Nominating Committee

Staff Liaison:
Roster TBD ,

Committee Roster

Purpose:
Responsible for the orderly and appropriate nomination of Officers and Governors. The Nominating Committee will be put in place in January, 2010.

Membership Committee

Chair:
Jack M. Cohen , Cohen Financial

Staff Liaison:
Jane A. Gelfand , CMSA

Committee Roster

Purpose:
Aims to maximize and expand membership and to encourage member dialogue. The goal is to maximize the value of membership by assuring that all commercial real estate finance participants are involved in CMSA.

Initiatives:
Focus on our current members to make sure that they are satisfied with their membership in CMSA and that they remain (or become) engaged in our activities.  Review membership structure for potential revisions to adapt to changing industry.

Audit Committee

Chair:
David A. Eckels , PNC Real Estate/Midland Loan Services, Inc.

Staff Liaison:
Jane A. Gelfand , CMSA

Committee Roster

Committee Charter

Purpose:
Oversees any audit of CMSA’s books and records, including determining the necessity, frequency and scope of audits, and approving the selection, retention, termination and compensation of an accounting firm to perform such audits; shall take appropriate actions to promote a system of internal controls relating to CMSA’s financial books and records, including retaining an accounting firm to formally review such controls; consider from time to time the appropriateness and adequacy of CMSA’s accounting policies and procedures; and the required skill sets of the external accountants engaged by CMSA; report the results of audits and control reviews to the Board of Governors; report the Committee’s activities to the Board of Governors at least annually; update the scope of the Committee’s responsibilities on an as-needed basis.

Global Advisory Council

Chair:
Brian Lancaster , RBS Securities Inc.

Vice-Chair:
Hans Vrensen, CFA , DTZ

Immediate Past Chair:
Atsuo Akai , Morgan Stanley Japan Securities Co., Ltd.

Staff Liaison:
Dottie Cunningham , CMSA

Committee Roster

Purpose:
Aims to give CMSA a key role in the globalization of the commercial real estate finance industry.   The Council (established June 2007) has representatives from Canada, Europe, Japan and the U.S., with plans to also have representation from important emerging markets, such as India, China, etc. The Council will also establish priorities and initiatives relevant to the global marketplace and set up appropriate task forces.  

Initiatives:
During current market disruption, share legislative and regulatory actions being considered in each marketplace.  

Canadian Advisory Board

Vice-Chair:
Sean Mann , CIBC World Markets

Staff Liaison:
Laura Baran , CMSA

Committee Roster

Purpose:
The Canadian Advisory Board is responsible for overall direction of CMSA’s Canadian initiatives.

CMSA-Canada webpage

PAC Advisory Committee

Chair:
Richard D. Jones , Dechert LLP

Vice-Chair:
Leonard W. Cotton ,

Staff Liaison:
Stacy Stathopoulos , CMSA

Committee Roster

Purpose:
Working to establish a well funded PAC to ensure an effective and robust voice in Washington, by maintaining the relationships we need to stay engaged at every level of the political debate. Also provide events at our conferences for PAC contributors to raise awareness of the PAC.

PAC Information

Government Relations Efforts

CMSA PAC Contribution Form (members only)

Policy Committee

Chair:
John Bonfiglio , Allegiance Investment Advisors, LLC

Vice-Chair:
Tobin Cobb , Deutsche Bank

Staff Liaison:
Stacy Stathopoulos , CMSA

Committee Roster

Committee Charter

Purpose: 
To proactively identify issues facing the commercial real estate finance industry and to determine how CMSA should approach these issues. To review on an ongoing basis potential issues including those related to the legislative and regulatory arena and to assist in the development of policy positions on these issues.

Government Relations Efforts

REMIC Task Force

Co-Chair:
Charles Adelman , Cadwalader, Wickersham & Taft LLP

Staff Liaison:
Stacy Stathopoulos , CMSA

Committee Roster

Committee Charter

Purpose:
The REMIC Task Force has been working as part of an industry coalition to pursue REMIC modifications via legislation.

