CLO buyers could pay for manager’s disclosure failings

By Graham Bippart, Owen Sanderson
11 Jun 2019

Quirks of Europe’s new Securitisation Regulation, which came into force this year and is dominating debate at this year’s IMN/Afme Global ABS conference in Barcelona, could leave CLO buyers carrying the can for failures of CLO managers to meet their regulatory obligations.

Nick Shiren, a partner at Cadwalader, Wickersham and Taft, said that in a CLO, the issuer itself would be the party that was required to disclose transparency information under Article 7 of the new regulation.

But it needs to source this information from the collateral manager, who holds ...

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