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LSTA Newsletter: October 4, 2019

This week, we start off by briefly reviewing the US leveraged loan market to date in 2019. We then turn to LIBOR and SOFR, and flag (spread adjustment) progress being made (really!). Finally, we shift to the intersection of the courts and DC to discuss why Volcker and litigation might limit banks’ ability to invest in […]

The LSTA Meets with the SEC on Volcker

As we noted recently, because of recent litigation over whether term loan Bs should be considered securities, the implications for CLOs of the current interpretation of the Volcker Rule have suddenly become a critical issue. Fortunately, the SEC and a number of banking agencies are currently deliberating over potential amendments to the Volcker Rule providing an opening to address this potential issue.

Volcker Rule Update: Intersection of Regulation and Litigation

On August 20th, the Federal Deposit Insurance Company (FDIC) and the Office of the Comptroller of the Currency (OCC) separately approved final rules amending rules originally published in November 2013 that implemented the Volcker Rule. Importantly, while those amendments do not affect loans and CLOs, the agencies signaled that amendments to the part of the Volcker Rule pertaining to CLOs would be forthcoming sometime in the future.

LSTA Newsletter: October 19, 2018

This week we cover Equity, HY Volatility vs. Loan Stability; Volcker Returns; LIBOR I (Fed Speaks) & II (LSTA Explains)

Risk Retention and Volcker: Washington’s Seven Year Itch

More than seven years after the passage of the Dodd-Frank Act, some of the resulting regulations imposed on CLOs are still being hotly contested.  Indeed, just this week the LSTA learned the identities of the three judges from the D.C. Circuit Court of Appeals that will constitute the panel presiding over the three-year old lawsuit against the SEC and Federal Reserve Board on the issue of risk retention.  Also this week, in response to the OCC’s request for comment on revising the Volcker Rule, the LSTA filed a comment letter addressing the prohibition on banks owning debt securities of CLOs that hold any amount of bonds.

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