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Risk Retention Rule Overturned for Open-Market CLO Managers: Implications for Managers and Investors

On February 9, 2018, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit Court”) overturned the credit risk retention rule, 79 Fed. Reg. 77,601 (Dec. 24, 2014) (the “Risk Retention Rule”), as it applies to the collateral managers of open-market collateralized loan obligation transactions, or CLOs. Under the Risk Retention Rule, CLO collateral managers are currently required to purchase notes representing at least 5% of the credit risk associated with each CLO that they structure.

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The AIFMD Third Country Passport – An Update

Practices: Asset Management

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The European Securities and Markets Authority published on 19 July 2016 its final advice to the European Commission on the extension of the marketing passport under the Alternative Investment Fund Managers Directive to 12 non-EEA countries, including the United States. This Alert considers the opportunities available to managers under the marketing passport, and the implications of obtaining it.

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