News & Analysis as of September 18, 2024

European Union › Risk Retention

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

The New UK Securitisation Rules : A Practical Overview and Comparison

Cadwalader, Wickersham & Taft LLP on 6/7/2024

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

AIFMD 2.0 – Evolution Rather than Revolution

Proskauer - Regulatory & Compliance on 3/28/2024

On 26 March 2024, the legislative package amending the Alternative Investment Fund Managers Directive 2011/61/EU (“the “AIFMD”) and (to a certain extent) the UCITS Directive was published in the Official Journal of the...more

AIFMD II and Loan Origination Funds

Cadwalader, Wickersham & Taft LLP on 11/16/2023

On 6 November 2023, the Council of the European Union published its long anticipated final compromise text ‘as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and...more

EU Regulatory Technical Standards on Risk Retention Finalized

Dechert LLP on 11/8/2023

After years of waiting and multiple drafts, the final version of the EU Regulatory Technical Standards on risk retention was published in the Official Journal of the European Union on 18 October 2023. In addition, we have...more

The wait is over – the final EU recast risk retention rules will enter into force on 7 November 2023

A&O Shearman on 10/23/2023

EU Securitisation Regulation – the long-awaited final text of the recast risk retention regulatory technical standards (RTS) has been published in the Official Journal on 18 October 2023 and will enter into force on 7...more

AIFMD II Credit Funds

King & Spalding on 9/21/2023

Loan Origination Funds Have a Lot of Wood to Chop Before Aifmd II Kicks In - Following a review of the AIFMD, the Commission, in a draft amending directive published in 2021, noted that common rules should be laid down to...more

Putting It All Together: A Brief Guide to the UK’s New Securitisation Framework

Latham & Watkins LLP on 8/17/2023

The new securitisation framework will combine three sets of overlapping rules, in an effort to repeal and replace retained EU law in the UK. The missing piece of the puzzle to the UK’s new securitisation framework became...more

European Commission Adopts Final Draft Regulatory Technical Standards on EU Risk Retention

Morgan Lewis on 7/31/2023

The European Commission recently adopted a final draft of the regulatory technical standards in relation to the risk retention requirements under the EU Securitisation Regulation. This is based on the final draft of these...more

EU recast risk retention rules are one step closer to being finalised

A&O Shearman on 7/11/2023

EU Securitisation Regulation – EBA final advice on the revised draft recast risk retention RTS adopted by the European Commission. In May 2022 we shared with you some of our thoughts on the European Banking Authority...more

New Wrinkle for EU/UK Risk Retention Compliant U.S. CLOs

Seward & Kissel LLP on 10/24/2022

In addition to the market uncertainty caused earlier this year as a result of the European Commission (the “Commission”) adding the Cayman Islands to its list of jurisdictions that have “strategic deficiencies” in the area of...more

European Commission presents report to the European Parliament and Council on the functioning of the EU Securitisation Regulation

Cadwalader, Wickersham & Taft LLP on 10/11/2022

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

In Depth: The EBA Publish Final Draft RTS Relating to Risk Retention under the EU Securitisation Regulation

Cadwalader, Wickersham & Taft LLP on 5/3/2022

On 12 April 2022, the European Banking Authority (the “EBA”) announced the publication of its final draft Regulatory Technical Standards (“RTS”) specifying the requirements for originators, sponsors and original lenders in...more

The EBA Publish Final Draft RTS Relating to Risk Retention Under the EU Securitisation Regulation

Cadwalader, Wickersham & Taft LLP on 4/26/2022

Background - On 12 April 2022, the European Banking Authority (the “EBA”) announced the publication of its final draft Regulatory Technical Standards (“RTS”) specifying the requirements for originators, sponsors and...more

Final Draft Technical Standards on Risk Retention Requirements for Securitisations Published by EBA

Cadwalader, Wickersham & Taft LLP on 4/18/2022

On April 12, 2022, the European Banking Authority (the “EBA”) issued a press release announcing the publication of its final draft Regulatory Technical Standards (“RTS”), setting out the requirements for originators, sponsors...more

NPE servicers prepare to retain risk under EU Securitisation Regulation

Latham & Watkins LLP on 2/24/2022

Recent changes to the Securitisation Regulation allow eligible servicers in the EU to retain the 5% net economic interest in traditional securitisations of non-performing exposures (NPEs). The European Banking Authority (EBA)...more

Report by the Joint Committee of the European Supervisory Authorities on the EU Securitisation Regulation

Mayer Brown on 6/4/2021

Introduction - The Joint Committee of the European Supervisory Authorities (the "Joint Committee" and the "ESAs", respectively) has published a report on the implementation and functioning of the EU Securitisation...more

ESAs’ Opinion to the European Commission on the Jurisdictional Scope of Application of the EU Securitisation Regulation

Mayer Brown on 6/2/2021

The European Supervisory Authorities (the "ESAs") have published an opinion on 25 March 2021 entitled "ESAs’ Opinion to the European Commission on the Jurisdictional Scope of Application of the Securitisation Regulation" (the...more

Capital Markets Recovery Package (CMRP) – Quick fixes or long-term solution?

Hogan Lovells on 4/6/2021

CMRP has introduced new EU rules for NPL securitisations and a framework for “STS” synthetic securitisations - On 1 January 2019 EU Regulation 2402/2017 (Securitisation Regulation) started to apply, giving rise to one of...more

Summary of key U.S. and EU regulatory developments relating to securitization transactions

Hogan Lovells on 2/24/2020

Overview - Numerous regulatory developments were enacted or proposed in the United States and the European Union in response to the financial crisis. Although some of the proposed changes are still in the process of being...more

Relief Provided for U.S. Securitizations as a Result of Recent Amendments to EU Securitization Regulations

Stinson LLP on 7/1/2019

As a result of a new securitization amendment (Regulation (EU) 2019/876) passed by the European Parliament and the Council of the European Union (EU), effective as of June 27, 2019, EU parent undertakings and their...more

More Fun With Risk Retention: Europe and Japan Weigh In

Dechert LLP on 1/29/2019

We’re all just back from CREFC and the mood was broadly constructive. (Don’t you love that word, “constructive”? When did “constructive” become a fancy way to say “good”?) We all went to South Beach this year wondering...more

The EU Securitization Regulation—Application to AIFS and UCITS

Morgan Lewis on 11/3/2018

New types of institutional investors will soon fall under the revised and expanded EU risk retention rules that will affect investors' obligations and requirements for new securitizations, including in relation to due...more

The Evolution of European CMBS 2.0

Cadwalader, Wickersham & Taft LLP on 10/11/2018

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

Impact of New EU Securitisation Regulations on UCITS

Dechert LLP on 10/8/2018

The new EU securitisation regulations (Regulations)1 came into force on 17 January 2018, and will be directly applicable across the European Union from 1 January 2019. EU retail funds (Undertakings for Collective Investment...more

EU Risk Retention Undertakings in U.S. General Equipment ABS: Evolving Market Practice

Vedder Price on 8/23/2018

For companies seeking to finance general equipment assets via asset backed securitization (ABS) instruments, risk retention has become an important consideration. In response to the latest financial crisis, both the U.S. and...more

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European Union › Risk Retention

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