For college football fans, the regular season is drawing to an end, which means it is time for the pundits to start breaking out the bowl game predictions. Of course the experts never get it fully correct, but looking into the crystal ball is entertaining for the rest of us.
While our topic—risk retention—is not so light-hearted and fun, we thought making a prediction now that the comment period has passed would be more novel than simply reciting the proposed rules under the Dodd-Frank Wall Street and Consumer Protection Act. Although nobody can predict with certainty how the regulators proposing the rules will ultimately act, we believe regulators will offer the managed collateralized loan obligation ("CLO") industry a workable approach to risk retention when they issue their final rules because of several key factors.
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