U.S. Court of Appeals for the D.C. Circuit

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D.C. Circuit vacates SEC risk retention rule as it applies to open-market CLO managers

February 09, 2018

Click here to view the opinion.

U.S. Chamber supports challenge to SEC risk retention rule

April 26, 2017

The so-called “risk-retention rule” promulgated by the SEC, the Federal Reserve Board, and other banking agencies would require managers of collateralized loan obligations (“CLOs”) to retain five percent of the economic value of a CLO’s assets. The Chamber filed an amicus brief in support of the challenge to the rule, which alleges the agencies acted arbitrarily and capriciously in failing properly to consider the implications of the rule on efficiency, competition, and capital formation, particularly with respect to the costs incurred by thousands of U.S. companies.

Carl J. Nichols of Wilmer, Cutler, Pickering, Hale, and Dorr LLP represented the U.S. Chamber of Commerce as co-counsel to the U.S. Chamber Litigation Center in this case.

Case Documents