June 04, 2020
Cadwalader Capital Markets partner Claire Puddicombe earlier this week participated on a panel at the Opal Group’s Women in Structured Finance Summit 2020 event, where financial markets professionals gathered online to discuss issues including impact & ESG investing, women-run and women-owned funds, women in alternative lending, cultivating the next generation of women leaders and more.
Puddicombe participated on the “Legal & Regulatory Outlook” panel, and was joined by Jessica Littlewood, a partner at Clifford Chance; Lara Daly-Sims, a partner at Chapman and Cutler LLP; Nicole Bright, an associate at Paul Hastings LLP; and moderated by Cara Newman, VP & Deputy General Counsel – Residential Business at Redwood Trust, Inc.
On topics of legal interest to structured finance professionals, the panel discussed various aspects of the EU Securitisation Regulation, including some practical implications of its transparency obligations and the upcoming implementation of the Disclosure Regulatory Technical Standards (including reporting templates).
“With the imminent entry into effect of the reporting templates, parties will need to make arrangements for any securitisations subject to the transparency requirements under the Securitisation Regulation to prepare and publish reports in accordance with such templates,” Puddicombe said.
The panel also addressed the recent Southern District of New York ruling in Kirschner v. JPMorgan Chase Bank, N.A., et al that held that syndicated loans are not "securities" for purposes of state securities laws, acknowledging it as a welcome result for structured finance practitioners (particularly in respect of U.S. CLOs relying on the loan securitization exclusion from the Volcker Rule).
The panelists also shared their observations about working from home during the COVID-19 pandemic.
“We all agreed that a positive impact in recent months has been the acceptance and success of remote working for all parties to our transactions, demonstrating the flexibility and resilience of our teams and support systems within the structured finance market,” Puddicombe added.
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