Lawyers tout fixes for CLO risk-retention woes

Affiliates and warehouses could satisfy both US and EU risk-retention rules, lawyers claim

CLO issuers were searching for a workaround within hours of the new rule's release

A New Yorker cartoon from 2009 shows two executives sitting around a desk littered with documents. "These new regulations will fundamentally change the way we get around them," one of the men says to his colleague.

That essentially sums up the securitisation industry's response to the credit risk-retention rule adopted by US regulators on October 21. Within hours of its release, law firms were deluged with calls from issuers of collateralised loan obligations (CLOs) and other asset-backed

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