Securitization and Special Purpose Vehicles in an International Setting: a Systemic View

The present work tries to display a comprehensive and comparative study of the different legal and regulatory problems involved in international securitization transactions. First, an introduction to securitization is provided, with the basic elements of the transaction, followed by the different varieties of it, including dynamic securitization and synthetic securitization structures. Together with this introduction to the intricacies of the structure, a insight into the influence of securitization in the financial and economic crisis of 2007-2009 is provided too; as well as an overview of the process of regulatory competition and cooperation that constitutes the framework for the international aspects of securitization. The next Chapter focuses on the aspects that constitute the foundations of structured finance: the inception of the vehicle, and the transfer of risks associated to the securitized assets, with particular emphasis on the validity of those elements, and how a securitization transaction could be threatened at its root. In this sense, special importance is given to the validity of the trust as an instrument of finance, to the assignment of future receivables or receivables in block, and to the importance of formalities for the validity of corporations, trusts, assignments, etc., and the interaction of such formalities contained in general corporate, trust and assignment law with those contemplated under specific securitization regulations. Then, the next Chapter (III) focuses on creditor protection aspects. As such, we provide some insights on the debate on the capital structure of the firm, and its inadequacy to assess the financial soundness problems inherent to securitization. Then, we proceed to analyze the importance of rules on creditor protection in the context of securitization. The corollary is in the rules in case of insolvency. In this sense, we divide the cases where a party involved in the transaction goes bankrupt, from those where the transaction itself collapses. Finally, we focus on the scenario where a substance over form analysis may compromise some of the elements of the structure (notably the limited liability of the sponsor, and/or the transfer of assets) by means of veil piercing, substantive consolidation, or recharacterization theories. Once these elements have been covered, the next Chapters focus on the regulatory aspects involved in the transaction. Chapter IV is more referred to “market” regulations, i.e. those concerned with information disclosure and other rules (appointment of the indenture trustee, and elaboration of a rating by a rating agency) concerning the offering of asset-backed securities to the public. Chapter V, on the other hand, focuses on “prudential” regulation of the entity entrusted with securitizing assets (the so-called Special Purpose vehicle), and other entities involved in the process. Regarding the SPV, a reference is made to licensing requirements, restriction of activities and governance structures to prevent abuses. Regarding the sponsor of the transaction, a focus is made on provisions on sound originating practices, and the servicing function. Finally, we study accounting and banking regulations, including the Basel I and Basel II Frameworks, which determine the consolidation of the SPV, and the de-recognition of the securitized asset from the originating company’s balance-sheet, as well as the posterior treatment of those assets, in particular by banks. Chapters VI-IX are concerned with liability matters. Chapter VI is an introduction to the different sources of liability. Chapter VII focuses on the liability by the SPV and its management for the information supplied to investors, the management of the asset pool, and the breach of loyalty (or fiduciary) duties. Chapter VIII rather refers to the liability of the originator as a result of such information and statements, but also as a result of inadequate and reckless originating or servicing practices. Chapter IX finally focuses on third parties entrusted with the soundness of the transaction towards the market, the so-called gatekeepers. In this respect, we make special emphasis on the liability of indenture trustees, underwriters and rating agencies. Chapters X and XI focus on the international aspects of securitization. Chapter X contains a conflicts of laws analysis of the different aspects of structured finance. In this respect, a study is made of the laws applicable to the vehicle, to the transfer of risks (either by assignment or by means of derivatives contracts), to liability issues; and a study is also made of the competent jurisdiction (and applicable law) in bankruptcy cases; as well as in cases where a substance-over-form is performed. Then, special attention is also devoted to the role of financial and securities regulations; as well as to their territorial limits, and extraterritoriality problems involved. Chapter XI supplements the prior Chapter, for it analyzes the limits to the States’ exercise of regulatory power by the personal and “market” freedoms included in the US Constitution or the EU Treaties. A reference is also made to the (still insufficient) rules from the WTO Framework, and their significance to the States’ recognition and regulation of securitization transactions.

