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• W3121175427 abstract "This Article examines the proper characterization and regulation of the secondary market in emerging markets loans. In 1983, in the aftermath of the debt crisis, the secondary market commenced. At the time, country debtors in the secondary market were known as less developed countries (LDCs).(1) This market, centered in New York City, grew explosively to record a turnover of $1.3 trillion face value of debt in 1993(2) and $5.3 trillion in 1996.(3) As the LDC loans were converted into Brady bonds(4) in the successive Brady-style restructurings of the 1990s, the market moved from a little-regulated loans market into a well-regulated bond market subject to the full U.S. securities law regime.(5) In separate sections, this Article investigates three aspects of the secondary market in emerging market loans: (I) the proper characterization of the market, (II) the history of abuse of the market, and (III) the regulation of the market. I. THE CHARACTERIZATION OF THE MARKET The first section of the Article considers three questions relating to the characterization of the market: (A) is the secondary market for emerging markets loans subject to regulation as a securities market under US law?(6); (B) is the market an exchange or an OTC market?; and (C) is the market one international securities market or a collection of regional markets? A. Is Loan Trading Subject to the U.S. Securities Laws? To answer the question whether the secondary market is subject to the U.S. securities laws requires a determination of whether a traded LDC loan is properly considered a security. The relevant parts of the lengthy definition of a security(7) in section 2(a) (1) of the Securities Act of 1933 (`33 Act) are as follows: The term means any note ... bond, debenture, of indebtedness, investment contract, ... or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation in ... [or] receipt for ... any of the foregoing.(8) The complete definition is intentionally broad.(9) For a loan or assignment thereof to be a security under the above definition it would have to fall within the meaning of the phrase evidence of indebtedness. None of the other classifications listed in the above definition assist in determining whether the secondary market falls under the control of U.S. law.(10) An illuminating summary of the conventional view of the relevant U.S. law comes from Lee Buchheit(11): Commercial bankers learn, seemingly with their mothers' milk, that bank loan assignments and participations are not subject to the federal securities laws in the United States.... One reaches the conclusion that the securities laws only have limited application in this area by extrapolating from judicial precedents that inevitably are based on specific factual circumstances.... [R]ead literally, the securities laws would appear to cover a commercial bank loan agreement ... as an of indebtedness ... and the sale of interests therein.... [O]ver the years, however, most courts have tended to focus on the introductory words to the definition of a security in both the 1933 Act and the 1934 Act (... unless the context otherwise requires ...), as the basis for excluding bank loans, and loan assignments . from the definition of a security.... In effect, courts have been persuaded that banks do not require the protection of the securities laws when lending money to their customers, or when purchasing interests in existing loans originated by other banks.(12) Buchheit continued to lay the groundwork for this inquiry, when he wrote: It is important to note, however, that these precedents provide only a limited amount of comfort. The cases to date generally have involved sales of participations in commercial bank loans to other banks or financial institutions that were negotiated on a case-by-case basis. …" @default.
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• W3121175427 date "1998-09-22" @default.
• W3121175427 modified "2023-09-27" @default.
• W3121175427 title "The Regulation of the Emerging Markets Loan Market" @default.
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