On 21 December 2023 the European Securities and Markets Authority (“ESMA”) published a consultation paper on the reform of the templates used for securitisation reporting1. The paper will be of interest to EU investors and...more
With the turbulent macroeconomic climate, we have seen increased growth over the past couple of years in alternative private credit financing structures. In particular, there has been an upswing in private, bespoke...more
Over the past several years as Collateralized Loan Obligations (“CLOs”) reached new and dizzying heights in issuance volume, CFOs have been quietly, and under the radar, gaining market acceptance and momentum among asset...more
9/15/2022
/ Asset-Based Lending ,
Cayman Islands ,
CFOs ,
Collateralized Fund Obligation (CFO) ,
Confidentiality Agreements ,
Default ,
Disclosure Requirements ,
Interest Payments ,
International Tax Issues ,
Investment ,
Investors ,
Limited Partnership Agreements ,
Liquidity ,
NAIC ,
Non-Disclosure Agreement ,
Pooled Investment Vehicles ,
Private Equity Funds ,
Rating Agencies ,
Risk Retention ,
Secondary Markets ,
Side Letters ,
Subscription Services
No Good News, but No Bad News Either -
On 16 October 2019 the European Commission (EC) adopted a delegated regulation supplementing Regulation (EU) 2017/2402 (the Securitisation Regulation) and setting out the final...more
10/31/2019
/ Collateralized Loan Obligations ,
Disclosure ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Final Rules ,
Investors ,
Market Participants ,
Originators ,
Regulatory Standards ,
Securitization ,
Securitization Standards ,
Special Purpose Entities ,
Sponsors ,
Technical Standards ,
Transparency
The new Japanese Risk Retention Rules will lead to increased loan and collateral manager due diligence by Japanese investors but not wholesale changes to the CLO market.
Background -
On March 15, 2019, the Japanese...more
After many ups and downs, one might have thought that EU risk retention was done and dusted, but it looks like there may be a few more twists and turns.
On 6 June 2016, the draft Legislative Resolution from the...more
The European Commission published a draft regulation on a European framework for simple, transparent and standardised securitisation on 30 September 2015 (the “Draft Regulation”). The Draft Regulation aims to achieve a better...more
10/8/2015
/ Capital Requirements ,
Collateralized Loan Obligations ,
Commercial Loans ,
Disclosure Requirements ,
Draft Guidance ,
Due Diligence ,
EU ,
Investors ,
Lenders ,
Originators ,
Risk Retention ,
Sanctions ,
Securitization ,
Securitization Standards
The Bank of England (“BOE”) and European Central Bank (the “ECB”) recently published a joint response1 to the report and short opinion issued late last year by the European Bank Authority (“EBA”) on how to improve the...more