It is two months into 2017, and compliance attorneys are still trying to discern some of the finer nuances of applying the Dodd-Frank Act’s risk-retention requirements to various sectors of the secondary market beyond residential MBS. One such area is structured aircraft portfolio transactions. In a recently issued white paper, attorneys from the Clifford Chance law firm and four other U.S. law firms looked at applying the 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. They note...