An industry group representing the $800 billion leveraged loan market and $350 billion market for collateralized loan obligations is asking a D.C. Court of Appeals to suspend the final risk retention rule approved by regulators last month.

The Loan Syndications and Trading Association filed a petition on Nov. 10 against the Federal Reserve Board and Securities and Exchange Commission, calling the rule "arbitrary, capricious, an abuse of discretion, or otherwise not in accordance with law."

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