SIFMA, the Loan Syndications and Trading Association (LSTA), the Structured Finance Industry Group (SFIG), the American Bankers Association (ABA), and The Financial Services Roundtable (FSR) provide comments to the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) (collectively, the Agencies) in connection with certain aspects of the final rule implementing the Volcker Rule, adopted by the respective agencies (Agencies) on December 10, 2013.
Specifically, the groups ask the Agencies for confirmation that the term “ownership interest” does not include debt securities of collateralized loan obligation (CLO) issuers that are covered funds where these CLO debt securities have a contingent right to remove a manager “for cause” or to nominate or vote on a nominated replacement upon a manager’s removal for cause or resignation, but contain none of the other indications of ownership interests listed in the definition.
The Associations provide additional comments to the Agencies on December 31, 2013.