Westwood Capital, an investment bank specializing in structured finance, securitization and merger advisory work, hired Vinay K. Jindal to join the New York-based office as an associate. Vindal will assist the firm primarily in areas of structured finance and restructurings. Jindal was part of the investment banking group at Banc of America Securities, providing technical and analytical support for transactions, including mergers and acquisitions, initial public offerings and secondary offerings."

Last Tuesday, the Financial Accounting Standards Board (FASB) decided to proceed toward a ballot draft of a proposed amendment to FASB 140. There is no indication of when the Exposure Draft of the proposed amendment will be available. FASB also decided to further restrict the activities of a QSPE beyond what was previously announced. The restrictions are as follows: 1) If a QSPE has the ability to reissue beneficial interests, neither the transferor or any of its affiliates or agents can be the party making decisions about reissuing those interests; 2) A QSPE may not hold any equity securities; and 3) In a two-step securitization, the second step should be to a QSPE. (There was much confusion during this discussion about legal concepts versus accounting objectives. The market has to wait to see the wording of the two-step restrictions before concluding on the significance of this decision.)

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