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ARTICLE · 07 DECEMBER 2018

Disclosure Requirements Under The Securitisation Regulation Delayed: Application Of CRA3 Transitional Provisions

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The EU Securitisation Regulation1 (the "Securitisation Regulation") will come into effect on 1 January 2019, bringing a number of changes to the European risk retention regime for CLO transactions ...

United KingdomCorporate/Commercial Law
James Warbey
James Warbey
John Goldfinch
John Goldfinch
Claire Bridcut
Claire Bridcut
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The EU Securitisation Regulation1 (the "Securitisation Regulation") will come into effect on 1 January 2019, bringing a number of changes to the European risk retention regime for CLO transactions2; in particular, Article 7 of the Securitisation Regulation will increase the scope and nature of the transparency and disclosure requirements applicable to issuers, sponsors and originators of CLO transactions3.

On 22 August 2018, the European Securities and Markets Authority ("ESMA") released its draft regulatory technical standards (the "ESMA Draft RTS") setting out detailed requirements for information to be provided to satisfy Article 7. 4 Under the ESMA Draft RTS, CLO transactions would have been required to provide information under Annexes 4 (Corporate Underlying Exposures) and 12 (Investor Report Information) and, for 'public' transactions (where a Prospectus Directive5 compliant prospectus is produced6), Annexes 14 (Inside Information) and 16 (Significant

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