Risk retention financing given the green light by EBA
The European Banking Authority published the final draft of its regulatory technical standards for securitisations yesterday

Investors debate merits of bond buckets as regulators revisit Volcker rule
CLOs with bond buckets could return in the US as federal agencies have signalled their willingness to roll back certain parts of the Volcker rule

European-compliant CLOs try to sidestep US risk retention rules
CLOs complying with European risk retention have had to tweak their legal language to avoid coming under US rules, in what has become known as a ‘conditional sales’ approach

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Court to appeal the ruling exempting CLOs from risk retention, meaning the agencies’ last opportunity to get the ruling repealed has passed  

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

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

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

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

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

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

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

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

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

Market participants strike bullish tone on STS regulation
IMN’s Global ABS Conference in Barcelona came to a close yesterday and one of the main talking points for the ABS market was the successful resolution to disputes between the market and the European parliament over STS (simple, transparent and standardised) legislation

Europe drops plans for tougher risk retention rules
The European Union has pulled back from plans that would have made it much harder to structure CLOs

Insurer’s CLO discount carve-out should survive regs shake-up
Forthcoming changes to insurance regulations in the US may push insurance companies higher in the CLO capital structure but it should not lessen the appeal of CLOs to the industry

Managers see ray of light in bid to force changes to CLO risk retention
LSTA sees rising chance of risk retention reform