Untersuchung des murinen, nukleären pSS- und SLE-Autoantigens La/SS-B unter physiologischen und pathophysiologischen Bedingungen

Zusammenfassung der Dissertation von Christian Schörner 'Untersuchung des murinen, nukleären pSS- und SLE-Autoantigens La/SS-B unter physiologischen und pathophysiologischen Bedingungen' am Fachbereich Biologie der Johannes Gutenberg-Universität Mainz Seren von Patienten mit Kollagenosen, wie SLE und pSS, enthalten Antikörper gegen das Autoantigen La/SS-B. Im murinen Tiermodell musste die Expression des La/SS-B verstanden werden. Das murine Strukturgen codierte für 13 Exons, das Start-AUG befand sich im Exon 2. Die alternativen mRNAs unterschieden sich nur in ihrer 5'-UTR. Das Exon 1b war im Vergleich zum Exon 1a am 3'-Ende um 27 Nukleotide verlängert. Die alternativen mRNAs entstanden durch einen Promotorwechsel in Kombination mit einem alternativen Spleißvorgang. Die Polyadenylierung erfolgte an zwei alternativen Polyadenylierungssequenzen. Die mRNAs waren vollständig gesplissen, zytoplasmatisch und funktionell. Die Exon 1a- und die Exon 1c-mRNA wurden ubiquitär exprimiert, die Exon 1b-mRNA dagegen nur in proliferierenden Zellen. Im C-Terminus fand sich eine Nager-spezifische Insertion sowie eine -deletion. Das Protein besaß mit 16 isoelektrischen Proteinformen eine hohe Ladungsheterogenität. NO steigerte die Proteinexpression um das 5fache und bewirkte eine Translokation des Proteins vom Zellkern in das Zytoplasma. Das humane La/SS-B-Neoepitop induzierte in Versuchstieren die Bildung von Antikörper gegen das Neoepitop und natives La/SS-B.

A novel specific genetic translocation in epithelioid hemangioendotelioma, showing a fusion of the WWTR1 and CAMTA1 genes, supports the monoclonality of multifocal epithelioid hemangioendotelioma.

Like other vascular tumors, epithelioid hemangioendothelioma (EHE) is multifocal in approximately 50% of cases, and it is unclear whether the separate lesions represent multifocal disease or metastases. We hypothesized that the identification of an identical WWTR1-CAMTA1 rearrangement in different EHEs from the same patient supports the monoclonal origin of EHE. To test our hypothesis, we undertook a molecular analysis of two multicentric EHEs of the liver, including separate tumor samples from each patient. Matherial and Methods: We retrieved two cases of EHE with available tissue for molecular analysis. In both cases, fluorescence in situ hybridization (FISH) was performed to identify the presence of the WWTR1-CAMTA1 rearrangement to confirm the histologic diagnosis of EHE, as previously described. The reverse transcription-polymerase chain reaction (RT-PCR) products were analyzed by electrophoresis and the RT-PCR–amplified products were sequenced using the Sanger method. Results: FISH analysis revealed signal abnormalities in both WWTR1 and CAMTA1. Combined results confirmed the presence of the t(1;3)(1p36.23;3q25.1) translocation in both cases of EHE. Using RT-PCR analysis, we found that the size of the rearranged bands was identical in the different tumors from each patient. The sequence of the fusion gene confirmed a different WWTR1-CAMTA1 rearrangement in each patient, but an identical WWTR1-CAMTA1 rearrangement in the different lesions from each patient. Discussion: Because of its generally indolent clinical course, EHE is commonly classified as a multifocal, rather than metastatic, disease. In this study, we examined two cases of multifocal liver EHE and found an identical WWTR1-CAMTA1 rearrangement in each lesion from the same patient, but not between the two patients. These findings suggest that multifocal EHE arises from metastasis of the same neoplastic clone rather than from the simultaneous formation of multiple neoplastic clones, which supports the monoclonal origin of multifocal EHE.

LRP1 modulates APP trafficking and APP metabolism within compartments of the secretory pathway. Increased AICD generation is ineffective in nuclear translocation and transcriptional activation

