As the CLO market shows signs of what is hopefully a sustained recovery on both sides of the Atlantic, managers and arrangers are grappling often for the first time with the avalanche of regulation which has hit the financial services industry, and in particular asset-backed securities, since the financial crisis of 2008. Finding a way through the new rules can seem daunting, especially as transactions often have to consider separate and conflicting sets of regulation from the European Union and the U.S. Not only do sponsors have to comply with existing regulation, but increasingly they have to take account of rules which, whilst not yet in force, are on the statute book and could impact transactions during their term.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.
