On 30 November 2018, the Joint Committee of the European Supervisory Authorities issued a statement (the “Joint Statement”) indicating that, due to market concerns, it is “unlikely” that the ESMA draft regulatory technical standards to supplement the new Article 7 requirements under the EU Securitisation Regulation (the “Draft RTS”) will be adopted by 1 January 2019. Given the unduly burdensome nature of the Draft RTS, the Joint Statement provides the CLO industry with welcome interim relief in applying the considerably less onerous reporting obligations under Annexes I to VIII of the existing CRA3 Delegated Regulation until such time as revised regulatory technical standards from ESMA are adopted.
December 3, 2018
