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Please click on the links below or scroll down to view our client alerts, attorney articles and other resources relating to the financial crisis.

One-Page Reference Guides (a/k/a Cheat Sheets) and Timeline of Events
Financial Crisis and Emergency Economic Stabilization Act of 2008
Troubled Asset Relief Program
Tax
Consumer Finance and Mortgages
Credit Default Swaps and Insurance Regulation
Employee and Executive Compensation
Private Equity and Investment in Financial Institutions
Covered Bonds
Money Market Funds
Short Selling Reform
Accounting Rules and Best Practices
Auction Rate Securities
SIVs
Credit Rating Agency Reform
Outsourcing
Links to Other Legal and Government Resources
   Treasury CaPP
   FDIC Resources
   Commercial Paper Funding Facility

 

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One-Page Reference Guides (a/k/a Cheat Sheets) and Timeline of Events

• TARP Timeline
• Cheat Sheet: Term Asset-Backed Securities Loan Facility* UPDATED
  
• Cheat Sheet: Capital Purchase Program (Private)*
• Cheat Sheet: Capital Purchase Program (Public)* 
• Cheat Sheet: Troubled Asset Purchase Program*
• Cheat Sheet: Temporary Liquidity Guarantee Program*
• Cheat Sheet: Commercial Paper Funding Facility*
• Cheat Sheet: Federal Reserve Bank Lending/Liquidity Programs*

* Please note these are summaries that are accurate as of the date noted therein.  For more detailed information, please see our client alerts on these topics.

Financial Crisis and Emergency Economic Stabilization Act of 2008

Client Alerts

• 12/08/2008 Navigating the Economic Storm: Considerations for Public Companies
• 11/10/2008 The Emergency Economic Stabilization Act's Effect on Employee Benefits and
  Executive Compensation
• 10/3/2008   Economic Stabilization Act:  Employee Benefits and Executive Compensation
• 10/3/2008   Bailout Bill Tax Provisions - An Executive Summary
• 10/3/2008   Economic Stabilization Act:  Overview of Transactions Involving Troubled Assets
• 10/3/2008   Recovery Legislation Creates Both Opportunities and Risks for Government Contractors

Troubled Asset Relief Program

Cheat Sheets

• Cheat Sheet: Term Asset-Backed Securities Loan Facility* UPDATED
  
• Cheat Sheet: Capital Purchase Program (Private)*
• Cheat Sheet: Capital Purchase Program (Public)* 
• Cheat Sheet: Troubled Asset Purchase Program*
  
• Cheat Sheet: Temporary Liquidity Guarantee Program* 
  

* Please note these are summaries that are accurate as of the date noted therein.  For more detailed information, please see our client alerts on these topics.

Client Alerts

• 12/12/2008  GAO Calls for Increased Oversight of TARP Contractors
• 11/25/2008  TARP’s Term Asset-Backed Securities Loan Facility: Can Wall Street Help Main Street?
• 11/23/2008  Insurance Companies Adopt Thrift Holding Company Structure to Become Eligible for Treasury Capital Purchase Program and FDIC Liquidity Guarantee
• 11/23/2008  FDIC Approves Temporary Liquidity Guarantee Program Final Rule
• 11/18/2008  CaPP: Private Bank Program
• 11/13/2008  TARP UPDATE: Troubled Assets Will Not be Purchased
  
• 11/10/2008  SIFMA TARP Conference
  
• 10/21/2008  Update to Treasury’s Capital Purchase Program
• 10/17/2008  New Liquidity and Capital Alternatives for Financial Institutions: Treasury’s TARP Capital Purchase Program; FDIC’s Temporary Liquidity Guarantee Program
• 10/14/2008  TARP and the Various Federal Tent Poles:  Will it be Enough?
• 10/3/2008   Economic Stabilization Act:  Overview of Transactions Involving Troubled Assets
• 10/3/2008   Recovery Legislation Creates Both Opportunities and Risks for Government Contractors

Tax

Client Alerts

• 12/19/2008  MoFo Tax Talk Volume 1, Issue 4 NEW
• 11/25/2008  TARP’s Term Asset-Backed Securities Loan Facility: Can Wall Street Help Main Street?
• 10/20/2008  New Tax Rules Re Certain Investment Fund Managers’ Deferred Compensation
• 10/3/2008   Bailout Bill Tax Provisions - An Executive Summary
• 10/3/2008   Summary of Cleantech Provisions in the Bailout Bill
• 10/3/2008   Economic Stabilization Act:  Employee Benefits and Executive Compensation
• 10/2/2008   Notice 2008-83:  The IRS Offers Reassurance to Troubled Banks
• 9/30/2008   MoFo Tax Talk Volume 1, Issue 3

Articles

• 6/2008  Tales from the Credit Crunch: Selected Issues in the Taxation of Financial Instruments and Pooled Investment Vehicles by Thomas A. Humphreys
  First published in Journal of Taxation of Financial Products by CCH June 2008.
  Click here to visit the CCH website.

