Last week, the LSTA filed its Reply Brief in its lawsuit against the Federal Reserve Board and the Securities and Exchange Commission on the issue of the application to CLO managers of the Dodd-Frank risk retention rules. The Reply Brief is available here. As we noted in April, the SEC, Fed, FDIC and OCC, in October 2014 finalized risk retention rules under Section 941 of Dodd-Frank that imposed on CLO managers the requirement to purchase and retain 5% of the fair value of any CLO they initiate.
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.