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CLO Risk Retention Ruling: Analysis From the Trenches

(article updated on February 15, 2018) –  On February 9, 2018, the United States Court of Appeals for the District of Columbia Circuit (the Circuit Court) ruled in favor of the LSTA in its lawsuit against the SEC and Federal Reserve Board. The ruling reversed a December 2016 decision by the DC District Court and held that the risk retention rules promulgated under section 941 of the Dodd-Frank Act cannot be applied to open market CLO managers.

Risk Retention Goes on Vacation

Last week, the United States Court of Appeals for the District of Columbia Circuit (the Circuit Court) ruled in favor of the LSTA in its lawsuit against the SEC and Federal Reserve Board, concluding that the risk retention rules promulgated under section 941 of the Dodd-Frank Act cannot be applied to CLO managers.

DC Court of Appeals Ruled in Favor of LSTA in Risk Retention Lawsuit

This morning, the Court of Appeals for the DC Circuit ruled in favor of the LSTA in its lawsuit against the SEC and the Federal Reserve Board, concluding that managers of collateralized loan obligations (CLOs) are not subject to the credit risk retention rules mandated under the Dodd-Frank Act.

DC Court of Appeals Ruled in Favor of LSTA in Risk Retention Lawsuit

This morning, the Court of Appeals for the DC Circuit ruled in favor of the LSTA in its lawsuit against the SEC and the Federal Reserve Board, concluding that managers of collateralized loan obligations (CLOs) are not subject to the credit risk retention rules mandated under the Dodd-Frank Act.

Risk Retention Letter to Treasury

In response to a recent Executive Order from president Trump outlining “Core Principles” for financial regulation and seeking suggestions for streamlining financial regulation, the LSTA submitted a letter to Treasury Secretary Mnuchin.  The letter outlines why the application of the Dodd-Frank risk retention provides no benefits but causes substantial harm to borrowers, investors, managers and, […]

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LSTA Newsletter: December 6, 2019

This week, we revise our LIBOR deadline from 12/31/21 to 3Q20. (Well, technically, that was the FCA…and just for Stg LIBOR.) We review the secondary trading market in October (and hint toward November) and recap the latest on ESG and ratings. Finally, we remind you that we are now offering members a weekly LIBOR Q&A […]

Sustainability-Linked Loans: Financing the Green Transition

This practice note provides an overview of sustainability-linked loans (SLL). Sustainability-themed debt instruments represent one response of the financial community to the need to channel capital towards facilitating a carbon transition. A Lexis Practice Advisor Practice Note by Amara Gossin, Barclays and Robert Lewis, Sidley Austin

ESG and Cyber in Credit Ratings Presentation

The focus on environmental, social, and governance (ESG) issues is intensifying across financial markets – the loan market included. This presentation was done by Jim Hempstead, Managing Director, Global Project & Infrastructure Finance and Brendan Sheehan, VP-Senior Analyst-Environmental, Social & Governance both from Moody’s Investor Service.

Secondary Trading & Settlement Monthly: October Executive Summary

November was a solid month in the secondary loan market, with S&P/LSTA Leveraged Loan Index (LLI) returning 0.59%. October, however, was a different story. Secondary loan trading volume spiked 19% in October to a six-month high of $64 billion. This followed a two-month stretch where volumes fell below $60 billion per month.

Credit Ratings and ESG (Part 1)

As 2019 comes to a close, the rise of environmental, social and governance (ESG) significance in financial markets has been undeniable. In Europe, this trend is quite established, but over the last two years it has jumped the pond and there is now significant ESG interest by U.S. investors.