In between record snowfall and ice storms here in Philadelphia, a number of Dechert attorneys went down to sunny Orlando Florida for the MBA CREF 2014 Conference.
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February 2014
REG AB: Channeling the Cheshire Cat
By Rick Jones on
Regulation AB is big. Reg AB governs, among other things, the condition for shelf registration. The SEC is fixing to do something significant to Reg AB; we’re just not sure what.
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CLOs under the Volcker Rule: New Exemptions, New Issues, New Obligations – Part II
By Sean Solis on
In our previous post we discussed some of the structural challenges and opportunities facing CLO market participants since the Final Rule was released in December. Today we tackle the age old question, “what is an ownership interest”. The question is important because the tentacles of Volcker’s provisions prohibit banking entities from holding ownership interests in covered funds. We will also briefly summarize a few other restrictions related to CLO transactions brought about by the Final Rule.
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CLOs under the Volcker Rule: New Exemptions, New Issues, New Obligations – Part I
By Sean Solis on
Befitting the holiday season the regulators recently decided to bestow upon us all the much anticipated (dreaded?) Volcker Rule. At 1100 pages of truly riveting reading material, Volcker has certainly given all of us plenty to wade through during these recent cold winter weeks and much to the surprise of the structured credit industry there were material provisions sprinkled throughout the 1100 pages that significantly affected the collateralized loan obligation market.
Continue Reading CLOs under the Volcker Rule: New Exemptions, New Issues, New Obligations – Part I