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In May 2017, the European Central Bank published its final Guidance on Leveraged Transactions (the "ECB Guidance")1. The ECB Guidance will come into effect six months after publication ...
In May 2017, the European Central Bank published its final
Guidance on Leveraged Transactions (the "ECB
Guidance")1. The ECB Guidance will come into effect
six months after publication and will apply to all
"significant credit institutions" supervised by the ECB.
As we discussed in our previous note2, when drafting its
guidance the ECB took into account comments from market
participants, many of which focused on aligning the ECB Guidance
with the Interagency Guidance on Leveraged Lending (the "US
Guidance")3 promulgated by the several departments
of the United States government in March 2013. In this note, we
give a more specific comparison of significant points-to-note in
the ECB Guidance and the US Guidance.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
