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Dodd-Frank Wall Street Reform and Consumer Protection Act › Collateralized Loan Obligations

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Latham & Watkins LLP

In Practice: Conflicting signals? Potential impacts of the SEC’s proposed conflicts of interest rule on UK and EU CLO managers

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On 25 January 2023, the US Securities and Exchange Commission (SEC) proposed a far-reaching rule (Rule 192) to prohibit securitisation transactions involving or resulting in a material conflict of interest between certain...more

Dechert LLP

The SEC As Bad Santa: The Proposed Securitization Conflict Rules

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The current administration’s legislative initiatives are largely bottled up in a split Congress, so the path toward achieving the White House’s policy priorities runs almost exclusively through the executive order and...more

Dechert LLP

Birds Do It, Bees Do It, Even Educated Fleas Do It.  Should The CRE Securitization Industry Advertise?

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If the wisdom of crowds has any validity (and there’s no real evidence that it’s any worse than the pontifical huffings of the chattering class), then there’s hope for 2023.  Optimism did itself proud at CREFC.  We’ll see if...more

Vinson & Elkins LLP

Securitizing Without Conflicts – Proposed SEC Rulemaking

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On January 25, 2023, the SEC reproposed its 2011 proposed rule to prohibit certain securitization participants from engaging in transactions that present conflicts of interest vis-à-vis ABS investors. This note answers a...more

Kramer Levin Naftalis & Frankel LLP

2020 Stress Tests to Emphasize Leveraged Lending Risks

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On Feb. 6, the Federal Reserve Board released the hypothetical scenarios for the 2020 stress test exercises, which ensure that large banks have adequate capital and processes to continue lending to households and businesses...more

Orrick, Herrington & Sutcliffe LLP

Rolling Back the Impact of the Volcker Rule on CLOs

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Last week the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures...more

Dechert LLP

More Fun With Risk Retention: Europe and Japan Weigh In

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We’re all just back from CREFC and the mood was broadly constructive. (Don’t you love that word, “constructive”? When did “constructive” become a fancy way to say “good”?) We all went to South Beach this year wondering...more

Dechert LLP

The Boundaries of Risk Retention Now That the D.C. Circuit Has Spoken

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In February, the D.C. Court of Appeals ruled in The Loan Syndications and Trading Association v. Securities and Exchange Commission and Board of Governors of the Federal Reserve System, No. 17-5004 (D.C. Cir. Feb. 9, 2018)...more

Kramer Levin Naftalis & Frankel LLP

Open Market CLO Managers Are Not ‘Securitizers’

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It is finally settled that the Credit Risk Retention Rule, adopted pursuant to Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, does not apply to open market CLO managers. ...more

Dechert LLP

The Astonishingly Shrinking Risk Retention Rule – SASB Transactions Unshackled

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I don’t think risk retention is applicable to a direct issuance securitization. Many single asset, single borrower (SASB) transactions can be structured to avoid the need to retain risk under the Dodd-Frank Act and the...more

Dechert LLP

DC Circuit Court Newsflash: “Transfer” means “Transfer”

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In an eagerly anticipated (and much speculated upon) decision, a three judge panel of the United States Court of Appeals for the District of Columbia Circuit (“DC Circuit Court”) issued a unanimous opinion on Friday, February...more

A&O Shearman

"Transfer" means transfer: LSTA CLO decision raises broader questions regarding U.S. risk retention rules

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On February 9, 2018, the U.S. Court of Appeals for the District of Columbia Circuit Court (the “Court”) issued a significant decision in the case of Loan Syndications & Trading Ass’n v. SEC, No. 17-5004, --- F.3d ---, 2018 WL...more

Cadwalader, Wickersham & Taft LLP

Court of Appeals Decision: Managers of Open-Market CLOs Not Subject to Dodd-Frank Risk Retention

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On February 9, 2018, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled in favor of the Loan Syndications and Trading Association (“LSTA”) in its lawsuit against the...more

Troutman Pepper

CLO Managers No Longer Need to Abide by Dodd-Frank Risk Retention Requirements

Troutman Pepper on

In a case of first impression, the D.C. Circuit Court struck down the Dodd-Frank-mandated risk retention requirements for managers of open market collateralized loan obligations (CLOs). ...more

Orrick, Herrington & Sutcliffe LLP

Risk Retention Rules Do Not Apply to Open Market CLO Managers

Orrick, Herrington & Sutcliffe LLP on

The D.C. Circuit Court of Appeals on February 9 reversed a summary judgment decision of the U.S. District Court for the District of Columbia and remanded the case with instructions to, among other things, vacate the rule...more

Morgan Lewis

The LSTA Case: DC Circuit Court Delivers Victory for CLO Industry, with Some Broader Ramifications

Morgan Lewis on

The Loan Syndications & Trading Association prevailed in its quest to eliminate credit risk retention requirements for open-market CLO managers, in a ruling that has other important implications....more

A&O Shearman

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

A&O Shearman on

On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk...more

Kramer Levin Naftalis & Frankel LLP

Debt Dialogue: January 2017

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This month’s issue of Debt Dialogue address handover of records to a substitute collateral manager (in the Tilton litigation), the EU bail-in rules, the interplay of Section 3(c)(7) of the Investment Company Act and rights of...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Despite Challenges, Risk Retention Rules Set to Impact All Asset-Backed Securities by End of 2016"

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Credit risk retention rules are intended to promote an alignment of interests between sponsors and investors of securitizations by requiring sponsors to maintain “skin in the game” — that is, retain a certain percentage of...more

Dechert LLP

Risk Retention – “How I Learned to Love Risk Retention and Live With It.” (Apologies to Stanley Kubrick)

Dechert LLP on

As time goes by we start to get close to the first of two risk retention effective dates; December 24, 2015 for residential product and everything else looming December 24, 2016 (does anyone really think a Christmas Eve...more

Bilzin Sumberg

Newly Passed Bill May Impact Dodd-Frank Act

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The House of Representatives passed legislation that could loosen some of the restrictions imposed by Dodd-Frank on big banks. The bill, Promoting Job Creation and Reducing Small Businesses Burden Act, passed by a margin of...more

Dechert LLP

Coal in Your CLO Stocking: U.S. Risk Retention Effective Date

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The federal regulatory agencies responsible for implementing regulations under The Dodd-Frank Wall Street Reform and Consumer Protection Act finalized rules for risk retention requirements in CLO transactions (the “Final...more

Dechert LLP

Credit Risk Retention Final Rule: Enforcement and Compliance Considerations

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Predicting enforcement of the final rule regarding U.S. risk retention is an uncertain task. This OnPoint is designed to provide guidance on possibilities related to consequences of non-compliance, enforcement approaches by...more

Orrick - Finance 20/20

Joint Federal Regulators Approve Final Risk Retention Rules

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On October 21 and 22, the Fed, HUD, FDIC, FHFA, OCC, and SEC jointly approved final risk retention rules. The final rules, which implement Section 941 of Dodd Frank, generally follow the re-proposed rules issued in August...more

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