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"Transfer" means transfer: LSTA CLO decision raises broader questions regarding U.S. risk retention rules


A study of a unanimous decision made by the US Court of Appeals for the District of Columbia Circuit Court in the case of Loan Syndications & Trading Ass'n v. SEC, finding managers of open-market CLOs are not "securitizers" within the meaning of Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.