Remic Reform

Credit Rating Agency Impact Committee

Chair:
Tricia B. Hall , Paulson & Co.

Staff Liaison:
Stacy Stathopoulos , CMSA

Committee Roster

Committee Charter

Purpose:
Credit Rating Agency Impact Committee monitors, gathers and shares information on pending legislation and regulation as it relates to credit rating agencies.  Make recommendations to Executive Committee on whether or not CMSA should take a position on any such legislation or regulation.

Credit Rating Agency Reform

B-Piece Buyer Working Group

Staff Liaison:
Stacy Stathopoulos , CMSA

Committee Roster

Committee Charter

Purpose: 
Forum for working group members to discuss potential implementation and implication issues with regard to the Financial Accounting Standards Board’s recent adoption of Statements FAS 166 (de-recognition) and FAS 167 (consolidation) which become effective January 1, 2010 and eliminate QSPEs while requiring certain entities to consolidate many of the securitized assets are currently excluded from these entities’ balance sheets.

Liquidity Working Group

Staff Liaison:
Stacy Stathopoulos , CMSA

Committee Roster

Purpose:
Engaged in efforts to offer industry and government program recommendations to agencies and policymakers in an effort provide liquidity and facilitate lending in the CMBS market.

Amicus Brief Task Force

Executive Committee Liaison:
Patrick C. Sargent , Andrews Kurth LLP

Staff Liaison:
Stacy Stathopoulos , CMSA

Committee Roster

Committee Charter

Purpose:
Review any requests for CMSA to file an amicus brief and make recommendations to the Executive Committee as to the direction to take.

Comment Letters and Briefs

Accounting Policy Committee

Chair:
Patricia A. Bailey , Principal Real Estate Investors

Staff Liaison:
Stacy Stathopoulos , CMSA

Committee Roster

Committee Charter

Purpose:
Reports on and comments on, when appropriate, the projects and activities of the Federal Accounting Standards Board (FASB).

Initiatives:
The Committee is focused on the implementation of FAS 140, including FAS 166.

FASB Issues Page

Master Servicer/Trustee Committee

Staff Liaison:
Dottie Cunningham , CMSA

Committee Roster

Committee Charter

Purpose:
To provide a vehicle whereby CMBS master servicers and trustees can address industry issues of common interest.  It will provide a forum for the identification of issues impacting the CMBS business, identify how such issues may particularly impact the master servicer/trustee community, and to articulate the views of the master servicer/trustee community on such issues.  This committee will be charged with identifying issues affecting the master servicer/trustee constituency and providing input and perspective required to address the broader industry issues.

CMSA Investor Reporting Package Committee

Co-Chair:
David Shay , Wachovia Securities

Co-Chair:
Lisa LaBelle , Teachers Insurance and Annuity Association-CREF

Co-Chair:
Kathleen C. Olin , CWCapital Asset Management

Staff Liaison:
Dottie Cunningham , CMSA

Committee Roster

Committee Charter

Purpose: 
Responsible for the continuing updates to the CMSA Investor Reporting Package® (“CMSA IRP®”). Also, see additional task forces below related to the CMSA IRP.

Initiatives: 
Version 5.0 of the IRP was implemented in February 2008.

CMSA Investor Reporting Package, v 5.0

C-MISMO Task Force

Co-Chair:
David Shay , Wachovia Securities

Co-Chair:
Kathleen C. Olin , CWCapital Asset Management

Staff Liaison:
Dottie Cunningham , CMSA

Committee Roster

Committee Charter

Purpose: 
Our C-MISMO Task Force monitors MISMO’s progress as it relates to the impending conversion of the IRP into XML format. This initiative is, however, currently on hold.