LRP1 modulates APP trafficking and metabolism within compartments of the secretory pathway The amyloid precursor protein (APP) is the parent protein to the amyloid beta peptide (Abeta) and is a central player in Alzheimer’s disease (AD) pathology. Abeta liberation depends on APP cleavage by beta- and gamma-secretases. To date, only a unilateral view of APP processing exists, excluding other proteins, which might be transported together and/or processed dependent on each other by the secretases described above. The low density lipoprotein receptor related protein 1 (LRP1) was shown to function as such a mediator of APP processing at multiple steps. Newly synthesized LRP1 can interact with APP, implying an interaction between these two proteins early in the secretory pathway. Therefore, we wanted to investigate whether LRP1 can mediate APP trafficking along the secretory pathway, and, if so, whether it affects APP processing. Indeed, we demonstrate that APP trafficking is strongly influenced by LRP1 transport through the endoplasmic reticulum (ER) and Golgi compartments. LRP1-constructs with ER- and Golgi-retention motifs (LRP-CT KKAA, LRP-CT KKFF) had the capacity to retard APP trafficking at the respective steps in the secretory pathway. Here, we provide evidence that APP metabolism occurs in close conjunction with LRP1 trafficking, highlighting a new role of lipoprotein receptors in neurodegenerative diseases. Increased AICD generation is ineffective in nuclear translocation and transcriptional activity A sequence of amyloid precursor protein (APP) cleavages gives rise to the APP intracellular domain (AICD) together with amyloid beta peptide (Abeta) and/or p3 fragment. One of the environmental factors identified favouring the accumulation of AICD appears to be a rise in intracellular pH. This accumulation is a result of an abrogated cleavage event and does not extend to other secretase substrates. AICD can activate the transcription of artificially expressed constructs and many downstream gene targets have been discussed. Here we further identified the metabolism and subcellular localization of the constructs used in this well documented gene reporter assay. We also co-examined the mechanistic lead up to the AICD accumulation and explored possible significances for its increased expression. We found that most of the AICD generated under pH neutralized conditions is likely that cleaved from C83. Furthermore, the AICD surplus is not transcriptionally active but rather remains membrane tethered and free in the cytosol where it interacts with Fe65. However, Fe65 is still essential in AICD mediated transcriptional transactivation although its exact role in this set of events is unclear.

Signaltransduktion von IgG-Antiphospholipid-Antikörpern in plasmazytoiden Dendriten und Monomac1 Zellen

Das Antiphospholipid-Syndrom (APS) ist eine Autoimmunerkrankung die sich durch venöse und arterielle Thrombosen und/oder Spontanaborte bei gleichzeitigem Nachweis von persistierenden, erhöhten Antiphospholipid-Antikörper (aPL)-Titern charakterisieren lässt. Die zugrunde liegenden Mechanismen, über die aPL Pathogenität vermitteln, sind bislang wenig verstanden. Im Rahmen dieser Arbeit konnte gezeigt werden, dass drei humane monoklonale IgG aPL sowie IgG Fraktionen von APS Patienten eine Überexpression von TLR7 und TLR8 in plasmazytoiden dendritischen Zellen bzw. monozytären Zellen induzieren. Gleichzeitig erfolgt die Induktion der TLR7/8 Translokation vom endoplasmatischen Retikulum (ER) ins Endosom. Diese Effekte werden durch die Internalisierung der aPL und die nachfolgende Aktivierung einer NADPH Oxidase sowie durch endosomale Superoxid Produktion vermittelt. Als Folge dessen werden die Zellen extrem für TLR7/8 Liganden sensibilisiert. Diese Beobachtungen beschreiben einen neuen Signalmechanismus der innaten Immunität, der seinen Ursprung im Endosom nimmt. Da die Überexpression von TLR7 auch in pDCs von APS Patienten detektiert werden konnte, bieten unsere Ergebnisse eine Erklärung für die proinflammatorischen und prokoagulanten Effekte von aPL. rnWeiterhin führte die kombinierte Stimulation mit aPL und TLR7 Liganden in pDCs zu einem signifikant verstärkten Potential zur CD4+ Th2 Zell Aktivierung bzw. zur Regulation der B-Zell Differenzierung und Immunglobulin Produktion. Die Anwesenheit der pDCs erhöhte dabei synergistisch die CD40/86 Expression, die Proliferation sowie die Plasmazell-Differenzierung von isolierten peripheren B-Zellen, die mit aPL und TLR Liganden stimuliert wurden. Dieser Stimulationsansatz war außerdem ausreichend um naive B-Zellen zur IgM/IgG Produktion anzuregen und die Synthese neuer IgG aPL durch Gedächtnis-B-Zellen einzuleiten. Die Beteiligung der pDCs an diesem Prozess erfolgte durch Zytokin Sekretion sowie direktem Zell-Zell-Kontakt. Die Anwesenheit von Th2-Helferzellen war dabei nicht obligatorisch, konnte jedoch die B-Zell Aktivierung zusätzlich fördern. Eine Hochregulierung von TLR7 oder TLR9 innerhalb der B-Zell Population war nicht involviert. rnrnDiese Ergebnisse zeigen erstmalig die Relevanz einer pDC Aktivierung im Hinblick auf die Aufrechterhaltung der pathogenen Aktivität im Rahmen des APS. Da eine Dysregulierung von TLR7 bereits als ursächlich für die Ausbildung einer systemischen Autoimmunität erachtet wird, sollten unsere Ergebnisse für das generelle Verständnis von Autoimmunität von großer Relevanz sein.rn

