News & Analysis as of

Risk Retention

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

The Pendulum Swings: Originator Managers and CLO Regulatory Topics

by Dentons on

The European risk retention rules have been in a state of flux for some time. Proposals surfaced in 2015 which placed a greater emphasis on ensuring compliance with the spirit of the rules and outlawing any circumvention...more

Selected Risk Retention Questions and Answers for CMBS Securitizations

by JD Supra Perspectives on

On October 22, 2014, 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, the Federal Housing...more

“Risk Retentionizing” Your CLO: A Post-Effective Date Guide to Risk Retention Compliance

by Dechert LLP on

Over the last year and a half, asset managers of collateralized loan obligations (“CLO Managers”) have been focused on developing various strategies to enable them to comply with the retention requirements of the final U.S....more

2016 Captive Insurance Update | Issue 2 | 2016

by Downs Rachlin Martin PLLC on

Governor Peter Shumlin (D-Vt.) is not running for re-election this fall, so Vermont will have a new governor in January 2017. In addition, the Commissioner of the Vermont Department of Financial Regulation (DFR), Susan...more

A Trip Through the Labyrinth – The Regulatory Man in Full

by Dechert LLP on

And now to return to our commentary a few weeks back about the stultifying impact of ill-thought through rules and regulations (at best) (Brexit has intervened). This is our Regulatory State which broadly attempted to pick...more

What does Brexit mean for the European CLO Market?

In its referendum held on 23 June 2016, the UK voted to leave the European Union (“Brexit”). On the following day, David Cameron announced that he will resign as Prime Minister on the election of a new Conservative Party...more

CREFC Annual Conference 2016: Headwinds or Head First Into the Wall?

by Dechert LLP on

The slow start to 2016 did not dampen the enthusiasm at CREFC’s Annual Conference, held last week in New York City. The conference saw record attendance, with standing-room-only crowds at virtually every panel. As with the...more

European Parliament Rapporteur Publishes Draft Amendments to the Proposed EU Securitisation Regulation

On 6 June 2016, Paul Tang MEP, the Rapporteur of the Committee on Economic and Monetary Affairs (“ECON”) of the European Parliament, published a “Draft Report”, consisting mainly of draft amendments (the “Proposed...more

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