Re-proposed SEC rules could negatively impact CLO managers and affiliates
CLO managers and their affiliates could be negatively affected by re-proposed securitisation conflict rules by the Securities and Exchange Commission last week, if approved in its current form

Comment period deadline nears as NAIC mulls 100% capital charge for CLO equity
The National Association of Insurance Commissioners is pressing ahead with its proposal to increase capital charges for US insurers’ CLO equity investments to 75% or 100%

Actuarial body opposes CLO equity capital charge proposal ahead of NAIC meeting
A US actuarial organisation has put forward arguments as to why a more nuanced analysis of CLO investments is required by the National Association of Insurance Commissioners ahead of a meeting in Tampa on Wednesday. 

New US CLOs brace for EU’s Article 7 reporting requirements
Investors now need Article 7 reporting compliance for new non-EU securitisation investments (such as US CLOs). This includes high-level portfolio reporting to investors, including loan-by-loan data in greater depth than even CLO trustee reports provide.

US CLO managers face SEC marketing rules compliance
The 4 November deadline for compliance with the SEC’s marketing rule is fast-approaching, with sources describing the rule as “creating an adversarial situation for managers and arrangers”

US managers brace for CLO reporting overhaul as new EU investments become subject to Article 7
US CLO managers could face an administrative headache with EU investors investing in new and secondary market US CLOs now requiring more exacting detail of underlying portfolios. This follows the long-awaited European Commission Securitisation Regulation report overhauling investment rules  

CLO arrangers and managers prepare for new marketing rule from November
CLO arrangers will need to work together with CLO managers in the coming weeks to ensure compliance, interpret the rules and set guidelines over what they can and cannot communicate with investors without disclosures

Judges rule in favour of Citi in overturning Revlon decision
Citi has won its appeal against Revlon creditors, forcing a consortium of asset managers to return more than half a billion dollars received in an accidental transfer in 2020

NAIC softens CLO stance with collaborative approach, but equity tranches come into focus
The National Association of Insurance Commissioners’ summer meeting last week offered some rays of light that the institution is favouring a collaborative approach as it looks to model CLOs inhouse

Investors disagree on impact of NAIC’s CLO modelling proposal
A split is forming among insurance-backed CLO investors, with some not concerned by the National Association of Insurance Commissioners’ CLO proposals

NAIC accepts "excellent" CLO performance, but is not convinced by manager influence
The National Association of Insurance Commissioners has disclosed that it received eight responses to its CLO proposal with the firm summarising these responses as cautious

Deadline for NAIC comment letter looms
The deadline for the CLO industry to submit a comment letter in relation to the NAIC’s proposed changes for risk-based capital charges for CLOs is here, with plenty of work going on behind the scenes from market participants including the LSTA and insurers

BofA points out flaws in NAIC CLO proposal while Morgan Stanley warns of primary slowdown
Bank of America research has pointed out what it believes are further flaws in the National Association of Insurance Commissioners’ proposal to take CLO modelling and monitoring in-house. And Morgan Stanley research says the CLO proposals could weaken demand for CLO triple Bs in particular, hampering CLO formation

Regulators give securitisation another tranche
A gloomy economic outlook and drought in primary markets cast a deflated mood over last month’s Global ABS 2022 conference in Barcelona. But regulators and central banks’ encouraging attitude towards securitisation was in sharp contrast

NAIC unit suggests going beyond ratings by taking CLO evaluations in-house
A unit within the National Association of Insurance Commissioners has recommended that it takes oversight of the CLO investments held by US insurers by modelling these holdings in-house

CEO steps down after DWS greenwashing allegations lead to police raid
A tumultuous 24 hours for DWS Group, in which police and regulators raided its office, has been compounded by the resignation of its chief executive officer Asoka Woehrmann on Wednesday morning

"When the US market gets legislation it does not like, people sue..."
The difference between Americans and Europeans in regards to CLOs

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

SEC extends comment period for private funds disclosure regulation
Following letters from several institutions including the LSTA, the SEC has extended the comment period on its proposed “Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews” rule

CLO market and congress plead with SEC to extend rule comment period to 90 days
SEC rule proposals are no page-turners: members of the US congress are looking to extend comment periods from 30 days to 90 days. Recent SEC rule proposals require commentors to read and analyse roughly 3,570 pages and respond to 2,260 individually identified questions   

CLOs land in Jersey as Maples kicks off continuations
The CLO migration from the Cayman Islands to Jersey is in full swing, with the Maples Group’s global CLO team having incorporated 27 new Jersey CLOs and completed nine continuations of Cayman CLOs into Jersey. Another 18 continuations are in its pipeline

CLO lawyer joins Schulte Roth & Zabel as partner in London
Schulte Roth & Zabel has hired a CLO expert as partner in its London office 

Biden signs Libor transition measures into law
The Libor legislations, which recieved bipartisan support, are aimed at giving clarity to tough-to-amend Libor contracts that lack adequate fallback language, and supporting a smooth transition away from Libor

Senate introduces bipartisan bill for “tough" legacy Libor contract transitions
Four senators introduced a bill on Wednesday to provide a replacement framework for “tough legacy” financial contracts that reference Libor but cannot be easily changed