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Frank P. Jaklitsch

Counsel

Overview

Frank P. Jaklitsch is a counsel in the New York office of Crowell & Moring. He specializes in distressed debt and claims trading. Frank has 20 years of experience representing hedge funds, investment banks, broker-dealers, and other financial institutions in the purchase and sale of distressed assets (both domestic and international), including syndicated corporate bank loans, priority and unsecured claims against bankruptcy estates and other liquidating vehicles, and special situations investments generally, including high-yield securities and post-reorganization equity. 

He advises clients on all aspects of the trading process, including pre-trading issues, the preparation and negotiation of transaction documentation, closing transactions as efficiently as possible, and handling post-closing matters. Frank also has extensive experience analyzing the loan documentation of both investment grade and non-investment grade borrowers across a variety of sectors, and advises clients as to whether the legal provisions therein comply with their respective internal policies and market standards generally.

Prior to joining the firm, Frank was an attorney with Kibbe & Orbe LLP. While at Kibbe & Orbe LLP, Frank also completed an extensive secondment at a multinational investment bank, where he worked as an attorney on the business side within the strategic lending and structured solutions groups. 

Career & Education

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    • Fordham University, B.A., Magna cum Laude, 1995
    • University of Michigan Law School, J.D., 2000
    • Fordham University, B.A., Magna cum Laude, 1995
    • University of Michigan Law School, J.D., 2000
    • New York
    • New York
  • Professional Activities and Memberships

    • Member, The Loan Syndications and Trading Association (LSTA)

    Professional Activities and Memberships

    • Member, The Loan Syndications and Trading Association (LSTA)

Frank's Insights

Client Alert | 5 min read | 06.26.23

New Interagency Guidance on Third-Party Relationships for Supervised Banking Organizations – Points to Consider for Banks and Their Counterparties

On June 6, 2023, The Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) issued final joint guidance for banking organizations on managing risks associated with third-party relationships.  Previously, the Board (2013), FDIC (2008) and OCC (2013 and 2020) had all issued their own separate guidance for their respective supervised banking organizations. After extensive review and analysis of comments provided from July-October 2021 on proposed interagency guidance, the prior issuances by separate regulators were rescinded and replaced by the final joint interagency guidance[1].  The guidance was over ten years in the making, and corresponds with an observed increase in the number and types of third-party relationships used by banks.  The use by banks of fintech companies is a prime example; there has been an explosion in the variety of services offered to banks by such companies.  The guidance is intended to promote a consistent message on risk management from the agencies, and to more clearly articulate risk-based principles for third-party risk management....

Frank's Insights

Client Alert | 5 min read | 06.26.23

New Interagency Guidance on Third-Party Relationships for Supervised Banking Organizations – Points to Consider for Banks and Their Counterparties

On June 6, 2023, The Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) issued final joint guidance for banking organizations on managing risks associated with third-party relationships.  Previously, the Board (2013), FDIC (2008) and OCC (2013 and 2020) had all issued their own separate guidance for their respective supervised banking organizations. After extensive review and analysis of comments provided from July-October 2021 on proposed interagency guidance, the prior issuances by separate regulators were rescinded and replaced by the final joint interagency guidance[1].  The guidance was over ten years in the making, and corresponds with an observed increase in the number and types of third-party relationships used by banks.  The use by banks of fintech companies is a prime example; there has been an explosion in the variety of services offered to banks by such companies.  The guidance is intended to promote a consistent message on risk management from the agencies, and to more clearly articulate risk-based principles for third-party risk management....