Law360, New York (April 8, 2015, 10:25 AM EDT) -- Five months after the promulgation of the final U.S. risk retention rules,[1] it is clear that the rules will place a heavy burden on collateralized loan obligation managers once they take effect in December 2016. A number of financing options that could potentially lighten this burden are currently being considered by CLO managers and arrangers. Structuring a cost-effective solution, however, is complicated by a lack of guidance from the regulators on how certain key provisions of the rules should be interpreted, and by the fact that the rules are not always easy to reconcile with the guidance that the regulators have provided to date about what the risk retention obligation is intended to accomplish with regard to CLOs....