Securitization

News & Analysis as of

Selected Risk Retention Questions and Answers for CMBS Securitizations

On October 22, 2014, 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, the Federal Housing...more

The Marketplace Lending Industry Sneezes and Securitization Catches a Cold – Bad Law in the Madden Decision

For the past year or so, Dechert has been keeping a close eye on the marketplace lending industry and the tension between innovation, which portends the development of an entirely new non-banking financial space, and the...more

“Risk Retentionizing” Your CLO: A Post-Effective Date Guide to Risk Retention Compliance

Over the last year and a half, asset managers of collateralized loan obligations (“CLO Managers”) have been focused on developing various strategies to enable them to comply with the retention requirements of the final U.S....more

Basel Committee on Banking Standards Revises its Securitisation Framework

The Basel Committee on Banking Supervision published an amended Securitisation Framework to include alternative regulatory capital treatment for simple, transparent and comparable (STC) securitisations. The Securitisation...more

The NPL Circus: the Italian Tightrope

This summer, fans of the non-performing loan (NPL) circus, are in for a treat with the launch of the Italian tightrope trick. Spurred on by the recent European Banking Authority stress tests, the news last week that...more

Amendments to the Basel Securitisation Framework – Alternative Capital Treatment for Simple, Transparent and Comparable...

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

FHFA Request for Input on Single-Family Credit Risk Transfer – Certain Salient Matters

In its request for input on single-family credit risk transfer RFI, FHFA expresses a strong preference for large, economically efficient, repeatable transactions, as well as programs that create a level playing field for both...more

European Parliament Rapporteur Publishes Draft Amendments to the Proposed EU Securitisation Regulation

On 6 June 2016, Paul Tang MEP, the Rapporteur of the Committee on Economic and Monetary Affairs (“ECON”) of the European Parliament, published a “Draft Report”, consisting mainly of draft amendments (the “Proposed...more

Risk Retention: It’s the Fourth Quarter and the Home Team is Getting Glum

We thought it would be useful to give a quick, interim update on the slow-motion train wreck that is our industry’s response to the upcoming effectiveness of the Risk Retention Rule. For those of you who have been blessedly...more

European securitisation: Making a comeback? After seven years in the doldrums, moves are afoot to revitalise the European...

How likely is a successful revival of the market under qualifying securitisation — simple, transparent and standardized (STS) — going to be? That all depends on the results of the "trilogue" discussions between the European...more

Banking Disputes Quarterly - Q1 May 2016

Welcome to the Q1 2016 edition of our Banking Disputes Quarterly, designed to keep you up to date with the latest news and legal developments and to inform you about future developments that may affect your...more

Steps taken to backstop the Italian Banking System: Atlas fund, NPL state guarantee and insolvency reforms

On 11 April 2016, the Italian government announced the launch of the Atlante ("Atlas") fund, a private fund which will acquire shares in Italian banks and purchase non-performing loans ("NPLs"). On 15 April 2016, Law...more

A Contrarian View on the Single-Family Rental Market

More than two years after the first single-family rental securitization, the single-family rental market continues to evolve and grow. The rise of single-family rentals reflects both a demographic shift among the American...more

Financial Regulatory Developments Focus - April 2016 #3

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

Italian reform and the latent potential for CMBS

Fuelled by continued macro-economic uncertainty, the European CMBS market is currently experiencing a prolonged period of malaise. Meanwhile the Italian legislative cogs have continued to turn. The news last week that the...more

GACS Approvato Il Disegno Di Legge Di Conversione Del Decreto Sulla Garanzia Statale Sulla Cartolarizzazione Delle Sofferenze

On 10 February 2016, decree no. 18/2016 (the "Decree") was passed which, following the agreement reached with the EU late last month, sets out the details of the Italian government guarantee scheme for senior tranches of...more

GACS: Approved The Conversion Law Of The Relevant Decree

On 10 February 2016, decree no. 18/2016 (the "Decree") was passed which, following the agreement reached with the EU late last month, sets out the details of the Italian government guarantee scheme for senior tranches of...more

Non-Performing Loans and Securitisation in Europe

Considerable attention has centered in the recent past on the issue of non-performing loans (NPLs) in the European banking system. The focus has been less on securitisation as a viable alternative resolution model and more on...more

The Southern District of New York’s Norske Skog Decision: What Constitutes A Refinancing May Be In The Eye of The Beholder

The recent decision by the United States District Court for the Southern District of New York in Citibank, N.A. v. Norske Skogindustrier ASA could be an important consideration for future drafting and interpretation of debt...more

Rating Agency Developments

On March 23, Moody’s updated its rating methodology for rating securitizations backed by Non-Performing and Re-Performing Loans....more

UK Budget 2016 – Key Tax Measures

The Chancellor of the Exchequer delivered the UK Budget for 2016 on 16 March 2016. The Budget was delivered against the backdrop of international tax developments, relating to the Organisation for Economic Co-operation and...more

Your daily dose of financial news The Brief – 3.3.16

The past 2 days saw an incredible and tragic turn of events for former Chesapeake Energy CEO Aubrey McClendon, part owner of the OK Thunder and a winery in Bordeaux and “face of the nation’s natural gas boom,” who on Tuesday...more

Risk Retention and the Regulatory State: What It Means to “The Folks” in 2016 and Beyond

We may be approaching a tipping point where the burden of the new federal regulatory state, purportedly designed to make our economy stronger by making the banking system safer, will begin to demonstrably become a cure that’s...more

Capital Markets Union: a Marathon not a Sprint

Since the Action Plan for a Capital Markets Union (“CMU”) was launched on 30 September 2015, the European Commission (“the Commission”) has initiated a number of CMU initiatives. Notably, building on the CMU’s initial...more

Rating Agency Developments

On February 12, S&P issued a report entitled ABS: European Corporate Securitizations. On February 11, Fitch released Updated Criteria for Asset-Backed Commercial Paper....more

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