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Key Points - On August 24, 2023, a three-judge panel of the 2nd Circuit unanimously held that the syndicated term loans at issue were not “securities” under the test articulated .
On August 24, 2023, the Second Circuit prevented turmoil in the commercial lending market, ruling in Kirschner v. JP Morgan Chase Bank, N.A. (JPM), et al. that syndicated secured term.
The highly anticipated decision threatened to impose a new regulatory framework on syndicated lending, and disrupt the $1.4 trillion syndicated loan market in the United States. .
JPMorgan, Citi and the Loan Syndications and Trading Association have been lobbying the SEC to prevent disclosure requirements and liability for banks.