S. Chris Min

Of Counsel

New York


Read full biography at www.orrick.com
Sie Ne Chris Min, an of counsel in the New York office, is a member of the Structured Finance Group.  Chris represents issuers, sponsors, underwriters and placement agents in connection with public offerings and private placements of various asset-backed securities.

She has broad experience with a number of asset classes, including credit card receivables, auto loan receivables, municipal bonds and residential mortgages.   

Posts by: Chris Min

SEC Proposes Liquidity Management Rules for Mutual Funds and ETFs

On September 22, The Securities and Exchange Commission (SEC) proposed a comprehensive package of rules that would require open-end funds, including mutual funds and exchange-traded funds, to implement liquidity risk management programs and to enhance disclosure regarding fund liquidity and redemption practices. The proposal is generally designed to limit the risks that funds would be unable to meet investor redemption requests. The comment period for the proposed rules will end 90 days after publication in the Federal Register.  Press ReleaseProposed Rule.

 

SEC Updates Compliance and Disclosure Interpretations for Legacy Deals

On September 16, the SEC  released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities Act and the Exchange Act. Among others, the updated interpretation clarified that securitizations for which offers are made prior to November 23, 2016 are not required to provide asset-level disclosures in the prospectus or on an ongoing basis with each Form 10-D.  Compliance and Disclosure Interpretation.

Rating Agency Developments

On September 23, DBRS published the methodologies it will use to rate and monitor U.S. Property Assessed Clean Energy securitizationMethodology.

On September 22, Moody’s published its updated rating methodology for consumer loan-backed ABSRelease.

On September 21, DBRS published an updated legal criteria for European structured finance transactionsMethodology.

On September 17, Moody’s requested comments on its proposal to retire its methodology for monitoring residential mortgage-backed securitizations in Mexico, and to replace it with the monitoring approach in its primary credit rating methodology.  Announcement.

 

Rating Agency Developments

On August 18, Moody’s extended comment period on proposed clearing house global rating methodology to September 17, 2015.  Announcement.

On August 17, Fitch released its updated corporate rating methodology.  Methodology.

On August 13, DBRS published its updated methodology for rating project finance.  Methodology.

On August 13, DBRS published its updated methodology for rating companies in the independent power producer industry.  Methodology.

CFTC Extends No-Action Relief on the Applicability of Transaction-Level Requirements for Non-U.S. Swap Dealers

On August 13, 2015, CFTC Division of Swap Dealer and Intermediary Oversight, Clearing and Risk, and Market Oversight extended a time-limited no-action relief to swap dealers registered with the CFTC that are established under the laws of jurisdictions other than the United States for certain transaction-level requirements under the Commodity Exchange Act. Subject to certain limitations, the relief has now been extended until the earlier of September 30, 2016 or the effective date of any CFTC action with respect to applicability of the transaction-level requirements in certain situations specified in the no-action letter.  Press ReleaseNo Action Letter.

Treasury Extends Comment Period on Marketplace Lenders RFI

On August 18, the Treasury Department extended the comment period for responding to the Request for Information (RFI) on marketplace lending titled “Public Input on Expanding Access to Credit through Online Marketplace Lending” by 30 days. The comment period will now end on September 30, 2015.  Treasury Note.

CFTC Issues Its First Ever Order of Exemption from Registration as a Derivatives Clearing Organization

On August 18, CFTC issued an order of exemption from registration as a derivative clearing organization (DCO) to ASX Clear (Futures) Pty Limited (ASX). The order is the first of its kind issued by CFTC based on its authority under Section 5b(h) of the Commodity Exchange Act. The provision permits CFTC to exempt a clearing organization from DCO registration if it determines that such organization is subject to comparable and comprehensive supervision by appropriate government authorities in the organization’s home country.  Press Release.

CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps

On August 19, The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments to existing rules relating to swap data reporting in connection with cleared swaps. The amendments are aimed at providing additional clarity to swap counterparties and registered entities regarding their reporting obligations and improving efficiency of data collection and maintenance associated with the reporting. The comment period for the proposed amendments will be 60 days after publication in the Federal Register.  Press ReleaseRule.

Rating Agency Developments

On July 22, Moody’s republished its credit rating methodology report on EMEA CMBS transactionsReport.

On July 20, DBRS published updated Canadian surveillance methodology for CDOs of large corporate creditReport.

On July 16, DBRS published updated rating methodology for North American commercial mortgage servicer evaluationsReport.

Agencies Finalize Revisions to Advanced Approaches Risk-Based Capital Rule Applicable to Large International Banking Organizations

On June 16, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized revisions to the regulatory capital rules adopted in June 2013 that apply to certain large, internationally active banking organizations.  The revisions, among other things, correct and update certain aspects of the advanced approaches risk-based capital rule, including the calculation requirements for risk-weighted assets for advanced approaches banking organizationsPress ReleaseFinal Rule.