June 08, 2016
excerpt from "MEP Drops Bombshell with Proposal to Take Risk Retention up to 20%," Creditflux (June 8, 2016):
David Quirolo, a partner at law firm Cadwalader Wickersham & Taft, concedes that the draft proposal is a disappointing development for the CLO market. However, he has told Creditflux that the draft needs to work its way through various stages of approval before coming into effect. “This is a draft report and really the start of the legislative process,” says London-based Quirolo. “The report will be reviewed and debated by the Committee for Economic and Monetary Affairs before being debated by the EU Parliament, and finally onto the trilogue, which comprises representatives of the European Parliament, the Council and the Commission.”
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