Past returns: Europe's own risk retention rewrite
Five years ago we reported that European CLO managers were hunting for partners to retain risk retention on their behalf. Shortly after, regulators performed a U-turn (nothing new here) and decided to prohibit third parties from acting as risk retainers

They said it: CLO managers are a generous sort
With US risk retention set to be repealed, one CLO equity investor is convinced that managers will readily return 'risk retention capital' to investors

CLO managers look to offload vertical strips
The pending withdrawal of US risk retention will result in CLO managers looking to sell vertical strips - if they can negotiate an early redemption of their financing agreements

London manager shutters emerging market fund amid "regulatory headwinds"
London-based Insparo Asset Management is shutting down its emerging market debt funds, the company confirms

CLO managers likely to be exempt from risk retention from 2 April, says LSTA
US CLO managers' exemption from Dodd-Frank risk retention rules will come into effect on 2 April unless the government appeals the ruling, the LSTA says

Reprieved: US CLO managers are not subject to risk retention, court rules
The LSTA has prevailed in its lawsuit against the SEC and the Federal Reserve board, with an appeals court ruling that CLO managers are not subject to credit risk retention laws under the Dodd-Frank Act

Law firm bolsters its CLO practice after hiring from Credit Suisse
Law firm Chapman and Cutler has further strengthened its CLO and structured finance practice, bringing in a figure from Credit Suisse's new issue CLO team

Pimco interval fund seeks SEC order allowing it to issue further share classes
The Pimco Flexible Credit Income Fund has sought permission from the SEC to issue further classes of shares

Debt managers spot opportunity as Australia’s banks face inquiry
Australia’s government announced a long-anticipated royal commission into the nation’s financial services sector on 30 November – and a credit market expert says the move could be good news for debt market participants

Rule delay frees managers to continue selling
The US Department of Labor’s fiduciary rule were officially pushed back until 1 July 2019. That means selling funds into IRAs should be easier - for now

EBA provides clarity on risk retention under STS regime
The European Banking Authority has laid out guidance for risk retention, which provides details on the transfer of risk retenton from one entity to another and what qualifies as a CLO originator

European CLO managers aim for ‘full compliance’
November has seen an increase in new European CLOs complying with US risk retention rules, with at least five ‘fully compliant’ CLOs pricing

SEC names deputy director for its investment management unit
The SEC has appointed Paul Cellupica as deputy director for its division of investment management

Loan managers pile into BDCs amid possible change to leverage ratios
Golub Capital Partners and TCW are among those to have launched new BDCs as regulators look to revamp leverage limits

Direct lending managers flock to unregulated fund structures
Direct lending managers are seeing the benefits of using unregulated fund structures

Market is always wrong on effect of CLO rule changes
Risk retention has made little difference to the CLO industry. And it’s disappearance will similarly have little impact

Points up front
Legal documents related to a now defunct fund run by Carlyle a decade ago, highlight tensions between two senior portfolio managers

Leader aims to be at forefront of floating rate credit fund comeback
Floating rate credit fund launches have slowed to a dribble in the past three years after launching en masse in 2013 – but they may be due for a revival

CLO managers brace for impact as securitisation regulatory changes pass
A new securitisation regime has passed the European Parliament – and it imposes onerous requirements on CLO managers, according to capital markets lawyer David Quirolo

LA pension fund monitors high yield manager Aegon amid SEC investigation
The Los Angeles City Employees Retirement System (Lacers) is currently monitoring its high yield manager Aegon, which is under SEC investigation

Drop risk retention for most CLOs, says Treasury
Loan managers have spent millions of dollars ensuring they have the infrastructure in place to tackle risk retention rules. However, there is now a possibility that the concept of risk retention will not apply to CLOs

Direct lenders eye opportunities in Germany’s lower mid market
Direct lending in Germany may be about to flourish, with regulatory changes encouraging fund managers to step into what had been considered an over-banked market

Help us to re-write the Volcker rule, says US bank regulator
OCC gives first indication that regulators may be willing to exclude CLOs from the definition of “covered funds”

Regulators delay implementation of STS rules
Regulators in Europe have opted to take a slow and steady approach to implementing new simple, transparent and standardised (STS) and revamped risk retention rules.

US Treasury proposals could breathe new life into CLO market-making
The US Treasury Department yesterday proposed a dramatic paring back of the Dodd-Frank Act, but made no mention of changing the risk retention rules in relation to CLOs