Hostname: page-component-7bb8b95d7b-nptnm Total loading time: 0 Render date: 2024-09-12T22:21:15.407Z Has data issue: false hasContentIssue false
  • English
  • Français

Remarks by Ronald Brand

Published online by Cambridge University Press:  28 February 2017

Ronald Brand
Ronald Brand*
Affiliation:
Boston College Law School
Get access Rights & Permissions [Opens in a new window]

Abstract

An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.
Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Internationalization of the Securities Markets
Information
Proceedings of the ASIL Annual Meeting , Volume 82 , 1988 , pp. 305 - 309
Copyright
Copyright © American Society of International Law 1988

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

1 27 ILM 524 (1988).

2 [1982] PROC. AM. SOC. INT’L L. 353.

3 NIFs and RUFs are transactions in which a bank that is acting as a sales agent for a corporate issuer’s notes (NIF = Note Issuance Facility; RU = Revolving Underwriting Facility) promises the issuer that if the notes do not sell as anticipated, the bank will make a loan to the issuer in the amount of the unplaced notes. The financial statements of the bank do not reflect this promise, since it is a contingent one, but the bank is incurring a risk that it will be making a loan to a corporation at the very moment that the market has decided it does not wish to hold the corporation’s obligations. Hence a system of capital adequacy requirements that takes risk into account will require capital to be held against the bank’s contingent obligation under the Note Issuance Facility.

4 S. 1986, 100th Cong., 2d Sess. (1987), 134 Cong. Rec. S3437 (March 30, 1988).

5 S. Rep. 305, 100th Cong., 2nd Sess. (1987), to accompany S. 1886, at p. 73.

6 19 SEC. REG. & L. REP. 1303 (8/21/87).