Analyse der Beteiligung von Toll-like-Rezeptoren an der DC-Aktivierung nach Parvovirus-H-1-Infektion

Ziel dieser Dissertation war es die funktionelle Rolle der Toll-like Rezeptoren (TLRs) und ihrer Signalwege bei der Aktivierung von dendritischen Zellen (DC) durch Parvovirus H-1- rn(H-1PV) induzierte Tumorzelllysate (TCL) zu untersuchen. rnDas angeborene Immunsystem bekämpft die Bildung und das Wachstum von Tumoren, insbesondere durch Interaktion von Effektor-Immunzellen mit Tumorzellen. Die Aktivierung dieser Immunreaktionen in der Antitumortherapie ist wünschenswert, aber in vielen Situationen nicht zufriedenstellend, da sie durch klassische systemische Therapie allein nicht immer erreicht werden kann. Die therapeutische Anwendung von onkolytischen Viren bei Patienten mit malignen Erkrankungen (Virotherapie) ist ein vielversprechendes Gebiet der Forschung. Die onkosuppressive und immunstimulierende Wirkung von H-1PV auf humane Tumor- und Immunzellen spricht für eine Verwendung in der Krebstherapie. Ein Aktivierung des Immunsystems durch H-1PV konnte bereits in unserer Arbeitsgruppe gezeigt werden.rnIn dieser Arbeit wurden wichtige Aspekte bezüglich der Aktivierung von Toll-like Rezeptoren bei einer H-1PV Infektion untersucht. Zunächst wurde die Rolle von TLRs nach der H-1PV Infektion untersucht. Humane embryonale Nierenzellen (HEK293) wurden stabil mit humanen TLRs transfiziert, um die Rolle spezifischer TLRs während der Aktivierung des Immunsystems zu untersuchen. TLR3 und TLR9 wurden durch eine H-1PV Infektion, die mit der NFκB-Translokation in den Zellkern korreliert, aktiviert. Mit Hilfe eines Reporterplasmides (pNiFty-Luc), wurde durch erhöhte Expression eines NFκB-induzierbaren Reportergens die NFκB-Aktivität im Anschluss an eine H-1PV Infektion nachgewiesen. Zudem wurde die immunologische Wirkung von H-1PV-induzierten Tumorzelllysaten (TCL) auf die humane antitumor-gerichtete Immunantworten analysiert. Ein humanes ex vivo-Modell, bestehend aus einer HLA-A2-positiven humanen Melanom-Zelllinie (SK29Mel) wurde verwendet, um Immunreaktionen mit entsprechenden HLA-restringierten humanen DCs zu untersuchen. DCs die mit H-1PV-infizierten SK29Mel Zellen koinkubiert wurden, zeigten eine erhöhte TLR3- und TLR9-Expression. Diese Daten deuten darauf hin, dass H-1PV-induzierte TCLs humane DCs stimulieren und dies zumindest teilweise durch TLR-abhängige Signalwege geschieht. Demnach wird eine DC-Reifung durch Kokultur mit H-1PV-induzierten TCLs über den TLR-Signalweg erreicht und führte u.a. zu einer NFκB-abhängigen Aktivierung des adaptiven Immunsystems. Die onkolytischen Virotherapie mit H-1PV erhöht so durch unterschiedliche Auswirkungen auf DCs die Immunreaktion und verstärkt die Anti-Tumor-Immunität. Diese Ergebnisse zeigen einen neuen potenziellen Ansatz für den Einsatz onkolytischer Viren für TLR-zielgerichtete Therapieoptionen und stellen eine ideale Möglichkeit zur Erweiterung der Krebsbehandlung dar.rn

Retrospective analysis of patients for development of nephrogenic systemic fibrosis following conventional angiography using gadolinium-based contrast agents

The purpose was to retrospectively review the data of 27 patients with renal insufficiency who underwent conventional angiography with gadolinium-based contrast agents (GDBCA) as alternative contrast agents and assess the occurrence of nephrogenic systemic fibrosis (NSF) together with associated potential risk factors.

