Luxembourg embraces fund tokenisation to court retail investors but concerns over centralised EU supervision linger
Grand Duchy emphasises innovation stance; concerns EU oversight may slow innovation

Securitisation market pushes back on key elements of Commission reform
European Parliament rapporteur moots industry-friendly changes to proposals; respondents bristle at definitions of ‘public’ securitisations

CLO lawyers lobby European regulators on investor due diligence proposals
London-based CLO legal teams are lobbying the European Commission on key proposals that might penalise investors

Growth of CLOs could place financial stability at risk – UK House of Lords
The House of Lords, the upper chamber of the UK Parliament, has warned that the rising use of CLOs could represent an as yet unknown risk

BoE highlights weaknesses in CLO market following First Brands, Tricolor
The central bank will soon begin its stress test of private markets, amid concerns around weaknesses in higher-risk credit solutions

ECB pushback on securitisation reforms sparks concerns from industry
ECB sceptical about key aspects of proposed reforms – it backs operational tweaks, but opposes a prudential overhaul, while the industry is worried this provides ammunition for reform opponents

ECB hits out at proposed securitisation regulation overhaul
The European Central Bank released a paper criticizing parts of the European Commission's proposed changes to its securitization framework

Regulators will see the benefits of private credit – Blackstone
The resilience of private credit will become clear following a review of the sector by UK regulators, says Blackstone’s Daniel Leiter

BoE to update on private credit stress test before Christmas
EXCLUSIVE: An exploratory scenario test for private credit is in the works, following risk warnings from Governor Andrew Bailey

High issuance creating opportunities in CLOs and Australian ABS – Janus Henderson
ABS portfolio manager Ian Bettney finds market tight but sees attractiveness in certain sectors; high issuance keeping spreads on CLOs, Australian ABS, and US non-QM deals attractive

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

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

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 proposals “a big step in the right direction”
The new European Commission proposals for the securitisation market are “a big step in the right direction” and may attract more investors

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

Private credit funds, partner banks present risks as global growth slows—IMF
Private credit funds and their partner banks can face losses as a slowing economy will challenge borrowers’ ability to repay loans

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