As we begin to close in on the initial implementation of the Risk Retention Rule, we are looking beyond the headlines and trying to figure out how the Rule will actually work. The result is troubling.
Continue Reading Risk Retention: Flash – These Rules Don’t Work!
The Regulatory State: May We Have A Little Humility, Please?
The Great Equity Correction of 2015 that is now being enjoyed by all of us is a correction, and not the beginning, of the Great Bear Market of 2015 (from my lips to God’s ears). It reminds me of just how little we know about how all complex systems, like the global financial market (and don’t get me started on climate), function. Nonetheless, our Regulatory State behaves as if this was not true and as if wise governmental types can simply declaim new rules and regulations to get their very specifically-designed outcomes.
Continue Reading The Regulatory State: May We Have A Little Humility, Please?
Risk Retention Realized – Potential Solutions for CLO Market Participants
In anticipation of the effective date of the Final Rule on December 24, 2016 (early Christmas gift?), CLO market participants have been constructing solutions that allow collateral managers to raise the capital necessary to support investments required by the Final Rule.
We have seen an increased use of a hybrid structure that has been referred
Volcker Rule – Five Years On
After years of delays, changes and significant debate, the Volcker Rule is now, largely, in full effect. Sold to a sometimes intellectually incurious Congress and the electorate as a central piece of legislation to limit systemic risks to the financial system, the Volcker Rule, among other things, prohibits “banking entities” from engaging in proprietary trading activities and acquiring or retaining “ownership interests” in (or acting as sponsors of) certain “covered funds.”
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Risk and Rewards of CRE-CLO and CLO Securitizations: Navigating the Capital Markets
More than 100 senior executives participated in Dechert’s Risk and Rewards of CRE-CLO and CLO Securitizations: Navigating the Capital Markets seminar. The half day event, supported by CRE Finance Council (CREFC) and the Loan Syndications and Trading Association (LSTA), focused on themes important to the CLO market and the CRE securitization market. Panelists addressed
The EB-5 Visa Program: the Rebirth of the Immigration Investor Program
This is a good news story for once. But, of course, since the father of this soupcon of good news is our government, it’s almost unintended.
From the ashes of the economic recession of 2008 came the rebirth of the Immigration Investor Program, more commonly known as “EB-5 Visa Program.” This bit of social engineering has been around since the program was first introduced back in 1990 but got a second wind when everything else went to Hell. The purpose behind the program was to benefit the United States economy by attracting investments from qualified foreign nationals.
Continue Reading The EB-5 Visa Program: the Rebirth of the Immigration Investor Program