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As the U.S. capital markets continue to gain relative strength and longstanding regulatory uncertainties are resolved, non-U.S. ABS and covered bond issuers are increasingly inquiring about the prospects for selling their securities into the U.S.  For some issuers, this would be their first foray into the U.S. markets; for many, it would represent a return to the U.S. after a long hiatus occasioned by the financial crisis.

The years since the financial crisis have brought sweeping changes in the rules affecting structured finance in the U.S., and more changes are on the way.   In this program, we will provide an overview of the principal U.S. regulatory and market developments, focusing on the particular challenges and opportunities they present for cross-border issuers, including:

• State of the U.S. ABS and covered bond markets;
• Regulation AB (I or II?);
• Royal Bank of Canada no-action letter;
• Commodity pool operator regulation;
• Consumer and mortgage lending reforms;
• Variations between U.S., EU and other national rules;
• Qualified Residential Mortgage rules;
• Conflicts of interest;
• Securitization exemptions to the Volcker Rule; and
• End user swaps exemptions.

NY and CA CLE credit is pending.