Article courtesy of Amy C. Maloney of Morgan, Lewis & Bockius LLP
The Communications Committee is responsible for communications among the College’s members and for communications between the College and the investment community at large. The Committee is responsible for preparing and publishing the College’s monthly newsletter, Private Notes. Among other items of interest to the College’s members, the monthly Private Notes includes summaries of recent judicial decisions, information about job openings, CLE announcements, original content articles and interviews with the Fellows of the College.
The current co-chairs of the Communications Committee are Keith Atkinson (Nuveen), Lisa Conmy (Foley & Lardner), and Danielle Maksimow (Norton Rose Fulbright Canada). The current co-editors of the College’s monthly newsletter are Charles Calloway, Jr. (Chapman & Cutler LLP) and Josephine Vashi (AIG Investments).
We are currently looking for new members of the Communications Committee! Please reach out to any of the co-chairs if you would like to get involved, as the Communications Committee is a great way to get meet others while providing a valuable service to the College and its Fellows!
The Development Committee is tasked with engaging the membership, assessing and addressing membership needs and interests, and planning some of the interactive events at the April Conferences and October Meetings. In connection with the upcoming Annual Meeting, the Development Committee is assisting the Co-chairs in making the virtual conference an engaging and interactive event in light of our “new normal”.
Any questions can be directed to Co-Chairs Tina Smith (Thrivent), Renée Dailey (Akin Gump), or Maureen Cronin (New York Life).
The Education Committee supports the ACIC’s efforts to provide its members with high quality CLE opportunities. Typically, in a given calendar year, such CLE opportunities include two conferences with several courses over a two-day period, including ethics and diversity and inclusion credits, and up to four 1-hour webinars. In 2021, the committee assisted the co-chairs with planning the virtual Spring Forum in April as well as the upcoming virtual Fall Conference in October. We also planned webinars on ESG (January 2021) and Collateral, Valuation and Other Issues in Airline and Aircraft Restructurings (August 2021). One more webinar is expected to be offered before the close of 2021. We are hopeful to return to in-person conferences in 2022 but we are grateful that we have been able to provide the same quality of content in a virtual setting in the meantime.
For all College members, the Education Committee is always grateful for topic suggestions as well as potential moderators and panelists willing to serve our CLE mission.
The Membership Committee is responsible for considering applications for ACIC membership and recommending those applicants meeting the membership criteria of the College to the Board of Trustees for a membership vote. The committee considers the totality of a candidate’s responses in his/her application, with particular emphasis given to (i) the portion of the applicant’s practice which is devoted to representing institutional investors, (ii) indicative transactions or other legal representations on behalf of institutional investors demonstrating the applicant’s representation of institutional investors, (iii) participation by the applicant in the activities of the College (e.g. forums and educational meetings), and (iv) other factors, which the Board of Trustees has determined to be relevant to the College. The committee also reviews, and refers to the Board, applications for Emeritus status from long-time members who are retiring but want to remain plugged in to the College. Finally, the committee seeks to implement various initiatives to improve the onboarding experience of new members in the College and to encourage active engagement in the College among the membership generally.
Please reach out to the Co-Chairs, Patti Boss (Voya), Catherine Hood (Bracewell LLP), or Kirk M. Orr (AIG Investments) with any questions!
Transaction Process Management Committee
The Transaction Process Management Committee (TPMC) is responsible for the continued development of the Model Form Note Purchase Agreements and other documents and other recommendations for uniform processes and procedures in private placement transactions. Over the last few years the TPMC has been responsible for (i) updating both the domestic and cross-border Model Form Note Purchase Agreements, (ii) updating the Model Form Make-Whole and Swap Indemnity Language for Swapped Notes as well as the Model Form Swap Indemnity Letter, (iii) providing for a maintenance of rating covenant (pertaining to private letter ratings) incorporating the necessary requirements of the TPMC in order for a private placement issuance to qualify for Filing Exempt with the SVO, and (iv) the development of a Model Form Guaranty Agreement.
Current projects that the TPMC is undertaking include (a) addressing ongoing market comments to the Model Forms, (b) monitoring LIBOR sunset provisions for floating rate Notes in the PP market, (c) instituting procedures in an effort to mitigate fraud in the funding process, (d) considering “global” Model Form NPAs taking into account the growing global investor base beyond just US insurance companies, which would affect (among others) the economic sanctions and tax withholding provisions, and (e) addressing market response to NAIC requirements.
Website and Social Committee
The Website and Social Committee is responsible for creating and maintaining the College’s website and social media accounts. We create and maintain content, as well as provide a forum for the sharing of information and resources relating to our business. As a reminder, the recently redesigned website features a “Covid-19 Resources” tab on the home page to directly bring you content related to the unique challenges our businesses face in these interesting times.
If anyone has any suggestions for the website, or would like to join the Website Committee, please do not hesitate to reach out to a committee member or to one of the committee co-chairs: Melody Cross (Prudential), Michael Fierro (Prudential) and David Lawton (Morgan, Lewis & Bockius LLP).