Market Transparency Task Force

Chair:
Patrick C. Sargent , Andrews Kurth LLP

Staff Liaison:
Dottie Cunningham , CMSA

Committee Roster

Purpose: 
To consider any best practices that may be required for further securitizations as it relates to "Additional Indebtedness" outside of the trust.

Proposed Model Offering Disclosure for Additional Subordinate Indebtedness

IRP Investor Summary Task Force

Co-Chair:
David Shay , Wachovia Securities

Co-Chair:
Lisa LaBelle , Teachers Insurance and Annuity Association-CREF

Co-Chair:
Kathleen C. Olin , CWCapital Asset Management

Staff Liaison:
Dottie Cunningham , CMSA

Committee Roster

Committee Charter

Purpose:   To prepare a short, concise summary of the Investor Reporting Package, such summary to be geared toward investors and regulators.  Such summary needs to define and explain the standard ways of calculating NOIs, pari-passu loans and debt-service coverage ratios. 

IRP Reporting Task Force

Executive Committee Liaison:
Joan M. Sapinsley , Resource Real Estate, Inc.

Staff Liaison:
Dottie Cunningham , CMSA

Committee Roster

Committee Charter

Purpose:   To address key servicing/reporting items not currently being reported in accordance with the CMSA IRP. 

CMBS World Advisory Committee

Editor-in-Chief:
Jun Han , JHP Capital

Publisher:
Joseph Philip Forte, Esq , Alston & Bird LLP

Co-Managing Editor:
Gale C. Scott ,

Co-Managing Editor:
Alan L. Todd, CFA , J.P. Morgan

Staff Liaison:
Laura Baran , CMSA

Committee Roster

Purpose: 
The Advisory Committee sets the direction for the publication, including overall responsibility for the editorial policy, theme and content for each issue of the publication, as well as the selection of members of the editorial board.

CMBS World Editorial Board

Editor-in-Chief:
Jun Han , JHP Capital

Publisher:
Joseph Philip Forte, Esq , Alston & Bird LLP

Co-Managing Editor:
Gale C. Scott ,

Co-Managing Editor:
Alan L. Todd, CFA , J.P. Morgan

Staff Liaison:
Laura Baran , CMSA

Committee Roster

Purpose:
The Editorial Board sets the editorial policy, solicits, reviews, selects and edits articles for publication in CMBS World. 

Themes for most recent issues were:

Fall 2009: Trying to Hang on Around the Globe

Summer 2009: Road to Recovery

Spring 2009: Back to Basics

Winter 2009: ABCs of Covered Bonds

CMBS E-Primer Task Force

Chair:
Annemarie G. DiCola , Trepp, LLC

Vice-Chair:
Michael B. Evans , TMF-Group

Committee Roster

Purpose:
CMSA has published a CMBS e-Primer handbook, written by several industry veterans and  featuring sections on the history of CMBS, a fundamental CMBS overview, before a CMBS happens, issuing a CMBS, CDOs, investing in CMBS and events during the life of a CMBS.

Initiatives: New chapters will be added regarding derivatives and the European market. Also, additional features will be added, including podcasts, as well as opportunities for discussion groups surrounding the topics covered in this E-Primer. Chapters will be periodically reviewed to determine if any updating will be required.  

CMBS E-Primer

Research Committee

Chair:
Mark Warner , BlackRock

Committee Roster

Committee Charter

Purpose:
Implement research initiatives proposed by a Research Task Force, and develop any new initiatives that may be required to ensure CMSA's role as the primary source of information for the industry. 

Initiatives:  
Committee to  implement a library of industry research produced by CMSA members.  Research would include information published on all real estate asset classes, as available.  This committee has implemented a compendium of statistics which includes a series of tables and charts on the CMBS, CRE CDO and real estate equity markets from various sources which is updated weekly and is available on our website.

Compendium of Statistics
Daily News Items
Newsletters
Trepp/CMSA Collateral Performance Database
CMSA-Europe Data Portal