Cleary Gottlieb Steen & Hamilton

This Practice Note explains regulatory developments in the UK relating to the regulation of environmental, social and governance (ESG) ratings and data products. However, for context, it begins with a discussion of prior publications by the International Organization of Securities Commissions (IOSCO), which effectively form the basis of the emerging regulatory landscape in the UK.

This Practice Note explains regulatory developments in the EU relating to the regulation of environmental, social and governance (ESG) ratings and data products, specifically the EU’s proposal for a regulation on the transparency and integrity of environmental, social and governance (ESG) rating activities.

This Practice Note discusses Term Loan B (or TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors. It explores the structure of a typical TLB facility, how it differs from traditional leveraged loans in Europe, its key features and recent trends.