Image of Caird Forbes-Cockell

Caird Forbes-Cockell

Head of U.S. Capital Markets, New York

Overview

Professional experience

Education and qualifications

Published works

Overview

Caird has over 39 years’ experience advising supranationals, banks, corporations and funds on transactions involving international capital markets, banking, structured finance products, structured notes, derivatives, commodities, fund financing, fund-linked products and securities lending and clearing services.

Typical matters include acting for: issuers or managers on international debt offerings or establishment of, and draw-downs under, medium-term note programs and commercial paper programs by supranationals, banks and corporations; arrangers, issuers or investors on complex structured financings, covered bond issues, credit-linked instruments, structured notes, securitizations, receivables financings and other complex capital markets and loan instruments; arrangers or lenders on loans; arrangers or lenders on hedge fund liquidity or leverage, whether in the form of loans, securities or derivatives; banks and counterparties on a variety of OTC derivatives; banks and trading houses on commodities acquisitions and financings; and banks on restructuring and liability management transactions.

Work Highlights

Caird has advised on many significant transactions. Highlights include advising:

  • a U.S. bank on various structured commodities transactions
  • a U.S. fund on a programme to acquire corporate receivables
  • a U.S. fund on various cross-border asset acquisitions or originations
  • the U.S. aspects of European RMBS and CLO securitizations
  • leverage providers on secured facilities made available to hedge funds or private equity funds
  • supranationals on their carbon credit-linked securities issues
  • a U.S. bank on its structured notes program for the U.S. capital markets
  • a U.S. fund on its purchase of first loss risk on various international loan portfolios
  • a U.S. bank on repackagings of emerging markets assets

Professional experience

Caird was an Adjunct Professor at Columbia Law School in New York from 2005 to 2015.

Caird has co-authored  many client memoranda and articles published in various industry publications, including:

  • “The U.S. Margin Requirements: The Treasury Affiliate Exclusion and the Captive Finance Company Exclusion,” Linklaters U.S. Alert, April 2017
  • “The U.S. Margin Requirements: The Impact on Special Purpose Vehicles (SPVs) used in Securitizations, Repackagings and other Structured Products,” Linklaters U.S. Alert, November 2016
  • “Applying the Volcker Rule’s Covered Fund Definition Separately to Individual Asset Pools within Multi-Issuance Special-Purpose Vehicles”, The Journal of Structured Finance, Vol. 20, No. 4, Winter 2015: pp. 41 – 57

Education and qualifications

Caird received a first class honours degree (Licentiate in Laws) from Buckingham University and attended College of Law where he completed the Law Society Part 2 examinations.

