Securitization Vehicles

News & Analysis as of

European Commission Adopts Regulation on Classes of Arrangements to be Protected in a Partial Property Transfer

The European Commission adopted a Delegated Regulation on the classes of arrangements to be protected in a partial property transfer or where a contract is forcibly modified by a resolution authority. The EU Bank Recovery and...more

The man who sold the world: Bowie, bonds and IP securitisation

The loss of David Bowie at the start of this year prompted much discussion of his musical legacy, but less well-publicised was his contribution to finance....more

Flash: Congress Fixes the CMBS Risk Retention Problem (Just Kidding)

Last week, the House Committee on Financial Services reported out the Preserving Access to CRE Capital Act of 2016 (the “bill”) in a remarkably bipartisan sort of way (paving the way for: “Well, yes, I did vote for it, but...more

Finance Advisory: Risk Retention and the Preserving Access to CRE Capital Act

The final rules for implementing Section 941 of the Dodd-Frank Act as it relates to credit risk retention will become effective December 24 of this year. With the effective date quickly approaching, Congress has stepped in to...more

Global Financial Markets Insight - Issue 9, Q1 2016

The beginning of 2016 has proved uncomfortable for markets. The fall in oil prices, the downturn of the Chinese markets and the continued uncertainty over Europe continue to drive a negative and uncertain outlook. With...more

Rating Agency Developments

On December 16, 2015, Fitch released updated Criteria Assumptions for UK Residential Mortgages. On December 16, 2015, Fitch released updated EMEA RMBS Rating Criteria, which had no impact on existing ratings. On December 15,...more

Securitisation – reformed and good for banks

Nobody would have said so in 2008 or 2009. Many are still sceptical now. However, the European Commission's action plan for a "Capital Markets Union" has made the revival of securitisation a key objective. Why? In the...more

Financial Regulatory Developments Focus - October 2015 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Risk Retention: Flash – These Rules Don’t Work!

As we begin to close in on the initial implementation of the Risk Retention Rule, we are looking beyond the headlines and trying to figure out how the Rule will actually work.  The result is troubling....more

EU Risk Retention - Some Good News From Brussels

Following Dechert’s Legal Update published on 14 September 2015, we have had sight of an updated draft of the proposed EU legislation on securitisations. The updated draft shows signs that regulators have taken on board some...more

Rating Agency Developments

On May 7, DBRS published a report on it methodology for rating U.S. Timeshare Loan Securitizations....more

Section 546(e) Protects Two Tiered Securitization Structures

What happens when a debtor, whose loan is pooled and securitized, files for bankruptcy? Are payments made to investors recoverable as fraudulent transfers or preferences? Until recently, no published court opinion...more

Payments to Investors in a Securitization Structure Protected from Avoidance

In what appears to be a matter of first impression, the U.S. Bankruptcy Court for the Northern District of Illinois recently held that payments made to investors in a two tiered securitization structure commonly employed in...more

Rating Agency Developments

On March 6, Fitch revised its criteria for rating granular corporate balance-sheet securitizations (SME CLOs). On March 5, Moody’s revised its global approach to data quality evaluation. On March 3, Kroll released CMBS...more

Agencies Issue Tool for Calculating Capital Requirements for Securitization Exposures

On February 11, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued an automated tool to help national banks and...more

Financial Regulatory Developments Focus - February 2015 #3

In this issue: - Bank Prudential Regulation & Regulatory Capital - Regulatory Capital Tool for Securitization Exposures - European Banking Authority Reports on Implications of Regulatory Reforms for...more

A Challenge to the New Congress: Pass Housing Finance Reform

Over six years ago, when the federal government placed Fannie Mae and Freddie Mac into conservatorship, experts from public, private, and academic worlds concurred: housing finance in the United States was mortally flawed....more

Privacy Concerns and the Proposed Reg AB II Revisions Relating to Asset Level Data

In February 2014, the Securities and Exchange Commission (SEC) once again re-opened the comment period with respect to proposed revisions to Regulation AB relating to the disclosure of asset-level data after receiving many...more

FHFA Director Outlines Strategic Plan

On May 13, FHFA Director Mel Watt presented a new strategic plan for the FHFA under his direction, which will focus on fulfilling the FHFA’s obligations under current law, and will shift away from efforts to position the...more

Electric Utility Securitizations

Traditional utility securitizations, enabled by statute in approximately 17 states, have been used numerous times over the past 16 years to recover “stranded costs” resulting from deregulation, and environmental/pollution...more

The Volcker Rule’s Impact On Banking Entities’ Ownership And Sponsorship Of Structured Finance And Securitization Transactions

On December 10, 2013, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity...more

Bankruptcy remoteness – a remote prospect?

Lawyers and investment bankers involved in setting up structured products such as asset backed commercial paper, CDOs, CMBS and CLOs often strive to achieve “bankruptcy remoteness” for the vehicle issuing the product...more

Basel Committee’s Proposed Revisions to the Securitization Framework

The Basel Committee on Banking Supervision (the “Basel Committee”) published a consultative document, “Revisions to the Basel Securitisation Framework” (the “Proposed Revisions”) on December 18, 2012, which proposes...more

The CFTC’s Further No-Action Relief for Operators of Securitization Vehicles that May Constitute Commodity Pools

In a letter dated March 29, 2013 (the “March 29 Letter”), the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”), extended by three months, but subject...more

CFTC No-Action Relief for Commodity Pools

On April 2, the CFTC issued a time limited no-action letter that extended the deadline for compliance with reporting for commodity pool operators of securitization vehicles from March 31 until June 30....more

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