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Dodd-Frank Wall Street Reform and Consumer Protection Act › Risk Retention

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 -
Crunched Credit

Regulatory Contagion

Crunched Credit on

Last year, I wrote a commentary entitled Contagion.  That commentary was inspired by the early days of the meltdown of the crypto currency market (long before SBF made the whole space way more notorious with a whiff of...more

Dechert LLP

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

Dechert LLP on

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

Vinson & Elkins LLP on

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

Hogan Lovells

Summary of key U.S. and EU regulatory developments relating to securitization transactions

Hogan Lovells on

Overview - Numerous regulatory developments were enacted or proposed in the United States and the European Union in response to the financial crisis. Although some of the proposed changes are still in the process of being...more

Mayer Brown

Revising the Regulatory Definition of a Qualified Mortgage

Mayer Brown on

When the federal Consumer Financial Protection Bureau (“CFPB”) last summer issued its Advance Notice of Proposed Rule Making (“ANPR”) to revise the definition of a “Qualified Mortgage” (“QM”) under the Dodd-Frank Act’s...more

Dechert LLP

More Fun With Risk Retention: Europe and Japan Weigh In

Dechert LLP on

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

Dechert LLP on

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’

Kramer Levin Naftalis & Frankel LLP on

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

Morrison & Foerster LLP

The Decision of the U.S. Court of Appeals Rules in Favour of LSTA in CLO Risk Retention Suit

Morrison & Foerster LLP on

This brief summary of the decision delivered on 9 February 2018 will be of interest to anyone involved in the CLO business in the United States....more

Dechert LLP

The Astonishingly Shrinking Risk Retention Rule – SASB Transactions Unshackled

Dechert LLP on

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”

Dechert LLP on

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

A&O Shearman on

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

Cadwalader, Wickersham & Taft LLP on

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

Orrick - Finance 20/20

Risk Retention Rules Do Not Apply to Open-Market CLO Managers

Orrick - Finance 20/20 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

Dechert LLP

Third Party Purchaser Agreements Don’t Destroy Sale Treatment: A Victory for the Unintended Consequences Resistance

Dechert LLP on

Every once in a while we get some good news around the capital markets hood and this is one of those times. Admittedly, all we’re doing here is fixing a problem which was one of the unintended consequences of the Dodd-Frank...more

Morgan Lewis

Treasury Recommends Changes to Post-Financial Crisis Securitization Rules

Morgan Lewis on

Possible changes would include loosening qualified asset requirements under risk retention rules, limiting asset-level disclosure under Reg. AB II, and rationalizing capital and liquidity requirements for securitized assets....more

Dechert LLP

Welcome to Stockholm! We Are Learning To Love Our Regulatory State

Dechert LLP on

As an industry, we remain in high dudgeon over the inanity of much of Dodd-Frank, the ideological and often unhinged regulatory instincts of our various governments and the vast amount of effort, time and money it takes to...more

Morgan Lewis

Credit Risk Retention Financing: Threading the Needle

Morgan Lewis on

In order to finance ABS interests retained as required by the credit risk retention rules, a securitization sponsor first must wend its way through a thicket of unclear and sometimes apparently contradictory requirements....more

King & Spalding

RISK: To Retain or Not Retain in Sukuk?

King & Spalding on

Introduction - 17 C.F.R. Part 246, adopted jointly by the United States Securities and Exchange Commission (the “SEC”) and other federal agencies in October of 2014 (the “U.S. Risk Retention Rule”) was adopted in response...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: May 2017 - Securitization Rules Offer Differing Definitions of ‘U.S. Person’

Kramer Levin Naftalis & Frankel LLP on

With the long-awaited U.S. rules requiring a level of risk retention in securitizations recently going into effect, an added wrinkle has been created by a slight difference in how “U.S. person” is defined in different...more

Morgan Lewis

Multijurisdictional Securitization in the Age of Risk Retention

Morgan Lewis on

The challenges of complying with both the US rules and the EU rules. Both United States and European Union laws now require 5 percent credit risk retention for securitization transactions. While the jurisdictional scope...more

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