Schulte Roth & Zabel partners Craig Stein, Phillip Azzollini, Dan Oshinsky and Martin Sharkey authored an Expert Analysis Chapter for the International Comparative Legal Guide’s “Securitisation 2025.”  

Their chapter, entitled “U.S. and EU CLOs: Market Trends and Recent Regulatory Developments,” provides an in-depth analysis of regulatory and market issues relating to the collateralised loan obligation (CLO) market, highlighting the CLO market’s performance in 2024 and examining the implications of recent SEC enforcement actions and regulatory matters in the United States, the continued growth of middle-market and private credit CLOs, regulatory developments affecting CLOs in the United Kingdom and European Union, and the emergence of CLO exchanged traded funds and the potential impact on CLO pricing.  

Despite regulatory challenges and evolving investor interests, the CLO market demonstrated resilience in 2024. Explore the firm’s latest insights on current market trends and legal developments shaping the CLO landscape in 2025. 

Ele Klein, chair of Schulte’s Global Shareholder Activism Group, spoke to The Deal for an article that discusses how activist investors are increasingly targeting underperforming companies with aging, long-tenured CEOs and board members — especially when there’s a perceived opportunity for a sale or leadership transition.

Ele noted that, for activists, persuading an aging CEO to sell the company is often more feasible than attempting an operational turnaround, especially when leadership is entrenched.

“There are situations where there happens to be an underperforming company and older CEO who isn’t getting out of the way. A possible easier task at an

underperforming company with an older founder-CEO could be to get the company to sell itself, rather than fix performance and get a better return.”

However, Ele emphasized the distinction between simply being old and being both old and underperforming. He pointed to Warren Buffett — despite having been the oldest CEO in the S&P 500, avoided activist pressure due to Berkshire Hathaway’s consistently strong performance.

“There’s a reason activist investors never talk about Warren Buffett. Berkshire Hathaway isn’t underperforming, and he’s a superstar.”

In Cosmetiquemag, Anne-France Moreau warns of the risk of connected beauty products being reclassified as medical devices. There is a fine line between promises of well-being and therapeutic claims.

‘A connected object cannot make therapeutic claims if it is not considered a medical device.’

An error in qualification exposes manufacturers to much stricter obligations, and even to withdrawal from the market.
Anticipating status from the design stage is now essential.

Read the full article (in French, via paywall).