On October 21 and 22, 2014, pursuant to the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), the Securities and Exchange Commission (the “SEC”) and various federal...more
More than a decade after its initial proposal,1 the US Securities and Exchange Commission (SEC) has at long last adopted a final rule2 under the Securities Act of 1933, as amended (the Securities Act), prohibiting material...more
More than a decade after its initial proposal,1 the US Securities and Exchange Commission (SEC) has re-proposed a new rule 2 under the Securities Act of 1933, as amended (the Securities Act), prohibiting material conflicts...more
It can be difficult to structure securitization transactions that comply with both the US and EU regulatory regimes, a task made even more complicated by the new EU rules that came into effect on January 1, 2019. While the...more
The US Securities and Exchange Commission staff has confirmed that a depositor of mortgage securitization trusts may rely on the exclusion from registration provided by Section 3(c)(5)(C) of the Investment Company Act of...more
Possible changes would include loosening qualified asset requirements under risk retention rules, limiting asset-level disclosure under Reg. AB II, and rationalizing capital and liquidity requirements for securitized assets....more
The challenges of complying with both the US rules and the EU rules.
Both United States and European Union laws now require 5 percent credit risk retention for securitization transactions. While the jurisdictional scope...more
2/27/2017
/ Asset-Backed Securities ,
Dodd-Frank ,
EU ,
Hedging ,
Interest Rates ,
Multi-Jurisdictional Litigation ,
Qualified Residential Mortgages (QRB) ,
Risk Retention ,
Securities Act of 1933 ,
Securitization ,
Sponsors
In a complex securitization structure, determining the identity of the sponsor under the credit risk retention rules can be a daunting task.
Introduction
Under the credit risk retention rules adopted pursuant to the...more