Consumer Finance and Mortgages

Cheat Sheets

• Cheat Sheet: Term Asset-Backed Securities Loan Facility* UPDATED

* Please note these are summaries that are accurate as of the date noted therein.  For more detailed information, please see our client alerts on these topics.

Client Alerts

• 11/25/2008  TARP’s Term Asset-Backed Securities Loan Facility: Can Wall Street Help Main Street?
• 10/29/2008  Issues to Consider in Connection with the Reevaluation of Credit Card Lending and Charge-Off Policies
• 10/14/2008  Steps for Lenders to Consider in Connection with Mortgage Modification Programs

Credit Default Swaps and Insurance Regulation

Client Alerts

• 10/6/2008   Credit Default Swaps as Insurance:  One Regulator or Many?

Employee and Executive Compensation

Client Alerts

• 11/10/2008 The Emergency Economic Stabilization Act's Effect on Employee Benefits and
  Executive Compensation
• 10/3/2008   Economic Stabilization Act:  Employee Benefits and Executive Compensation

Private Equity and Investment in Financial Institutions

Client Alerts

• 9/23/2008  Federal Reserve Board Liberalizes Rules for Investments in Banks

Articles

• 9/2008   Danger and Opportunity: Morrison & Foerster sees opportunities in distressed financial institutions for private equity investors  (Institutional Investor News: Global Private Equity and M&A Legal Guide)

Covered Bonds

Client Alerts

• 12/3/2008  Update on the FSA’s Approach to Covered Bond Issuance and Asset Encumbrance
• 7/29/2008  Treasury Announces Best Practices for Covered Bonds
• 7/16/2008  The FDIC Offers Certainty on Covered Bonds—a step in the right direction
• 6/30/2008  Something to Talk About
• 4/21/2008  Covered Bonds and U.S. Regulators

Articles

• 10/21/08 A Separate Piece by Anna Pinedo and James Tanenbaum
  First published in Total Securitization October 21, 2008. Used by permission.
  
• 9/18/2008  Finance: Covering Your Assets by Peter Green and Jeremy Jennings-Mares
  First published in Legal Week September 18, 2008. Used by permission.
  
• 9/2008  The Not So New Thing—Covered Bonds by Mara Goldsmith and Anna Pinedo
  First published in Wall Street Lawyer September 2008. Used by permission.
• 9/2008  U.S. covered bonds: Coming soon to a financial institution near you by Anna Pinedo and James Tanenbaum
  First published in Euromoney Global Banking & Financial Policy Review September 2008. Used by permission.
• 6/2008  Expanding the U.S. covered bonds market Anna Pinedo quoted
  First published in Financier Worldwide June 2008. Used by permission.
• 5/2008  Bridging the Gap: Regulatory moves in the U.K. and U.S. seek to close the gap with Europe on covered bonds by Peter Green and Jeremy Jennings-Mares
  First published in Institutional Investor News: The 2008 Global Securitization Guide. Used by permission.
• 3/2008  Creating a Level Playing Field—a covered bond framework for the U.K. by Peter Green and Jeremy Jennings-Mares
  First published in Financier Worldwide March 2008. Used by permission. 
• 11/6/2007 Amidst the Turmoil, Covered Bonds Bounce Back by Anna Pinedo and James Tanenbaum
  First published in Asset Securitization Report November 2007. Used by permission.
• 8/2007  Lucrative Knock-offs: Covered bonds in the U.S. by Anna Pinedo and James Tanenbaum
  First published in Euromoney Global Banking & Financial Policy Review 2007. Used by permission.

FAQs

• Morrison & Foerster’s Frequently Asked Questions About Covered Bonds

For more information about our covered bonds practice please see
http://www.mofo.com/practice/practice/capitalmarkets/CoveredBonds/overview.html.

