Federal agencies revise proposed rule on risk retention, removing controversial provisions
Six federal financial regulatory agencies (the OCC, the Federal Reserve Board, the FDIC, the FHFA, the SEC and the HUD) have issued a notice revising their previous 20 April 2011 proposed rule on risk retention in securitisation transactions.
The new proposed rule, issued on 28 August 2013, was jointly issued by the agencies, with the secretary of the Treasury as chairperson of the Financial Stability Oversight Council playing a co-ordinating role.
The proposed rule removes certain controversial provisions that were included in the previous rule. For example, the proposed rule removes the Premium Capture Cash Reserve Account concept, which required securitisers to retain funds in a separate account to cover certain losses on underlying loans. Also, securities issued where all underlying loans meet the definition of a Qualified Residential Mortgage (QRM) are exempt from risk retention requirements…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
Social media is an ever-increasing area of litigation. Facebook users spend more than 10.5 billion minutes per day on the website, for example.
The OIG Compendium provides a summary of opportunities to ‘achieve cost savings, improve programme management and ensure quality of care and safety of beneficiaries.’
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.