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ARTICLE · 29 AUGUST 2023

The Private Fund Adviser Rule And The Kirschner Decision: An August Doubleheader

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On Tuesday, lenders and borrowers were concerned about a world in which syndicated and other loans would be treated as securities. And managers of collateralized loan obligation vehicles...

United StatesFinance and Banking
J. Bradley Keck
J. Bradley Keck
Arthur S. Rublin
Arthur S. Rublin
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The regulatory and judicial developments of the last few days relating to the loan markets and to loan funds have been significant.

On Tuesday, lenders and borrowers were concerned about a world in which syndicated and other loans would be treated as securities. And managers of collateralized loan obligation vehicles ("CLOs") were concerned about being subject to extensive new Federal regulations. Both of these concerns were addressed this week.

On Wednesday afternoon, the SEC announced a final Private Fund Adviser Rule that has a broad exception for "securitized asset funds," a category that includes CLOs. The SEC's Release with the final Rule is here. An Update that we issued regarding the final Rule is here.

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