IMN Conference Highlights CLO Regulatory Speed Bumps

Apr 05, 2019

Nick Shiren comments on Japanese CLO risk retention rules and EU compliance.

An excerpt from "IMN Conference Highlights CLO Regulatory Speed Bumps," S&P Global Market Intelligence, April 5, 2019:

Nick Shiren, partner at Cadwalader, Wickersham & Taft, noted that for Europe the analysis around Japanese risk retention is slightly different than for the U.S. European CLOs are subject to the 5% risk retention under the European securitisation regulation, which should satisfy the Japanese regulator, yet Japanese investors must for example look closely at who can retain the risk retention. “While we are expecting that E.U.-compliant deals also comply with the Japanese rules, the market would benefit from a couple of clarifications,” Shiren said. 

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