News & Analysis as of

Risk Retention

A New Era: The New European Framework for Securitisations

by Hogan Lovells on

Following a prolonged period of political scrutiny and negotiation, the texts of two regulations implementing significant changes to the regulation and capital treatment of securitisations were broadly agreed by the three EU...more

House Appropriations Bill Seeks CFPB Reforms

by Ballard Spahr LLP on

Yesterday, the House Appropriations Committee’s Subcommittee on Financial Services and General Government will mark up its draft fiscal year 2018 appropriations bill. The draft bill contains multiple provisions to reform the...more

Agreement Reached on Form of New EU Securitisation Regulation and on Amendments to the Capital Requirements Regulation

The EU legislative institutions have now agreed compromise amendments to the proposed EU regulation intended to lay down common rules on securitisation and to create a European framework for “simple, transparent and...more

It’s Time to Bring Back the Square State Conduit:  If We Build It, They Will Come.

by Dechert LLP on

What in the world have we done to ourselves? Our CRE Securitization business, or at least the conduit part of our business, continues to shrink: $800 billion in outstanding principal balance in 2007 and now, $400 billion? ...more

2017 CREFC Annual Conference: Into the Heart of the Swamp

by Dechert LLP on

CREFC held its Annual Conference last week in Washington D.C. Given the current politically charged climate, 2017 felt like a very appropriate time to move the Annual Conference from its traditional home in New York to...more

When completion is not quite complete - Thabula Trade & Invest 3 (Pty) Ltd v. Ruwacon (Pty) Ltd and Others

by Dentons on

The High Court of South Africa considered a dispute on the interpretation of retention clauses in two subcontracts. The court provided much needed guidance on the approach to be taken where subcontracts do not contain time...more

Sensible Approach on STS Securitisation and EU Risk Retention Likely to Help EU Securitisations and the Real Economy

by Dechert LLP on

At the 7th trilogue meeting held in Strasbourg on 30 May 2017 among representatives of the European Parliament, Council of Ministers and Commission, agreement was reached in principle on an EU regulatory framework for simple,...more

Application of the U.S. Risk Retention Rules to “Indenture-Style” Cellular Tower Securizations

by Latham & Watkins LLP on

17 C.F.R. Part 246, adopted jointly by the Securities and Exchange Commission (“SEC”) and five other federal agencies in October of 2014 (the “U.S. Risk Retention Rules”), requires a sponsor of asset- backed securities...more

RISK: To Retain or Not Retain in Sukuk?

by 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

Monty Python Dead Parrot? Risk Retention and the Third Party Purchaser

by Dechert LLP on

John Cleese, one of the great classic philosophers of the mid-twentieth century, made that inauspicious (from the perspective of the Shop Keeper) observation, “This parrot is dead!” To which Michael Palin responded that it...more

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

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

Rating Agency Developments

On April 6, 2017, Fitch issued a report entitled Fitch: Early Signs are Positive for Risk Retention in U.S. CMBS. Release....more

Impact of US Risk Retention Rules on Sukuk

by White & Case LLP on

In July 2010, the United States Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The Dodd-Frank Act mandated extensive changes to the financial regulatory system in the...more

Large Deductibles and Self-Insured Retentions – Potential Bad Faith Exposures

by Cozen O'Connor on

As the economy recovers from the Great Recession, the insurance industry is experiencing an increase in the need to evaluate risk retention and risk transfer mechanisms tailored to the commercial policyholders’ risk...more

Observations from SFIG Vegas 2017 Conference

by Dechert LLP on

SFIG Vegas 2017, which took place last week at Aria Resort & Casino, was the largest capital markets conference in the world, according to the Structured Finance Industry Group. With over 6,300 registered attendees, and I...more

Multijurisdictional Securitization in the Age of Risk Retention

by 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

Debt Dialogue: January 2017

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

Risk Retention in CMBS: A Look Back and a Look Forward

by Katten Muchin Rosenman LLP on

Industry participants looked forward to 2016 with a great deal of anticipation considering both the implementation of the risk retention rules, and the expected wall of maturities. By mid-year the first commercial...more

ECON Agrees Compromise Amendments to STS/Risk Retention

The European Parliament’s Committee on Economic and Monetary Affairs (“ECON”) has today agreed compromise amendments (the “Compromise Amendments”) to the proposed EU regulation intended to lay down common rules on...more

Love (Financially Speaking) in the Time of Trump

by Dechert LLP on

This commentary is not customarily about politics, although those with a subtle cast of mind might get an inkling of some my personal views from my always dry and balanced language. However, right now, it’s hard not to think...more

Risk Retention and the CRE CLO

by Dechert LLP on

As we are just inking one of the very first pre-risk retention effective date risk retention deals (Potemkin Village anyone?), we are also seeing an increased flow of what are generically referred to as CRE CLOs. It’s time to...more

Zika Keeps Investors Away From ABS East, But Not From CLOs

by Dechert LLP on

Although registration was up this year for IMN’s 22nd Annual ABS East conference held at the Fontainebleau Miami Beach earlier this month, attendance was lower than it’s been in previous years as many industry participants...more

The Dawn of CMBS 4.0: Changes and Challenges in a New Regulatory Regime

by Alston & Bird on

Commercial real estate has been financed in the U.S. capital markets through creation of commercial mortgage-backed securities (CMBS) since the early 1990s, peaking at $240 billion in 2007 and representing about 25% of all...more

A Report From the Risk Retention Front-Lines

by Dechert LLP on

Your correspondent is fresh from the front-lines of the risk retention wars where great armies of lawyers, bankers and advisers are fixedly staring at each other, staring out of the redoubts of their respective defensive...more

Who Is the Sponsor of a Securitization?

by Morgan Lewis on

In a complex securitization structure, determining the identity of the sponsor under the credit risk retention rules can be a daunting task. Introduction Under the credit risk retention rules adopted pursuant to the...more

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