Money Market Funds

Cheat Sheets

• Cheat Sheet: Commercial Paper Funding Facility* 

* Please note these are summaries that are accurate as of the date noted therein.  For more detailed information, please see our client alerts on these topics

Client Alerts

• 10/21/2008 Federal Reserve Announces Creation of Money Market Investor Funding Facility
•  9/24/2008  Money Market Fund Bailout Update; First Look:  New Asset-Backed Commercial Paper Liquidity Facility
•  9/21/2008  First Look at Treasury Plan:  Money Market Fund Bailout
•  7/15/2008  SEC Proposes Amendments to Money Market Fund Rule

Short Selling Reform

Client Alerts

• 10/1/2008   Update Regarding UK's Short-Selling Prohibition
• 9/29/2008  SEC Clarifies Short Sale Restrictions and Related Disclosure Requirements
• 9/21/2008  New Restrictions on Short Sales; Disclosure Requirements for Short Sales and Positions; and Relaxed Issuer Repurchase Requirements
• 9/19/2008  UK's New Short-Selling Prohibition
• 9/17/2008  SEC Takes Emergency Action on Shorting; South Dakota Short Selling Ballot Initiative
• 7/30/2008   A Short Summary of Short Selling Regulations

Articles

• 11/2008 Securities Markets: Short Selling Under Fire by David Kaufman and Anna Pinedo
  First published in INSIGHTS November 2008. Used by permission.

Accounting Rules and Best Practices

Client Alerts

• 10/13/2008  Fair Value and the Recent Market Turmoil
• 8/29/2008  Institute of International Finance's (IIF) Final Report on Market Best Practices for Financial Institutions and Financial Products
• 8/11/2008 The Counterparty Risk Management Policy Group III Report Includes Detailed Suggestions for Financial Intermediaries
• 7/25/2008  New FASB Accounting Rules on Convertible Debt
• 7/22/2008  If It Quacks Like a Duck:  Financial Instruments with Characteristics of Equity—Still Equity for FASB?

Articles

• 11/2008 Wall Street in Crisis: Fair Value & the Recent Market Turmoil by Melissa Beck and Anna Pinedo
  First published in Wall Street Lawyer November 2008. Used by permission.
• 7/2008  International Briefings: Glass half empty accounting by Anna Pinedo and James Tanenbaum
  First published in International Financial Law Review July 2008. Used by permission.

Auction Rate Securities

Client Alerts

• 6/18/2008  Closed-End Fund Auction Rate Securities Relief

Articles

• 11/2008 US Auction Rate Securities: A Market Being Replaced by Anna Pinedo
  First published in International Financial Law Review November 2008. Used by permission.
• 4/2008  International Briefing: Subprime ripple effect by Anna Pinedo and James Tanenbaum
  First published International Financial Law Review April 2008. Used by permission.

SIVs

Articles

• 9/2008 A way forward for SIVs? by Peter Green and Jeremy Jennings-Mares
  First published in Financier Worldwide September 2008. Used by permission.

Credit Rating Agency Reform

Client Alerts

• 12/4/2008 SEC’s New and Proposed Credit Rating Agency Rules
• 8/5/2008   SEC Proposals for Credit Rating Agency Reform:  Potential Impact on the Asset-backed Markets

Outsourcing

Client Alerts

• 12/17/2008 Outsourcings and the Economic Crises, Part II: Re-structuring Existing Outsourcings NEW
• 11/6/2008   Outsourcing Services in the Face of an Economic Downturn

Links to Other Legal and Government Resources

Emergency Economic Stabilization Act of 2008 (EESA)

Federal Reserve TALF

TALF Terms and Conditions

Treasury CaPP

Securities Purchase Agreement

Form of Letter Agreement

Certificate of Designations

Form of Warrant

Form of Warrant – Stockholder Approval Required

Term Sheet

     MoFo Annotated Term Sheet

Term Sheet (Non-Public Qualifying Financial Institution)

Private Bank Program Q&A

CaPP – Process-Related FAQs

Federal Reserve Board Interim Final Rule – Treatment of Perpetual Preferred as Tier 1 Capital

SEC, FASB Letter on Warrant Accounting

U.S. Department of Treasury’s Resources Page – EESA

FDIC Resources

FDIC Temporary Liquidity Guarantee Program – FAQs

FDIC Resources Page – Temporary Liquidity Guarantee Program

FDIC No-Action Request Letter regarding TLCP

SEC No-Action Letter regarding TLGP

Commercial Paper Funding Facility

Commercial Paper Funding Facility Terms and Conditions

Commercial Paper Funding Facility – FAQs