Combined meropenem and linezolid as a systemic treatment for postoperative endophthalmitis

PURPOSE The aim of this study was to evaluate the antibiotic treatment of postoperative endophthalmitis with combined systemic meropenem and linezolid. METHODS A retrospective analysis of endophthalmitis treated with systemic meropenem and linezolid compared to conventional systemic antibiotics by evaluation of outcome and adverse effects was carried out. RESULTS 26 patients with unilateral postoperative endophthalmitis with a systemic combination regimen of meropenem (2 g TID, mean duration of treatment 5.5 days) and linezolid (600 mg BID, mean duration of treatment 8.9 days) (group 1, mean follow-up time 140 days) were included in this study and compared to 45 postoperative endophthalmitis patients treated with conventional systemic antibiotics (group 2; mean follow-up time 320 days). In group 1, 69.2 % of eyes additionally received intravitreal amikacin and vancomycin (vs. 24.4 % in group 2; p < 0.001), in 92.3 % pars plana vitrectomy was performed (vs. 68.9 % in group 2, p = 0.047). Mean best corrected visual acuity improved from a baseline of 1.76 logMar for group 1 and 1.83 logMar for group 2 to 0.91 logMar (p = 0.0001) and 0.90 logMar (p < 0.0001), respectively, at the end of the follow-up, revealing no significant differences between the two groups at any time point (p > 0.05). Ocular complications were observed in 34.6 % of eyes in group 1 (vs. 37.8 % in group 2; p > 0.05). Adverse drug effects occurred significantly more frequently in group 1 (26.9 % vs. 4.4 % p = 0.02). CONCLUSION In spite of the reported better penetration through the blood-ocular barrier and the broader antibacterial spectrum of meropenem and linezolid, no benefit in outcome was found in the present study. In contrast, adverse effects and costs of the combination regimen were significantly higher.

Short-term effects of systemic antibiotics during periodontal healing

OBJECTIVES: To investigate the short-term effects of nonsurgical therapy (scaling and root planing, SRP) on the subgingival microbiota in chronic (CP) and aggressive (AP) periodontal disease. METHOD AND MATERIALS: Ninety-seven CP and AP subjects underwent full-mouth SRP on 2 consecutive days. AP patients were randomly assigned to either receive systemic metronidazole plus amoxicillin (AP+AB) or were treated mechanically alone (AP). Pathogens were identified with 16S rRNA oligodeoxynucleotide probes and dot-blot hybridization before and at days 2, 3, 4, 7, 10, and 21 of healing. CP subjects were treated by scaling and root planing along with placebo tablets. RESULTS: Initially, AP cell counts were 69.9- (Porphyromonas gingivalis), 10.2- (Aggregatibacter actinomycetemcomitans), 5.7- (Tannerella forsythia), and 3.3-fold (Prevotella intermedia) enhanced compared to CP cell counts. Following SRP, immediate elimination occurred in single individuals of all three treatment groups at day 2. After SRP plus antibiotic therapy (AP+AB), the prevalence scores dropped beyond the levels of AP and CP, beginning at day 7, and remained low until day 21 (P =or< .05). Clinical healing statistically benefited from SRP with no differences among the three treatment groups. CONCLUSION: Nonsurgical therapy resulted in both a suppression and early elimination of single taxa immediately after completion of active treatment. Systemic antibiotics significantly accelerate the suppression of the periodontal microflora, but have limited effect on the elimination of target isolates during healing.

Effect of systemic tetracycline on the degradation of tetracycline-impregnated bilayered collagen membranes: an animal study

