US CLO market bids farewell to risk retention as appeals deadline passes
The SEC and the Federal Reserve have not petitioned the US Supreme Court to appeal the ruling exempting CLOs from risk retention, meaning the agencies’ last opportunity to get the ruling repealed has passed  

UK funds brace themselves against value-for-money ruling
The UK’s Financial Conduct Authority (FCA) has published its final set of fund governance rules that aim to strengthen the duty of authorised fund managers to their investors.

They said it: regulators are using The Big Short as their frame of reference
The LMA’s Nicholas Voisey describes why it’s difficult to campaign for the European loan market

Not all BDCs will be winners after the borrowing cap is raised
BDCs will soon be able to take on twice as much debt as they were previously permitted, but some BDCs may struggle to take advantage

CLOs legally freed from US risk retention rules
'Open-market' CLOs were legally freed from US risk retention rules yesterday, although the threat of a Supreme Court appeal remains until May

Libor has a new contender as New York Fed launches SOFR
The New York Federal Reserve has launched a benchmark US that may eventually replace Libor: the Secured Overnight Financing Rate (SOFR)

Deadline passes for federal agencies to appeal risk retention ruling
CLOs passed another milestone on the journey away from risk retention as the SEC and Federal Reserve Board did not appeal the court decision by the 45-day deadline

Good news for BDCs as congress doubles leverage limits
US lawmakers have granted business development companies (BDCs) the ability to borrow more – a move for which the BDC industry has been pushing for years

SEC's Grim and Crovitz resurface at Washington DC law firm
Two former US Securities and Exchange Commission directors have joined law firm Stradley Ronon

Bonds climb as the Dow tumbles amid Trump sanctions on Chinese imports
Investors are seeking safety in government bonds

Fund industry braces for further impact after court's DOL fiduciary rule decision
The US Department of Labor (DOL) had said it will not enforce its embattled ‘fiduciary rule’ following a legal ruling last week – but one regulatory lawyer says fund industry players should nevertheless brace for several impacts of that ruling

Ares leads the way as US tax reform prompts corporate structure rethink
Ares Management has announced its conversion from a partnership tax structure to a corporation or C-Corp – and it’s likely other managers will follow suit now that US taxation law changes – the most comprehensive tax reform in more than three decades – have taken effect

Fight for US loans commences following risk retention U-turn
US CLOs are set to be free from risk retention in the next few weeks. Headache over for US CLO managers? Not really – now it becomes a fight to source the assets that will populate CLOs

Ireland follows Luxembourg and relaxes loan fund rules
The Central Bank of Ireland is now permitting LQIAIFs to engage in broader credit-focused strategies - which opens the door for direct lenders 

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