How it took four years to close a loophole — and throw European CLOs into chaos
The fraught relationship between the EU regulator and the growing CLO market again came into focus last month, when the European Banking Authority surprised the market by issuing a response to a question posted four years previously regarding risk retention

Originator “fix” notices soar following risk retention update – Deutsche Bank
Deutsche Bank reports a surge in “fix” notices following 8 August EBA risk retention update

Proposed changes to Solvency II capital charges “remain significantly more conservative” than other jurisdictions – AFME
The Association for Financial Markets in Europe argues that a more “risk-sensitive” framework has the potential to unlock up to EUR 210bn in additional financing for the EU economy

European regulators set to meet for risk retention discussion in coming weeks
EXCLUSIVE: 27 EU regulators to discuss penalties for non-compliance with risk retention requirements as market adjusts to new rule

CLO lawyers see European CLO risk retention clarification as 'headache, not a migraine'
After an initial reaction of concern about how this may impact sentiment in the growing European CLO market, lawyers have now become more sanguine about the updated regulation, with fixes already being implemented by affected managers

Over half of European CLOs may have lost risk retention compliance following EBA clarification – Dealscribe
Over 85% of manager-originator European CLOs include conditional sale agreements to transfer credit risk from the CLO to the originator, according to research published by Dealscribe

Executive order leaves questions around CLO adoption in 401(k)s
EXCLUSIVE: Experts are uncertain whether the new executive order from US President Donald Trump will lead to increased inflows for CLOs

New headaches for European CLO market as regulators clarify risk retention guidance
The European Commission has overturned widespread market practice regarding conditional sale agreements, with a newly-issued legislative interpretation of the ‘originator’ definition under the EU Securitisation Regulation

Private credit inflows face uphill battle even as 401(k) doors open
Although US President Trump’s executive order opens defined contribution retirement plans like 401(k)s to private credit investments, a sudden and meaningful rise in inflows is unlikely 

AFME calls for investor-friendly adjustments to EC securitisation reforms
AFME while welcoming the new European regulatory reform proposals has called for further changes

EC securitisation overhaul puts Euro manager retainers 'back to status quo' – Mayer Brown’s Chris McGarry
The result is that smaller manager retainers are now able to come to market as they did prior to the revised guidance from the Joint Committee, the structured finance partner told Creditflux  

European Commission proposes securitisation revamp
Formal proposals aim to fuel the European economy by facilitating securitisation

Leaked EU draft proposal would turn CLOs into public securitisations
EXCLUSIVE: The European Union is contemplating shifting CLOs into public securitisations from private ones as part its overhaul of the securitisation market

Securitisation regulators in EU urged to change direction
Panelists at the Creditflux CLO Symposium issue a call for a forward-looking, principles-based approach

US CLO managers and investors turn away from Europe after risk retention changes
EXCLUSIVE: The reassessment is the latest consequence of the new European Supervisory Authorities’ revised guidance on risk retention

Regulators seek to calm European CLO market shaken by new risk retention guidelines
The European Supervisory Authorities have since issued clarification to allow deals that priced prior to 31 March to be grandfathered in under the previous interpretation

European CLO market scrambles to comply with new regulations on risk retention
A revised regulatory interpretation at the beginning of this week left plenty of managers and lawyers sleep-deprived  

Partners' latest CLO adjusted to meet new EU risk retention guidelines
The European deal is among the first to be impacted by an unexpected interpretation for EU risk retention issued with immediate effect at the beginning of this week  

The NAIC’s Super Bowl Sunday memo seems to suggest regulations may not change greatly

CLO managers scramble to update policies after SEC ruling
The announcement from the SEC that it had fined Sound Point has sent shock waves through a US CLO market that’s looking at a wave of policy changes

US insurance regulator steps back from radical change to CLO charges
Insurance companies are one of the most important investors in CLOs, so when the NAIC last year proposed changes to risk-based capital (RBC) charges the market was spooked

UK changes to securitisation expected to have limited impact on CLOs
As Creditflux went to press, lawyers across the City of London were coming to grips with the meat of the UK’s new securitisation regime, the so-called Edinburgh Reforms

We understand why the NAIC is open to a new framework
The NAIC is right to tread carefully as it looks to protect its members from ratings arbitrage

Securities regulators call for improvement in practices in CLO market
IOSCO, an international policy forum for securities regulators, has called for improvement in practices in both the leveraged loan and CLO markets.

Appeals court and SEC rule in favour of CLO market
The US CLO market breathed a sigh of relief in August as two major regulatory rulings went in its favour