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ARTICLE · 13 MARCH 2018

CLO Update | Risk Retention & SFIG Vegas 2018

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On 9 February 2018, shortly before CLO industry participants converged on Las Vegas for the industry's largest annual gathering, SFIG Vegas 2018 ...

Cayman IslandsFinance and Banking
James Burch
James Burch
Philip Paschalides
Philip Paschalides
Paige Gaston-Thiery
Paige Gaston-Thiery
Steven Manning
Steven Manning
Noeleen Ruddy
Noeleen Ruddy
Therese Redmond
Therese Redmond
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On 9 February 2018, shortly before CLO industry participants converged on Las Vegas for the industry's largest annual gathering, SFIG Vegas 2018, the Court of Appeals for the DC Circuit ruled in favour of the Loan Syndications & Trading Association ("LSTA") in its lawsuit against the SEC and the Federal Reserve Board. Years in the making, the LSTA's case hinged on whether a CLO manager could be said to be a 'securitizer' under the Dodd Frank risk retention rules. The court found that it was incorrect to say that the manager was a 'securitizer' because managers of open market CLOs were not transferring assets into the deal, but acquiring assets from 3rd party sellers on behalf of the CLO.

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