BACKGROUND: Premature collagen membrane degradation may compromise the outcome of osseous regenerative procedures. Tetracyclines (TTCs) inhibit the catalytic activities of human metalloproteinases. Preprocedural immersion of collagen membranes in TTC and systemic administration of TTC may be possible alternatives to reduce the biodegradation of native collagen membranes. AIM: To evaluate the in vivo degradation of collagen membranes treated by combined TTC immersion and systemic administration. MATERIALS AND METHODS: Seventy-eight bilayered porcine collagen membrane disks were divided into three groups and were immersed in 0, 50, or 100 mg/mL TTC solution. Three disks, one of each of the three groups, were implanted on the calvaria of each of 26 Wistar rats. Thirteen (study group) were administered with systemic TTC (10 mg/kg), while the remaining 13 received saline injections (control group). Calvarial tissues were retrieved after 3 weeks, and histological sections were analyzed by image analysis software. RESULTS: Percentage of remaining collagen area within nonimpregnated membranes was 52.26 ± 20.67% in the study group, and 32.74 ± 13.81% in the control group. Immersion of membranes in 100 mg/mL TTC increased the amount of residual collagen to 63.46 ± 18.19% and 42.82 ± 12.99% (study and control groups, respectively). Immersion in 50 mg/mL TTC yielded maximal residual collagen values: 80.75 ± 14.86% and 59.15 ± 8.01% (study and control groups, respectively). Differences between the TTC concentrations, and between the control and the study groups were statistically significant. CONCLUSIONS: Immersion of collagen membranes in TTC solution prior to their implantation and systemic administration of TTC significantly decreased the membranes' degradation.

Heart rate variability and biomarkers of systemic inflammation in patients with stable coronary heart disease: findings from the Heart and Soul Study

Chronic low-grade systemic inflammation is a key component in atherogenesis. Decreased heart rate variability (HRV), a strong predictor of cardiovascular events, has been associated with elevations in circulating levels of C-reactive protein (CRP), interleukin (IL)-6, and fibrinogen in apparently healthy individuals. We investigated whether decreased HRV is associated with inflammatory markers in patients with coronary heart disease (CHD).

Pulmonary and systemic vascular dysfunction in young offspring of mothers with preeclampsia

Adverse events in utero may predispose to cardiovascular disease in adulthood. The underlying mechanisms are unknown. During preeclampsia, vasculotoxic factors are released into the maternal circulation by the diseased placenta. We speculated that these factors pass the placental barrier and leave a defect in the circulation of the offspring that predisposes to a pathological response later in life. The hypoxia associated with high-altitude exposure is expected to facilitate the detection of this problem.

In vivo nuclear translocation of mineralocorticoid and glucocorticoid receptors in rat kidney: differential effect of corticosteroids along the distal tubule

Aldosterone and corticosterone bind to mineralocorticoid (MR) and glucocorticoid receptors (GR), which, upon ligand binding, are thought to translocate to the cell nucleus to act as transcription factors. Mineralocorticoid selectivity is achieved by the 11β-hydroxysteroid dehydrogenase type 2 (11β-HSD2) that inactivates 11β-hydroxy glucocorticoids. High expression levels of 11β-HSD2 characterize the aldosterone-sensitive distal nephron (ASDN), which comprises the segment-specific cells of late distal convoluted tubule (DCT2), connecting tubule (CNT), and collecting duct (CD). We used MR- and GR-specific antibodies to study localization and regulation of MR and GR in kidneys of rats with altered plasma aldosterone and corticosterone levels. In control rats, MR and GR were found in cell nuclei of thick ascending limb (TAL), DCT, CNT, CD cells, and intercalated cells (IC). GR was also abundant in cell nuclei and the subapical compartment of proximal tubule (PT) cells. Dietary NaCl loading, which lowers plasma aldosterone, caused a selective removal of GR from cell nuclei of 11β-HSD2-positive ASDN. The nuclear localization of MR was unaffected. Adrenalectomy (ADX) resulted in removal of MR and GR from the cell nuclei of all epithelial cells. Aldosterone replacement rapidly relocated the receptors in the cell nuclei. In ASDN cells, low-dose corticosterone replacement caused nuclear localization of MR, but not of GR. The GR was redistributed to the nucleus only in PT, TAL, early DCT, and IC that express no or very little 11β-HSD2. In ASDN cells, nuclear GR localization was only achieved when corticosterone was replaced at high doses. Thus ligand-induced nuclear translocation of MR and GR are part of MR and GR regulation in the kidney and show remarkable segment- and cell type-specific characteristics. Differential regulation of MR and GR may alter the level of heterodimerization of the receptors and hence may contribute to the complexity of corticosteroid effects on ASDN function.

Antibodies recognising sulfated carbohydrates are prevalent in systemic sclerosis and associated with pulmonary vascular disease

Glycosylation represents an important modification that regulates biological processes in tissues relevant for disease pathogenesis in systemic sclerosis (SSc), including the endothelium and extracellular matrix. Whether patients with SSc develop antibodies to carbohydrates is not known.