Published works

  • Co-author, “US - The ICO TKO? Authorities come out swinging in the latest round of enforcement and regulatory guidance on crypto assets,” Linklaters U.S. Alert, October 2018
  • Co-author, “Update: U.S. Resolution Stay Final Rules and the Impact on Special Purpose Vehicles used in Securitizations, Repackagings and other Structured Products,” Linklaters U.S. Alert, September 2018
  • Co-author, “U.S. Securities Law Briefing: SEC Adopts Numerous Small Amendments to Streamline Disclosure Rules,” Linklaters U.S. Alert, August 2018
  • Co-author, “U.S. Securities Law Briefing: SEC Proposes Easing Financial Disclosure Requirements for Offerings of Guaranteed Securities,” Linklaters U.S. Alert, August 2018
  • Co-author, “Ninth Circuit Holds that Rule 10b-5 Could Apply to Unsponsored ADRs Traded Over the Counter,” Linklaters U.S. Alert, July 2018
  • Co-author, “Volcker 2.0: The Promise and Pitfalls for Non U.S. Banks of Proposed Amendments to the Volcker Rule,” Linklaters U.S. Alert, July 2018
  • Co-author, “U.S. Commodity Futures Trading Commission issues advisory for virtual currency derivatives,” Linklaters U.S. Alert, June 2018
  • Co-author, “Congress Passes Reform Bill Tailoring Certain Dodd Frank Act Requirements,” Linklaters U.S. Alert, June 2018
  • Co-author, “U.S. SEC Releases Statement on Potentially Unlawful Online Platforms,” Linklaters U.S. Alert, March 2018
  • Co-author, “U.S. Risk Retention Decision,” Linklaters U.S. Alert, February 2018
  • Co-author, “U.S. Regulators Outline Approach to Virtual Currencies, ICOs and Distributed Ledger Technologies,” Linklaters U.S. Alert, February 2018
  • Co-author, “Product governance rules under EU MiFID II: Practical considerations for U.S.-based DCM practitioners in the eurobond market,” Linklaters U.S. Alert, December 2017
  • Co-author, “The U.S. Margin Requirements: The Treasury Affiliate Exclusion and the Captive Finance Company Exclusion,” Linklaters U.S. Alert, April 2017
  • Co-author, “USA - CFTC Division of Market Oversight Grants Time-Limited No-Action Relief from Notice Filing Requirements of Amended Aggregation Rules,” Linklaters U.S. Alert, March 2017
  • Co-author, “The Fed’s Final TLAC Rule and its Impact on U.S. and Non-U.S. Banking Organizations,” Linklaters U.S. Alert, January 2017
  • Co-author, “US, Global - The U.S. Margin Requirements: The Impact on Special Purpose Vehicles used in Securitizations, Repackagings and other Structured Products,” Linklaters U.S. Alert, November 2016
  • Co-author, “UPDATED: Prudential Regulators and the CFTC Finalize Swap Margin Requirements and Cross-Border Rules”, Linklaters U.S. Alert, June 2016
  • Co-author, “Prudential Regulators and the CFTC Finalize Swap Margin Requirements”, Linklaters U.S. Alert, March 2016
  • Co-author, “Applying the Volcker Rule’s Covered Fund Definition Separately to Individual Asset Pools within Multi-Issuance Special-Purpose Vehicles”, The Journal of Structured Finance, Vol. 20, No. 4, Winter 2015: pp. 41 – 57
  • Co-author, “U.S. Regulators Adopt Final Risk Retention Rule for Securitizations”, Linklaters U.S. Alert, December 2014
  • Co-author, “Credit Supernova II: ISDA publishes ISDA 2014 Credit Derivatives Definitions Protocol”, Linklaters U.S. Alert, August 2014
  • Co-author, “CFTC Staff Extends Until December 31, 2014 Existing No-Action Relief for Non-U.S. Swap Dealers from Certain Transaction-Level Requirements”, Linklaters U.S. Alert, June 2014
  • Co-author, “To be, or not to be, an FCM’s depository for customer funds?”, Futures & Derivatives Law Report, April 2014
  • Co-author, “SEC Proposes Recordkeeping and Reporting Requirements for Security-Based Swap Dealers, Major Security-Based Swap Participants and Broker-Dealers as well as an Addition to the Proposed Capital Rules for Certain Security-Based Swap Dealers”, Linklaters U.S. Alert, April 2014
  • Co-author, “Credit Supernova - ISDA publishes 2014 ISDA Credit Derivatives Definitions”, Linklaters U.S. Alert, February 2014
  • Co-author, “The Final Volcker Rule’s Potential Impact on Securitizations, Repackagings, Covered Bonds and other Structured Products”, Linklaters U.S. Alert, January 2014
  • Co-author, “CFTC’s December 2013 Substituted Compliance Determinations and No-Action Relief”, Linklaters U.S. Alert, January 2014
  • Co-author, “CFTC Aligns Regulation of Certain DCOs with International Standards”, Linklaters U.S. Alert, January 2014
  • Co-author, “CFTC’s November 2013 Re-proposal of Speculative Position Limits for Certain Futures, Options and Economically Equivalent Swaps and Corresponding Proposed Modifications to its Existing Part 150 Aggregation Rules”, Linklaters U.S. Alert, December 2013
  • Co-author, “EU versus US risk retention”, International Financial Law Review, November 2013
  • Co-author, “CFTC’s November 2013 Re-proposal of Speculative Position Limits for Certain Futures, Options and Economically Equivalent Swaps and Corresponding Proposed Modifications to its Existing Part 150 Aggregation Rules”, Linklaters U.S. Alert, December 2013
  • Co-author, “When Is A Swap Not A Swap? Navigating the Different Definitions of ‘Swap Agreement’ under the Bankruptcy Code and the Commodity Exchange Act”, Futures & Derivatives L. Rep., Vol. 33 No. 8, September 2013
  • Co-author, “CFTC’s Enhanced Risk Management Standards for Systemically Important Derivatives Clearing Organizations, Linklaters U.S. Alert, September 2013
  • Co-author, “CFTC Provides No-Action Relief for Market Participants Complying with Certain Essentially Identical EMIR Risk Mitigation Rules”, Linklaters U.S. Alert, September 2013
  • Co-author, “CFTC Staff Issues Time-Limited No-Action Relief from Some Swap Data Reporting Requirements for Certain Counterparties”, Linklaters U.S. Alert, April 2013
  • Co-author, “CFTC Staff Provides Relief in re Certain of its Part 4 Rules for CPOs of Securitization Vehicles”, Linklaters U.S. Alert, April 2013
  • Co-author, “CFTC Final Rule Exempts Certain Inter-affiliate Swaps from Mandatory Clearing under the Dodd-Frank Act”, Linklaters U.S. Alert, April 2013
  • Co-author, “The Evolution and Current State of Play for the Definition of “U.S. Person” for Purposes of Title VII of the Dodd-Frank Act as of January 30, 2013”, Linklaters U.S. Alert, January 2013