News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act Volcker Rule Collateralized Debt 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 -
Orrick, Herrington & Sutcliffe LLP

Rolling Back the Impact of the Volcker Rule on CLOs

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

U.S. Risk Retention Final Rule: Playing it Forward for CLOs

Dechert LLP on

We will leave the hand wringing and teeth gnashing to others. We expect there will be a lot of that in the days ahead. We have had our say on the misguided premises and tortured statutory interpretation underpinning the final...more

Jackson Walker

CLO Market: The Volcker Rule and Risk Retention

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Collateralized Loan Obligations (CLOs) are a type of Collateralized Debt Obligation (CDO) created by pooling large commercial loans and debt instruments. This pool is divided into various tranches with different risk–return...more

Burr & Forman

Dodd-Frank News: May 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

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In This Issue: - RECENT CASES ..Preemption ..CFPB Involvement in Litigation ..CFTC Regulation of Retail Commodity Transactions ..Durbin Amendment ..Appraiser Disclosure Requirements Under...more

Katten Muchin Rosenman LLP

Agencies Issue Interim Final TruPs CDOs Rule, Effective April 1

On January 14, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission and the...more

Dechert LLP

CLOs under the Volcker Rule: New Exemptions, New Issues, New Obligations – Part I

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Befitting the holiday season the regulators recently decided to bestow upon us all the much anticipated (dreaded?) Volcker Rule. At 1100 pages of truly riveting reading material, Volcker has certainly given all of us plenty...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Entering a New Regulatory Era Under the Final Volcker Rule"

In December 2013, five U.S. financial regulatory agencies adopted final regulations to implement the Volcker Rule. As expressed in the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Volcker Rule generally...more

King & Spalding

Dodd-Frank: The Volcker Vortex

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In its simplest form, the Dodd-Frank Act's Volcker Rule prohibits U.S. bank holding companies and their affiliates from engaging in "proprietary trading" and from sponsoring hedge funds and private equity funds. While the...more

Burr & Forman

“Interim Final” Volcker Rule Approved

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On December 10, 2013, the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities Exchange...more

Katten Muchin Rosenman LLP

Agencies Retreat on TruPS CDOs

Following the filing of a lawsuit by the American Bankers Association (ABA) and others, on January 14, five federal agencies approved an interim final rule to permit banking entities to retain interests in certain...more

Ballard Spahr LLP

Volcker Rule Agencies Issue Interim Final Rule Exempting TruPS-backed CDOs

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Last week, the five agencies that jointly issued the final regulation implementing the Volcker Rule (the Final Rule) in December issued an interim final rule (the Interim Rule) that exempts collateralized debt obligations...more

Perkins Coie

Financial Services Bulletin: Action At Federal Agencies

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Agencies Approve Interim Final Rules Exempting Certain Interests from the Volcker Rule - On Thursday, January 14, 2013, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation,...more

Orrick - Finance 20/20

Volcker Rule Exclusion for TruPS CDOs

Orrick - Finance 20/20 on

On January 14, the Fed, CFTC, FDIC, OCC and SEC issued an interim final rule which will permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities...more

Dechert LLP

Volcker Rule Regulations Issued: Understanding the Practical Implications for U.S. and Foreign Banking Entities, Funds and...

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The Volcker Rule (“Volcker Rule” or “Rule”) is intended to limit risks to the financial system that Congress believes may be created by (i) proprietary trading operations of insured depository institutions, foreign banking...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - January 20, 2014

BCBS Finalizes Risk Management Guidelines on AML and Terrorist Financing - On January 15, the Basel Committee on Banking Supervision (BCBS) issued risk management guidelines relating to anti-money laundering (AML) and...more

Morgan Lewis

Community Bank TruPS CDOs Exempted from the Volcker Rule

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Interim final rule exempts collateralized debt obligation vehicles that hold qualifying community bank trust preferred securities from the private fund sponsorship and investment prohibitions....more

Dorsey & Whitney LLP

This Week In Securities Litigation (The week ending January 17, 2014)

Dorsey & Whitney LLP on

The high profile insider trading trial of Matthew Martoma moved forward in New York this week with testimony on behalf of the prosecution. The SEC and four other agencies joined in granting relief from a provision of the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Special Edition: Volcker Rule: Proprietary Trading Restrictions Under the Final Volcker Rule

Since the release of the proposed rule to implement the Volcker Rule (the Proposed Rule) more than two years ago, participants in the financial services industry have continued to express concern about the burden of complying...more

Katten Muchin Rosenman LLP

Lawmakers Introduce Legislation to Resolve CDO-TruPS Controversy

In the latest installment of the Volcker Rule’s collateralized debt obligation-trust preferred securities (CDO-TruPS) controversy, on January 8, two House Financial Service Committee members introduced a bill to exempt...more

Goodwin

Five Federal Agencies Adopt Interim Rule Providing Relief from the Volcker Rule with Respect to Collateralized Debt Obligations...

Goodwin on

The Federal Reserve Board, the OCC, the FDIC, the SEC and the CFTC (collectively, the “Agencies”) adopted an interim final rule (the “Interim Rule”) that provides relief from certain requirements of the Volcker rule for...more

Eversheds Sutherland (US) LLP

Legal Alert: Final Volcker Rule: Update and Key Takeaways for Private Funds

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission, and the Commodity Futures...more

Eversheds Sutherland (US) LLP

Legal Alert: Final Volcker Rule: Update and Key Takeaways for Insurers

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading...more

Eversheds Sutherland (US) LLP

Legal Alert: Final Volcker Rule: Update and Key Takeaways

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission and the Commodity Futures...more

Troutman Pepper

Observation 1.1.1 On The Volcker Rule: Community Banks – Compliance

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On December 10, 2013, the federal banking agencies jointly issued final regulations to implement the “Volcker Rule,” added to the Bank Holding Company Act by Section 619 of the Dodd-Frank Act, to prohibit banking entities and...more

Goodwin

Federal Agencies Reviewing Treatment under Volcker Rule of Collateralized Debt Obligations Backed by TruPS

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On December 27, 2013, the FRB, FDIC, OCC and SEC (the “Agencies”) jointly issued a statement which advised financial institutions that the Agencies were reviewing, in response to concerns expressed by community banks and...more

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