News & Analysis as of

Risk Retention

Ding Dong - The Amended Fiduciary Rule Is (Almost) Dead

by Dechert LLP on

Fiduciary rule, we hardly knew ya. The death knell for the DOL’s amended rule appears to be sounding this week with the expected mandate from the Fifth Circuit effectuating the vacatur of the amended rule in the case of...more

Open Market CLO Managers Are Not ‘Securitizers’

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

Risk Retention Update: Spring 2018

by King & Spalding on

The “Risk Retention Rule” has been in effect for a little over two years for asset-backed securities (“ABS”) collateralized by residential mortgages, and for over one year for all other classes of ABS. While a general market...more

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

by 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

The Astonishingly Shrinking Risk Retention Rule – SASB Transactions Unshackled

by 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

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

by 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

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

by Allen & Overy LLP 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

Court Agrees, Agencies Overstepped Their Authority. What’s Next for CLO Managers?

by White & Case LLP on

Recent Developments in the Application of US Risk Retention to CLOs - On February 9, 2018, the United States Court of Appeals for the District of Columbia Circuit (the "DC Circuit Court") issued an opinion addressing...more

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

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

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

by Pepper Hamilton LLP 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

Risk Retention Rules Do Not Apply to Open Market CLO Managers

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

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

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

Risk Retention Rule Overturned for Open-Market CLO Managers: Implications for Managers and Investors

by Ropes & Gray LLP on

On February 9, 2018, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit Court”) invalidated the credit risk retention rule, 79 Fed. Reg. 77,601 (Dec. 24, 2014)...more

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

by 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

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

by Shearman & Sterling LLP 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

Overview of the Recent EU Adoption of Common Rules and Framework for Securitization Transactions in Europe

As part of the Capital Markets Union action plan announced in September 2015, the European Parliament and the Council issued on Dec. 12, 2017, the regulation laying down a general framework for securitization and creating a...more

European Banking Authority Consults on Draft Technical Standards on Risk Retention for Securitization Transactions

by Shearman & Sterling LLP on

The European Banking Authority has launched a consultation on draft Regulatory Technical Standards on risk retention requirements for originators, sponsors and original lenders under the new EU securitization framework for...more

The EBA Publishes Draft Regulatory Technical Standards on the Risk Retention Requirements Under the EU Securitisation Regulation

On 15 December 2017, the European Banking Authority (“EBA”) published a consultation paper (the “Consultation Paper”) containing draft Regulatory Technical Standards on the risk retention requirements (the “Risk Retention...more

Group P&C Insurance: Admitted and Surplus Lines Issues

by Locke Lord LLP on

For decades, group insurance coverage has been an attractive vehicle for the placement of certain property and casualty insurance products. On the carrier side, loss experience may be more favorable when aggregating similar...more

The Securitisation Regulation – the final text

by Dentons on

On 26 October 2017, the European Parliament approved the Securitisation Regulation, which contains significant changes to the current securitisation regulatory framework....more

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

by 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

Construction industry consultations underway (on adjudication, payment and retentions)

by Dentons on

In October, the Department for Business, Energy & Industrial Strategy (BEIS) launched two consultations, to review payment, adjudication and retention practices in the English construction industry. Responses are required by...more

Numerous unresolved issues roil institutional sexual abuse cases in Minnesota

by Hellmuth & Johnson PLLC on

The high volume of civil sexual abuse cases against institutions triggered by Minnesota’s Child Victim Act has resulted in intense litigation over various potential causes of action. Many often dispositive issues remain...more

European Parliament Votes to Adopt the Securitisation and CRR Amendment Regulations

On 26 October 2017, the European Parliament voted in plenary session to adopt the EU regulation intended to lay down common rules on securitisation and to create a European framework for “simple, transparent and standardised”...more

Treasury Recommends Changes to Post-Financial Crisis Securitization Rules

by 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

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