age of cell phones, email and social media. Please join Mayer Brown lawyers Stephanie Robinson, Anjali Garg and Dan Pearson on December 3 for a 30-minute discussion of the key provisions and takeaways from the rules.

A Biden administration could impact regulatory policy and enforcement priorities—and, consequently, the economy—considerably. Please join Mayer Brown partners Michael Levy, Andrew Olmem and Larry Platt as they discuss the potential reverberations in the global financial markets.

Please join Mayer Brown lawyers Stuart Litwin, Gabriela Sakamoto, Jan Stewart and Adam Wolk for a discussion of some of the key components of these transactions and ways in which these structures could be used by other companies looking to leverage critical assets to raise capital.

This GFM teleconference will explore various aspects of investing in MSRs, including requirements and options to hold direct and indirect alternatives to licenses and agency qualification, including considerations in forming funds to hold investments tied to the performance of specific pools of servicing rights.

The Consumer Financial Protection Bureau's structure was ruled unconstitutional by the US Supreme Court, but the agency was allowed to continue operating subject to presidential oversight. Please join Mayer Brown lawyers Stephanie Robinson and Ori Lev on October 8 for their regular CFPB quarterly update, covering the agency's activities since the Seila Law decision.

During this GFM call, partners Anna Pinedo and Jerry Marlatt discuss.

Please join Mayer Brown lawyers Steve Kaplan, Eric Mitzenmacher and Jeff Taft for a discussion of the key takeaways for bank partner programs, investors purchasing loans and secondary market participants funding the acquisition of or arranging the securitization of such loans.

On July 15, 2020, the Consumer Financial Protection Bureau filed a lawsuit against a Chicago-based mortgage lender, alleging that the company "redlined" African-American neighborhoods in the Chicago Metropolitan Statistical Area and discouraged prospective applicants from applying for mortgage loans on the basis of race. This marks the first time that a federal regulator has taken a public redlining action against a non-bank mortgage lender. Please join Mayer Brown attorneys Tori Shinohara and Jim Williams for a discussion of key takeaways for mortgage lenders.

Please join Mayer Brown partners Anna Pinedo and Ed Parker, and associates Marla Matusic and Matthew Bisanz, for a discussion of the revisions to the Volcker Rule.

Last month, the US Supreme Court ruled that the structure of the Consumer Financial Protection Bureau (CFPB) was unconstitutional, but that the agency could continue to operate so long as its Director is answerable to the President. Please join Mayer Brown partners Ori Lev and Stephanie Robinson for a discussion of the Supreme Court's ruling.

Phe Consumer Financial Protection Bureau (CFPB) is continuing its rulemaking process to reshape its Ability to Repay Rule and the scope of residential mortgage loans protected by Qualified Mortgage (QM) status. Please join Mayer Brown partners Larry Platt and Kris Kully for a discussion of these proposed revisions and their effects.

Please join Mayer Brown partners Thomas Delaney, Carol Hitselberger and Jeffrey Taft, and associate Matthew Bisanz, for a discussion of the revisions to the Volcker Rule.

As demand for sustainable finance continues to surge, our finance, environmental and regulatory professionals are all constantly working on the latest ESG-related developments for various financial market participants. Mayer Brown partners Ed Parker and Mark Uhrynuk, counsel Tim Baines and Bradley Berman, senior associates Emma Khoo and Harjeet Lall, and transaction lawyer Johannes Mönch discuss recent developments.

Please join Mayer Brown partners Debra Bogo-Ernst and Eric Mitzenmacher and associate Anjali Garg as they discuss the Heroes Act and various other federal and state debt collection-related actions that may offer a glimpse into the future of debt collection as we know it.

The economic contraction caused by the COVID-19 pandemic is having a significant impact on US state and local government finances. Mayer Brown partners Joe Seliga, John Schmidt, David Narefsky, Sean Scott, Stephanie Wagner and Mitch Holzrichter discuss the fiscal realities now facing US state and local governments.

Please join Mayer Brown partners Ori Lev and Stephanie Robinson for an update on recent developments at the US Consumer Financial Protection Bureau (CFPB).

With various key regulatory changes fast approaching under EMIR Refit, please join Mayer Brown partner Ed Parker and senior associates Emma Khoo and Marcel Hörauf as they discuss what market participants will need to know in order to comply with the coming changes.

Borrowers that obtained loans under the SBA's Paycheck Protection Program ("PPP")—and chose to keep them—will soon progress to a new phase of the lending process. In the coming weeks, they will work through loan forgiveness requests with their lenders and, in some cases, eligibility audits by the SBA. Please join Mayer Brown partners Eric Mitzenmacher and Andrew Kugler and counsel Joanna Nicholas as they discuss key aspects of the PPP forgiveness process and best practices for mitigating risk and operational burdens during SBA audits.

As the deadline for IBOR replacement draws ever closer, our global derivatives team will be discussing IBOR transition and considerations to be borne in mind for market participants across a variety of products. Please join Mayer Brown partners Ed Parker and Patrick Scholl, counsel Nanak Keswani and Bradley Berman, and senior associate Emma Khoo for a discussion.