The European Securities and Markets Authority has published a consultation paper on supervisory expectations for the management bodies of firms directly supervised by ESMA, namely credit rating agencies, benchmark...more
Commission Delegated Regulation (EU) 2024/1700 has been published in the Official Journal of the European Union, supplementing the EU Securitization Regulation with regard to RTS specifying, for simple, transparent, and...more
Key developments in May 2024: ESG: The Financial Conduct Authority (“FCA”) updated its webpage on the sustainability disclosure requirements (“SDR”) and investments labelling regime. Among other things, the webpage has been...more
The detailed disclosure requirements under the Securitisation Regulations in the EU and UK, which aim to ensure that investors receive the information needed to make informed assessments, have been considered by many market...more
ESMA has published a Consultation Paper in relation to the securitisation disclosure templates under Article 7 of the EU Securitisation Regulation. This follows the report of the European Commission in October 2022 setting...more
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
On 13 June 2023, the European Commission published a proposal for a regulation on the transparency and integrity of ESG rating activities, following concerns about the reliability, comparability and transparency of ESG...more
The EBA has launched a consultation on two RTS and ITS on the functioning of supervisory colleges under the CRD. These new technical standards will ensure that the Level 2 framework for the functioning of supervisory colleges...more
ECB in focus is our blog dedicated to the banking supervisory activities of the European Central Bank (ECB). We report on key developments in European banking regulation led by the ECB as part of the Single Supervisory...more
The Council of the European Union and the European Parliament announced, on 28 February 2023, that provisional agreement on the European Green Bond Standard (the EU GBS and the Regulation) had been reached. More recently the...more
On 12 December 2022, the three European Supervisory Authorities (“EBA,” “EIOPA” and “ESMA”) published a joint advice on the review of the securitisation prudential framework....more
Key Points - The European Commission (“EU Commission”) has published its report on the functioning of the EU Securitisation Regulation which contains the EU Commission’s assessment of a number of key aspects of the...more
The European Commission recently published its long-anticipated report to the European Parliament and the Council of the European Union on the functioning of the EU Securitisation Regulation. The report contains important...more
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
The French regulator, the Autorité des Marchés Financiers (the AMF) has recently published a report (the AMF Report) following its inspection, involving a sample group of credit institutions, of certain simple, transparent...more
There are some good news for the temporary recognition of the EU "simple, transparent and standardised" (STS) securitisations in the UK, as the draft regulations published on 5 July 2022 seek to extend this temporary...more
DvP clients: FCA and PRA Dear CRO letter on counterparty credit exposure management and controls - The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have published a letter to chief risk...more
Brexit and Debt Capital Markets transactions: some practical perspectives -Following the end of the Brexit transition period, debt capital markets participants may now need to consider both EU rules and the parallel UK rules...more
On 16 December 2020, the Council of the European Union published final compromise proposals for a package of measures dubbed the “Capital Markets Recovery Package”, these were adopted by the European Parliament’s Committee on...more
Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Supervisory Authorities and IOSCO, among others. Recent regulatory developments of interest to...more
MiFIR: FCA statement on trade reporting and position limit obligations - The UK Financial Conduct Authority (FCA) has published a statement on trade reporting and position limit obligations under the Markets in Financial...more
Brexit: FCA opens registration applications for UK securitisation repositories - The UK Financial Conduct Authority (FCA) has published a new webpage for securitisation repositories under the Securitisation Regulation that...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
Introduction - The European Banking Authority (the “EBA”) has recently published its report on the feasibility of a framework for simple, transparent and standardised (“STS”) synthetic securitisations (the “EBA Report”)....more
The European Securities and Markets Authority has launched a consultation on proposed guidelines on securitization repository data completeness and consistency thresholds. The proposed guidelines would apply to EU...more