February 21, 2018 – On February 9, 2018, the US Court of Appeals for the DC Circuit ruled in favor of the LSTA, issuing a decision that risk retention does not apply to open-market CLO managers. However, the story isn’t quite over. The Federal Reserve and the SEC have the opportunity to appeal the ruling in a number of ways.
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Risk Retention Litigation: Onward!
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.
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