The SEC granted Crescent Capital Group LP no-action relief if it does not retain an eligible risk retention interest under Section 15G of the Securities and Exchange Act of 1934 in connection with a refinancing of CLOs that were issued in a CLO transaction priced prior to the December 24, 2014 publication of the Credit Risk Retention Final Rules in the Federal Register.  The no-action relief is subject to several requirements set forth in the request for no-action relief.

Crescent argued no-action relief was  warranted to protect investor expectations that would be frustrated by application of risk retention requirements to the refinancing of a CLO transaction that was priced prior to the publication of the joint rules implementing Section 15G of the Exchange Act.