New York partner Stacy Louizos was quoted in Ignites in an article titled, "Firms to SEC: Terms of Bank Credit Lines Should Stay Secret."
The article discussed industry heavyweights' letters to the SEC on its liquidity rule, who argued that disclosing funds’ agreements with banks for lines of credit to tap during periods of heightened investor redemptions would hurt their negotiations and result in less advantageous terms for funds.
Stacy commented on the current disclosure that the SEC requires about lines of credit. She said that funds must include certain additional information about their lines of credit, including any commitment fees, in the notes to the financial statements in annual and semi-annual reports.
Read, "Firms to SEC: Terms of Bank Credit Lines Should Stay Secret" here. (Subscription required)