Following the financial sector disruptions in 2023, financial institutions turned first to covered bonds for funding and the covered bond market demonstrated its resilience. Just as the covered bond market remained available...more
Il presente contributo analizza la consultazione Banca d’Italia sulle proposte di modifica alle disposizioni di vigilanza sulle obbligazioni bancarie garantite (covered bond) contenute nella Circolare n. 285 del 17 dicembre...more
A new Regulation and Directive amending certain provisions of the Capital Requirements Regulation on covered bonds and introducing standards on the issuance of covered bonds and covered bond public supervision has been...more
CONDUCT - FCA guidance on approving financial promotions - On 26 November, the FCA published guidance on approving financial promotions for unauthorised persons. The guidance sets out some practical implications of the...more
BREXIT - April version of PRA and BoE policy statement on Brexit and related final policy materials - On 18 April, the PRA and the BoE published a further version of their joint policy statement on amendments to...more
The new framework should simplify the path for issuers seeking to market European covered bonds to investors in the US. Key Points: ..The new framework will create minimum product and technical standards for covered...more
U.S. Financial Industry Developments - Community Reinvestment Act: Revisions to Impact of Evidence of Discriminatory or Other Illegal Credit Practices on Community Reinvestment Act Ratings... ...more
ESMA Asks European Commission to Clarify Scope of Exemptions from EMIR Financial Obligations - On April 27, 2018, the European Securities and Markets Authority ("ESMA") published a letter from Steven Maijoor, ESMA Chair,...more
Home Mortgage Disclosure Act: FFIEC's Revised 'A Guide to HMDA Reporting: Getting It Right!' On March 14, 2018, the Office of the Comptroller of the Currency published an updated resource providing guidance for complying...more
On March 12, 2018, and further to its action plan on building a capital markets union (“CMU“), the European Commission published a draft Directive and Regulation on covered bonds in line with its aim to create an integrated...more
A Commission Delegated Regulation amending the Capital Requirements Regulation has been published in the Official Journal of the European Union. Under CRR, for banks investing in covered bonds that meet certain criteria, a...more
On August 21, 2017, the European Commission published the text of a Delegated Regulation that amends the Capital Requirements Regulation (Regulation 573/2013) ("CRR"). The main amendment pertains to Article 496(1) of the CRR....more
Il 17 maggio 2017 la Commissione europea ha pubblicato lo studio "Covered Bonds in the European Union: harmonisation of legal frameworks and market behaviours". Il report comprende una overview del mercato europeo dei Covered...more
Financial Industry Developments - Changes Proposed to CAS and STACR Programs - On May 8, 2017, Fannie Mae and Freddie Mac announced that they are considering certain changes to the structure of their CAS and STACR...more
On 20 December 2016, the European Banking Authority (the "EBA") published the final version of a report entitled "EBA Report on Covered Bonds - Recommendations on Harmonisation of Covered Bond Frameworks in the EU" (the...more
Il 20 dicembre 2016, la European Banking Authority ("EBA") ha pubblicato la propria relazione finale dal titolo "EBA report on covered bonds – Recommendations on harmonization of covered bond frameworks in the EU" (di seguito...more
The European Banking Authority published recommendations for harmonizing the EU framework for covered bonds. For banks investing in covered bonds that meet certain criteria, the Capital Requirements Regulation sets...more
SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies - On September 28, 2016 the Securities and Exchange Commission ("SEC") voted to adopt new rules to establish "enhanced standards for the...more
Implementing Technical Standards listing the main indices and recognized exchanges for the use of eligible collateral in accordance with the Capital Requirements Regulation was published in the Official Journal of the...more
Financial Industry Developments - Agencies Publish Study on Banking Activities and Investments under Dodd-Frank - On September 8, 2016, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more
On July 19, 2016, DBRS published its criteria for rating CLOs backed by loans to European SMEs (small and medium-sized enterprises). Report. On July 18, 2016, Fitch published its criteria for assigning new and existing...more
On March 8, 2016, Fitch updated its global rating criteria for single- and multi-name credit-linked notes. On March 8, 2016, DBRS published its methodology for rating European covered bonds. On March 4, 2016, DBRS published...more
Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more
SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more
On September 17, 2015, the Covered Bond Label Foundation and the European Covered Bond Council announced agreement on the implementation of a Harmonized Transparency Template (HTT) across jurisdictions for all covered bond...more