RT Journal Article SR Electronic T1 Coming to Europe—Structuring CLOs with Irish Issuers JF The Journal of Structured Finance FD Institutional Investor Journals SP 39 OP 44 DO 10.3905/jsf.2015.21.2.039 VO 21 IS 2 A1 Stephen McLoughlin A1 Matt Hedigan A1 Callaghan Kennedy YR 2015 UL https://pm-research.com/content/21/2/39.abstract AB 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