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ARTICLE · 17 DECEMBER 2018

Securitisation Regulation: Application Of Disclosure Requirements To Non-EU CLOs

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The EU Securitisation Regulation (the "Securitisation Regulation")1 will apply to securitisations issued on or after 1 January 2019 and will introduce a number of changes to the European risk...

European UnionFinance and Banking
James Warbey
James Warbey
John Goldfinch
John Goldfinch
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BACKGROUND

The EU Securitisation Regulation (the "Securitisation Regulation")1 will apply to securitisations issued on or after 1 January 2019 and will introduce a number of changes to the European risk retention regime for CLO transactions2 .

With the application date of the Securitisation Regulation fast approaching, one of the key questions that arrangers, managers and institutional investors are focused on is what impact the Securitisation Regulation will have on CLOs that have a non-EU issuer and a non-EU manager (and neither of which is a subsidiary of an EU bank3 ) (a "Non-EU CLO"). Of particular interest and importance is the extent to which those Non-EU CLOs will need to comply with the Securitisation Regulation to be able to market to EU investors.

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