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Over the past year, there have been regulatory actions that implement or modify the risk retention regulations and requirements applicable to collateralized loan obligations (“CLOs”) in both the U.S. and the EU. In light of these regulatory changes, CLO managers have developed legal structures to enable them to comply with risk retention requirements. Click here to read this chapter, published in the 2016 edition of The International Comparative Legal Guide to: Securitisation, in which SRZ partners Craig
ISDA has included an Addendum I (the “Addendum”) to the ISDA August 2012 Dodd-Frank Protocol Questionnaire (“Questionnaire”), which provides provisions addressing changes to certain “eligible contract participant” categories that will become effective on Dec. 31, 2012. The Addendum is relevant to any OTC Derivative Counterparties that are “commodity pools” and who (a) rely upon the “Large Entity” or “Hedging Entity” categories through Dec. 31, 2012 or (b) who wish to engage in certain FX transactions.…
The Depository Trust & Clearing Corporation (DTCC) and SWIFT have launched a Web portal to begin assigning CFTC Interim Compliant Identifiers (CICIs) as required by the CFTC’s Data and Recordkeeping Rule. All swap counterparties are required to be identified by a CICI. All swap counterparties currently adhering to the ISDA Dodd-Frank Protocol are required to list this identifier in their Questionnaires and in some cases may not have to provide operative documentation or sensitive information…
In July 2012, the Commodity Futures Trading Commission (“CFTC”) and the Securities Exchange Commission (“SEC” and, together with the CFTC, the “Commissions”) jointly adopted new rules and interpretations (the “Definitions Release”) to define the terms “swap,” “security-based swap,” and “security-based swap agreement” (collectively, “Product Definitions”), to provide for the joint regulation by the Commissions of “mixed swaps” and to impose record-keeping requirements with respect to “security-based swap agreements.” The Definitions Release was published in the…