[20180214]LSB10077_5万亿美元裁决：最新的多德-弗兰克案缩小了“游戏中的皮肤”规则.pdf

CRS INSIGHT Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i The Half Trillion Dollar Ruling: Latest Dodd-Frank Case Narrows “Skin-in-the-Game” Rule February 14, 2018 Last week, the U.S. Court of Appeals for the D.C. Circuit (D.C. Circuit) held that the Dodd-Frank Wall Street Reform and Consumer Protection Acts (Dodd-Franks) risk-retention requirementswhich one of the bills co-authors has described as “the single most important part” of the Actdo not apply to investment managers of collateralized loan obligations (CLOs). The total value of outstanding CLOs is estimated to be roughly $500 billion, and CLO managers represent the largest buyers of leveraged loans in the United States. The D.C. Circuit held that CLO managers do not qualify as “securitizers” within the meaning of Dodd-Franks risk-retention provision and accordingly invalidated the risk-retention rules for CLO managers adopted by the Securities and Exchange Commission (SEC) and the Federal Reserve Board of Governors (Federal Reserve). This Sidebar discusses the background of Dodd-Franks risk-retention requirements, the courts decision, and the legal implications of the decision as Congress co