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Insurance for Projects
Project finance transactions have certain risks associated with them that traditional credit-based transactions do not. These risks previously made it impossible to approach whole classes of investors due to regulatory reasons. Many pension funds and so forth are limited in their ability to invest in such projects without an investment grade rating or support the transaction with NAIC 5 levels of equity leading to prohibitive pricing. By using various insurance products now available in the market, many project finance developers have been able to change previously sub'investment-grade risks into more highly rated transactions, thus opening them up to classes of lenders that otherwise would not be able to provide the debt for such transactions.
Turning an uninsured transaction into an insured transaction can lengthen both the term and amount of debt for the transaction while at the same time lowering the interest rate of the debt, which implies less equity and overall capital cost for the transaction.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.