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Abstract
The U.S. Risk Retention Rule was published on December 24, 2016, leaving the industry two years to prepare for its implementation for open-market collateralized loan obligations (CLOs). Unfortunately, risk retention simply does not work for open-market CLOs. Notwithstanding the poor fit, market practitioners have spent the past 18 months trying to figure out a way to make CLOs fit the risk retention rules. In contrast, the Loan Syndications & Trading Association has spent the last 18 months attempting to find a way to make risk retention better fit CLOs. This article recaps the efforts, both on Capitol Hill and in the Courts, to create a better fit.
TOPICS: CLOs, CDOs, and other structured credit, legal/regulatory/public policy, credit risk management
- © 2016 Pageant Media Ltd
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US and Overseas: +1 646-931-9045
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