Simpson Thacher Authors Article on Navigating Leverage Limits and EU Regulation
Securitisation Partner Richard Hanson and Funds Partner Owen Lysak authored an article in International Comparative Legal Guides titled “Back-Leverage and AIFMD II: Navigating Leverage Limits & EU Regulation.” The piece focuses on how the new Alternative Investment Fund Managers Directive II (AIFMD II) leverage limits for loan-originating alternative investment funds interact with back leverage, including non-recourse special purpose vehicle borrowing and a range of structuring approaches increasingly being implemented. The piece also considers the tension between AIFMD II concepts of loan origination and the separate originator analysis under the EU Securitisation Regulation.
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