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IOSCO Issues Industry Surveys on Conduct Risks in Leveraged Loans and Collateralized Loan Obligations


The International Organization of Securities Commissions (IOSCO) has issued four questionnaires for industry participants on conduct risks in Leveraged Loans (LLs) and Collateralized Loan Obligations (CLOs) targeting bank lenders, CLO investors, CLO managers and LL sponsors.

IOSCO, through its Committee 3 on Regulation of Market Intermediaries and its Committee 5 on Investment Management, is conducting work to understand the potential conflicts of interest and misaligned incentives among participants in the LL and CLO markets across the chain of intermediation, from credit origination to the sale to end-investors. 

To help inform this analysis both Committee 3 and Committee 5 are asking bank lenders, CLO investors, CLO managers and LL sponsors to complete the respective surveys. The purpose of the questionnaires is to support IOSCO’s project by furthering its understanding of the LL and CLO markets.  In particular, the questionnaires seek to determine where potential conflicts of interest and conduct issues may exist and how they are managed by the respective market participants. IOSCO will consider the questionnaire responses when formulating any report regarding LLs and CLOs.

Individual responses will be confidential and will remain anonymous to IOSCO Committee members. The submission deadline is 30 June 2021.

Respondents may access the surveys at the following links:

Bank Lender Survey

CLO Investor Survey

CLO Manager Survey

Leveraged Loan Sponsors Survey

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