February 10, 2017 - On Friday, the LSTA filed two motions with the U.S. Court of Appeals for the DC Circuit in its litigation against the SEC and the Federal Reserve (the “agencies”) on the issue of risk retention for CLO managers.  The first motion, which was joined by the government, requested the court’s approval of a proposed briefing schedule.  The second, which the government did not join but did not oppose, asks the court to expedite oral arguments after the final briefs are filed.  If the first motion is approved, the LSTA will file its opening brief by April 19th and complete all briefing by July 12th.  The court would likely hear oral arguments in late 2017 and render a decision a few months later.  The LSTA’s lawsuit, first filed in October 2014, asserts that the agencies exceeded their statutory authority when they imposed risk retention on open market CLO managers and misconstrued the statute by tying the measure of required risk retention to the fair value of a CLO rather than its credit risk.

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