On 30 April 2024, the Financial Conduct Authority (the “FCA”) published Policy Statement PS24/4 (“PS24/4”) setting out the final FCA Securitisation Sourcebook (“SECN”). Subject to the repeal of the Securitisation Regulation...more
6/7/2024
/ Asset Management ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Hedging ,
Investors ,
New Legislation ,
New Rules ,
Prudential Regulation Authority (PRA) ,
Risk Retention ,
Securitization ,
UK
The Prudential Regulation Authority (“PRA”) has published Consultation Paper 15/23 – Securitisation: General requirements (“CP 15/23”) setting out its proposed rules to replace retained EU law requirements on...more
8/3/2023
/ Comment Period ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSMA ,
Institutional Investors ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Standards ,
Securitization ,
Securitization Market ,
Securitization Standards ,
UK
The UK and Europe have released a number of updated requirements for securitisations that, while not effecting material changes, are notable in their scope and number. Below, we give a brief guide to these changes and their...more
7/24/2023
/ Capital Markets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
RTS ,
Securities Regulation ,
Securitization ,
Securitization Standards ,
Securitization Vehicles ,
UK
On 10 October 2022, the European Commission (the “Commission”) published its report (the “Report”) to the European Parliament and Council on the functioning of Regulation (EU) 2017/2402 (the “EU Securitisation Regulation”) as...more
Brexit and the Temporary Transitional Power -
On 31 January 2020, the UK ceased to be a member of the EU. Following a transition period, EU law ceased to be applicable in the UK with effect from 11 p.m. on 31 December...more
2/10/2022
/ Banks ,
Collateralized Loan Obligations ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Firms ,
Prudential Regulation Authority (PRA) ,
Regulatory Oversight ,
Securities Regulation ,
Securitization ,
Securitization Market ,
Securitization Standards ,
Transitional Arrangements ,
UK Brexit
Background -
On 24 June 2021, the UK Treasury (“HMT”) launched a call for evidence on the functioning of the UK Securitisation Regulation (“UKSR”). Article 46 of the UKSR required HMT to review the functioning of the...more
Background -
On 26 March 2021, the European Supervisory Authorities (the “ESAs”) published a Joint Opinion (the “Opinion”) on the jurisdictional scope of the obligations of the non-EU parties to securitisations under the...more
3/29/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Requirements Regulation (CRR) ,
EU ,
European Supervisory Authorities (ESAs) ,
Institutional Investors ,
Investment ,
Joint Statements ,
Securities Regulation ,
Securitization ,
Securitization Standards ,
Special Purpose Entities
As discussed in our previous Clients and Friends Memo (the “First Update”), on 24 July 2020 the European Commission (the “Commission”) published proposed amendments to the current securitisation framework set out in...more
I. Introduction -
The Securitisation Regulation applies to securitisations, the securities of which are issued (or where no securities are issued, the securitisation positions of which are created) on or after 1...more
On 24 July 2020, the European Commission (the “Commission”) published its proposed amendments to the current securitisation framework set out in Regulation (EU) 2017/2402 (the “Securitisation Regulation”)....more
The Securitisation Regulation applies to securitisations, the securities of which are issued (or where no securities are issued, the securitisation positions of which are created) on or after 1 January 2019....more
10/21/2019
/ Consumer Financial Products ,
Disclosure Requirements ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Lenders ,
Prudential Regulation Authority (PRA) ,
Regulatory Oversight ,
Reporting Requirements ,
Securitization ,
Securitization Standards ,
Securitization Vehicles ,
Special Purpose Entities ,
Transparency ,
UK ,
UK Brexit
On 13 September 2019, the European Banking Authority (the “EBA”) updated its guidance in respect of the Securitisation Regulation[1] by publishing an answer to a question submitted to it in November 2018 by the Association...more
9/17/2019
/ Collateralized Loan Obligations ,
Credit ,
EU ,
European Banking Authority (EBA) ,
Financial Markets ,
Financial Services Industry ,
Financial Transactions ,
Regulatory Oversight ,
Regulatory Standards ,
Securitization ,
Securitization Market ,
Securitization Standards ,
UK Brexit
On 7 June 2019, Regulation (EU) 2019/876 (“CRR II”)[1] was published in the Official Journal of the EU. CRD II amends the Capital Requirements Regulation in a number of respects. For securitisation market participants, a key...more
This memorandum provides an update regarding the further delay in the application of the transparency regulatory technical standards (“RTS”) (which include the new reporting templates) under the EU Securitisation Regulation....more
On 31 January 2019, the European Securities and Markets Authority (“ESMA”) published an Opinion (the “Opinion”) containing a revised set of draft disclosure technical standards (the “Disclosure Technical Standards”) and a...more
The European Securities and Markets Authority (“ESMA”) published on its website late on 18 December 2018, a letter from the European Commission to ESMA dated 30 November 2018 (the “Commission’s Letter”), in which the...more
On 30 November 2018, the European Banking Authority, the European Securities and Markets Authority (“ESMA”) and the European Insurance and Occupational Pensions Authority (the “European Supervisory Authorities” or “ESAs”)...more
12/4/2018
/ Asset-Based Lending ,
Capital Requirements Regulation (CRR) ,
Collateralized Loan Obligations ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Joint Statements ,
Quarterly Report ,
Securitization ,
Securitization Standards ,
Special Purpose Entities ,
Technical Standards
This briefing reviews developments in European CMBS since the financial crisis and focuses on (1) 2011-15 European CMBS transactions (“2011-15 European CMBS”); (2) 2017-18 European CMBS (“2017-18 European CMBS”)...more
On 14 May 2018, the Basel Committee on Banking Supervision (the “Basel Committee”) and the Board of the International Organization of Securities Commissions (“IOSCO”) issued criteria for identifying “simple, transparent and...more
On February 9, 2018, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled in favor of the Loan Syndications and Trading Association (“LSTA”) in its lawsuit against the...more
On 15 December 2017, the European Banking Authority (“EBA”) published a consultation paper (the “Consultation Paper”) containing draft Regulatory Technical Standards on the risk retention requirements (the “Risk Retention...more
On 26 October 2017, the European Parliament voted in plenary session to adopt the EU regulation intended to lay down common rules on securitisation and to create a European framework for “simple, transparent and standardised”...more
10/26/2017
/ Amended Regulation ,
Capital Requirements Regulation (CRR) ,
ESRB ,
EU ,
EU Transparency Directive ,
European Parliament ,
Institutional Investors ,
Risk Retention ,
RTS ,
Securitization ,
Special Purpose Entities
The EU legislative institutions have now agreed compromise amendments to the proposed EU regulation intended to lay down common rules on securitisation and to create a European framework for “simple, transparent and...more
The European Parliament’s Committee on Economic and Monetary Affairs (“ECON”) has today agreed compromise amendments (the “Compromise Amendments”) to the proposed EU regulation intended to lay down common rules on...more
12/9/2016
/ Capital Markets Union ,
Capital Requirements Regulation (CRR) ,
ECON ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Proposed Regulation ,
Risk Retention ,
Securities ,
Securitization ,
Special Purpose Entities
The Basel Committee on Banking Supervision (the “Basel Committee”) published an updated version of the “Basel III Document – Revisions to the securitisation framework” on 11 July 2016 (the “Amended Securitisation...more
8/4/2016
/ Banking Sector ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Basel III ,
Capital Requirements ,
Capital Requirements Regulation (CRR) ,
EU ,
European Commission ,
Securitization ,
Securitization Market ,
Securitization Standards ,
Transparency ,
UK