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ESMA regulations could halt European issuance, says LMA
5 years ago
The European securitisation market is at risk of a “cessation of issuance and market disruption” unless the European Securities and Markets Authority (ESMA) allows a phased implementation of the new regulatory framework due to come into effect from January, according to the Loan Market Association (LMA) -
Regulators suggest clampdown on UK loans
5 years ago
The Bank of England recently raised alarms about the state of the UK leveraged loan market, drawing parallels to the growth of the US sub-prime mortgage market -
UK prepares derivative regs for no-deal Brexit
5 years ago
The UK Treasury is seeking to amend onshored European Market Infrastructure Regulation (EMIR) legislation as it battles to avoid the risk that the country will leave the European Union without an effective regulatory framework for over-the-counter derivatives, central clearing counterparties and trade repositories in the event of a no-deal Brexit -
LSTA asks for return of CLO bond buckets as part of Volcker reform
5 years ago
The Loan Syndication and Trading Association is advocating the return of high yield bond baskets within US CLO portfolios in what could be another sign of the shackles being loosened on CLO regulation in the US -
Derivatives margin threshold should be €100 billion notional not €8 billion, says Isda
5 years ago
A regulatory threshold that requires counterparties to post initial margin (IM) on derivatives trades if they hold €8 billion notional or more exposure should be raised to €100 billion, the International Swaps and Derivatives Association has argued -
Isda extends deadline for derivatives benchmark consultation
5 years ago
The International Swaps and Derivatives Association has extended the fast-approaching deadline for its consultation on derivatives benchmark fallbacks, to allow more time for responses -
Hard Brexit threatens systemic cliff edge for derivatives, warns joint paper
5 years ago
A no-deal Brexit could have a systemic effect on derivatives markets as it would immediately restrict EU 27 firms from transacting with UK entities and acting as clearing members to UK central counterparties, a group of major trade bodies has warned in a paper published today -
Isda and Linklaters roll out test version of initial margin docs service
5 years ago
Five and a half months of partnership between the International Swaps and Derivatives Association and Linklaters has borne fruit, with the launch of a test version of an online tool that will allow firms to electronically negotiate and execute initial margin (IM) documentation -
CLO managers give ESMA requirements a test run
5 years ago
This year has already broken records for the European CLO market, but a new dose of regulatory uncertainty could put that growth at risk -
ESMA strikes European CLO market with new regulatory burdens
5 years ago
The European Securities and Markets Authority yesterday published its final report for the technical standard on disclosure requirements under securitisation regulation, outlining the new reporting requirements for European CLOs coming into effect from 1 January -
Alarm sounds on margin rules as small funds look to make early inroads
5 years ago
A fast-approaching 1 September regulatory deadline for phase three market participants to apply initial margin (IM) to derivatives trades looks set to pass without serious mishap, according to lawyers and the International Swaps and Derivatives Association -
CLO managers see risk retention hurdles as Brexit approaches
5 years ago
Barriers are emerging to UK-based CLO managers seeking risk retention compliance via both the sponsor and the originator route as the country edges closer to Brexit, sources say. -
Risk retention financing given the green light by EBA
5 years ago
The European Banking Authority published the final draft of its regulatory technical standards for securitisations yesterday -
IHS Markit obtains FCA approval as benchmark administrator under BMR
5 years ago
IHS Markit has been approved by the Financial Conduct Authority as an authorised benchmark administrator under the European Benchmark Regulation (BMR) -
European-compliant CLOs try to sidestep US risk retention rules
5 years ago
CLOs complying with European risk retention have had to tweak their legal language to avoid coming under US rules, in what has become known as a ‘conditional sales’ approach -
Unitranche deals set to grow with creation of uniformity
5 years ago
European direct lenders have been given a boost with the Loan Market Association establishing a new precedent unitranche intercreditor agreement to govern the relationship between credit funds and banks -
Past returns: KKR CLO was sign of things to come
5 years ago
Five years ago in Creditflux, we reported on KKR Credit pricing a US CLO that complied with European risk retention rules, in what was believed to be one of the first deals of its kind -
Cadwalader's Quirolo: start preparing for the new securitisation rules in Europe (video)
5 years ago
Cadwalader partner David Quirolo spoke to Creditflux's Hugh Minch after his panel at the Creditflux Symposium earlier this month -
UK funds brace themselves against value-for-money ruling
5 years ago
The UK’s Financial Conduct Authority (FCA) has published its final set of fund governance rules that aim to strengthen the duty of authorised fund managers to their investors. -
They said it: regulators are using The Big Short as their frame of reference
5 years ago
The LMA’s Nicholas Voisey describes why it’s difficult to campaign for the European loan market -
Ireland follows Luxembourg and relaxes loan fund rules
6 years ago
The Central Bank of Ireland is now permitting LQIAIFs to engage in broader credit-focused strategies - which opens the door for direct lenders -
Past returns: Europe's own risk retention rewrite
6 years ago
Five years ago we reported that European CLO managers were hunting for partners to retain risk retention on their behalf. Shortly after, regulators performed a U-turn (nothing new here) and decided to prohibit third parties from acting as risk retainers -
London manager shutters emerging market fund amid "regulatory headwinds"
6 years ago
London-based Insparo Asset Management is shutting down its emerging market debt funds, the company confirms -
Pimco interval fund seeks SEC order allowing it to issue further share classes
6 years ago
The Pimco Flexible Credit Income Fund has sought permission from the SEC to issue further classes of shares -
EBA provides clarity on risk retention under STS regime
6 years ago
The European Banking Authority has laid out guidance for risk retention, which provides details on the transfer of risk retenton from one entity to another and what qualifies as a CLO originator
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