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

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

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

JP Morgan wins Kirschner case as court rules loans are not securities
The Second Circuit Court of Appeals has ruled in favour of JP Morgan in the Kirschner case that term loan Bs are not securities

Proposed US bank regulations could create more demand for CLO triple A notes
Recent proposals on bank capital requirements in the US may increase demand for CLO triple A paper, according to new research by Barclays

Legacy CLO notices go out for Sofr switch
Legacy CLOs are poised to transition to Sofr in a smoother manner than their underlying assets, according to market sources, who say that almost every issuer has sent notices to their investors signalling that they plan to make the switch on 30 June. 

Loan market says goodbye to Libor in legacy contracts
In July, after 37 years of widespread use as the underlying base rate for contracts, the London Inter-Bank Offered Rate will finally be ditched by the majority of the leveraged loan market.

DLA Piper: new regulations expand "conflict of interest" definition that goes back 30 years [video]
At Creditflux's CLO Symposium in London in May, DLA Piper partners Richard Reilly and Konstantinos Vavelidis discussed the regulatory outlook for the CLO market on both sides of the Atlantic

FCA greenlights synthetic Libor
The UK’s Financial Conduct Authority has given the go-ahead for ‘synthetic Libor’ as it creates a bridge for Libor contracts that do not have any hard-wired language referencing Sofr. 

LSTA requests comment period extension on SEC's securitisation conflicts rule
Comments are due 27 March but an extension no sooner than 24 June has been requested

US CLOs may require audits under revisions to SEC custody rule
New sweeping revisions to the SEC’s Custody rule in mid-February could require US CLOs to be audited and officials tell Creditflux the rule poses very significant challenges which are problematic from a high level, not just in the loan space.

Insurers draw battle lines as NAIC proposal splits CLO debt and equity investors
Insurance companies found themselves on opposing sides on Tuesday when the National Association of Insurance Commissioners held a meeting to determine capital treatment for CLO equity investments.

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