INTRODUCTION
This briefing outlines a number of the recent developments in
the CLO space and considers how the Irish regulatory regime might
mitigate some of the impact of Brexit for UK collateral managers.
If you would like any further detail, please do not hesitate to get
in touch with your usual Arthur Cox contact.
PROPOSED CHANGES TO SECTION 110 REGIME
On 6 September 2016, the Department of Finance published draft
legislation which it is proposed will amend the Section 110 regime
in Ireland. Amended legislation was published in the Finance Bill
on 20 October 2016. Further refinements are to be proposed at
Committee Stage. The draft legislation is narrowly focussed and
designed to apply to those Section 110 companies which derive all
or part of their profits directly and indirectly from Irish land.
There are specific exemptions for CLO transactions, CMBS/RMBS and
loan origination so most public transactions and all transactions
with non-Irish assets are
