TY - JOUR T1 - Coming to Europe—<em>Structuring CLOs with Irish Issuers</em> JF - The Journal of Structured Finance SP - 39 LP - 44 DO - 10.3905/jsf.2015.21.2.039 VL - 21 IS - 2 AU - Stephen McLoughlin AU - Matt Hedigan AU - Callaghan Kennedy Y1 - 2015/07/31 UR - https://pm-research.com/content/21/2/39.abstract N2 - The year 2014 saw the largest issuance of European CLOs (collateralized loan obligations) since 2008, with 34 transactions pricing with an aggregate issuance of approximately €15 billion. More than 70% of the CLOs priced in 2014 used Irish issuers established under Ireland’s securitization regime, commonly known as “Section 110.” At the same time that market activity and competition are intensifying, the complexity of regulatory regimes to be navigated by managers and arrangers has increased. This article examines the key European Union regulatory issues for U.S. managers and arrangers to be aware of when structuring CLOs using Irish special purpose vehicles (SPVs) as an issuer or co-issuer, whether arising under Irish domestic or European legislation. The authors address EU authorization requirements; Section 110 issuer requirements; and requirements for structuring warehouse finance and CLO notes, including risk retention and central reporting and credit rating agency appointment requirements; ongoing compliance requirements under the European Market Infrastructure Regulation (EMIR); and funded vehicle corporation (FVC) reporting requirements.TOPICS: CLOs, CDOs, and other structured credit, developed, legal/regulatory/public policy ER -