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Clifford Chance

Clifford Chance


White Paper: Applicability of U.S. Risk Retention Rules to Structured Aircraft Portfolio Transactions

15 February 2017

Clifford Chance partners Zarrar Sehgal, Gareth Old and Lee Askenazi, together with lawyers from four other U.S. law firms, have published this White Paper on the application of the U.S. credit risk retention rules to a typical issuance of securities by a newly formed special purpose vehicle that owns (or will own) a portfolio of aircraft and related leases. The authors conclude that these rules were not intended to apply to most standard structured aircraft portfolio transactions.

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