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14 ON THE WEB WEBSITES TO GET TO KNOW. APPOINTLET.COM is a convenient scheduling site that will ultimately save you and your staff time, money, and paperwork. e site allows you to confirm, decline, cancel, or reschedule any appointment using Google calendar. You can add Appointlet to your company's website, your email, or your social media profiles to allow your clients easy, 24/7 access to making appointments. Clients can check your availability by using Google calendar and choose the appointment that best fits the needs of their schedule. You can also schedule Appointlet to send automatic reminders to your clients about meetings and customize the content of these reminders. TWIDDLA is a real-time online collaboration tool that is a self-proclaimed "no-setup, Web- based meeting playground." e site is easily accessible, requiring no plug-ins or downloads to operate—the only requirement to use Twiddla is a computer with an Internet connection and a Web browser. ere is no need to work around complex firewalls or advanced scheduling. Twiddla is browser-agnostic and user-friendly. One of the features of Twiddla allows you to make Web surfing a team sport by browsing websites in a shared, real-time whiteboard while marking them up, sharing files, and chatting along. SQUARE'S goal is to make commerce easy for everyone. e site was built on the idea that buying and selling should be simple, not complicated, and that everyone should be able to accept credit cards. Square has created one cohesive service that allows sellers to run their entire business, from a pocket register to analytics on a laptop. e site has everything a business owner needs to take care of every little thing, from mobile point-of-sale tools and appointment scheduling to fast deposits and online invoicing. Square also makes it faster for buyers to order online from their favorite businesses. TWIDDLA.COM 2 APPOINTLET.COM 1 SQUAREUP.COM 3 SMALL CLO MANAGERS MAY HAVE TROUBLE COMPLYING WITH RISK RETENTION RULE Several strategies reportedly emerged to help small CLO managers who may be having trouble complying with the new risk retention rule, which was finalized in October 2014, but how effective these strategies are in achieving that goal remains uncertain, according to an announcement from Fitch Ratings. While the number of issuers in the CLO market increased by 65 percent in 2013, with 47 new managers entering the market from the start of 2013 until October 2014, Fitch said it expects the number of small CLO managers to decline this year due to industry consolidation in anticipation of the risk retention rule going into effect in 2016. Investors of CLOs of smaller managers must also consider that smaller managers with limited resources may underutilize governance, risk management, investment processes, and operational controls. Smaller CLO managers may also be more vulnerable to business concentration and smaller asset bases, and they may lack a clear distribution network, according to Fitch. To address these considerations, the market increased the number of backup managers added to less experienced issuers of newer CLOs, which in many cases are large, frequent CLO issuers. ese backups are expected to be named as replacement managers when a breach is committed or where there is "cause" as defined in the collateral management agreement, according to Fitch. e effectiveness of using these backup managers remains questionable, however, because regulators have not stated whether the backup managers will be subject to the risk retention rule. "In our view, new managers with adequate administration capabilities, thorough indenture review procedures, advanced portfolio setup procedures, and strong modeling tools can limit these operational risks," Fitch said in the announcement. "We recommend investors monitor managers' compliance with their investment guidelines." e risk retention rule was originally proposed in August 2013 and finalized in October 2014. e final rule defines a qualified residential mortgage (QRM) and exempts securitizations of QRMs from the risk retention requirement, and it aligns the QRM definition with the CFPB's definition of a qualified mortgage. Agencies must also review the definition of a QRM no later than four years after the rule's effective date respective of the securitization of residential mortgages and every five years thereafter. Additionally, each agency can request a review of the QRM definition at any time under the new rule. e final rule was issued jointly by several government agencies, including the Federal Reserve, FHFA, HUD, and FDIC. It is scheduled to go into effect one year after publication in the Federal Register for residential mortgage-backed securities and two years after publication for all other types of securitization.

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