Leveraging oil and gas assets for capital has become a strategic imperative for independent producers grappling with limited traditional financing options and economic volatility. Asset-backed securities (ABS) in the oil and...more
On March 19, 2024, the Third Circuit handed down a decision that statutory trusts used as issuing entities for securitizations are considered “covered persons” for purposes of the Consumer Financial Protection Act ("CFPA"),...more
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
Fraudulent violin sales make the news because they are uncommon. And while we read about special purpose entities (SPEs) – also called special purpose vehicles -- being used to commit fraud, most SPEs serve legitimate...more
From 1 April 2022, UK originators, sponsors and securitisation special purpose entities (SSPEs) may no longer use the EU reporting templates instead of the UK reporting templates for securitisations, and UK investors in...more
Background - On 24 June 2021, the UK Treasury (“HMT”) launched a call for evidence on the functioning of the UK Securitisation Regulation (“UKSR”). Article 46 of the UKSR required HMT to review the functioning of the...more
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
Overview - Two regulations amending the EU Securitisation Regulation1 and the Capital Requirements Regulation2 (the “CRR”) respectively have now come into force. Regulation (EU) 2021/557 of the European Parliament and...more
Background - On 26 March 2021, the European Supervisory Authorities (the “ESAs”) published a Joint Opinion (the “Opinion”) on the jurisdictional scope of the obligations of the non-EU parties to securitisations under the...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
The EU Securitisation Regulation (the “Securitisation Regulation”) has been applicable since 1 January 2019. The purpose of this Legal Update is to summarise the key aspects of the Securitisation Regulation and related...more
The UK left the EU on 31 January 2020 at 11:00 p.m. UK time. This legal update summarises the application of EU law in the UK after Brexit, with particular reference to the Securitisation Regulation....more
A United States Magistrate Judge for the United States District Court, Western District of New York, yesterday issued his report and recommendation on the defendants’ motion to dismiss in Petersen et al. v. Chase Card...more
The EU has, on 6 November 2019, published in the Official Journal a delegated regulation (the “Delegated Regulation”) supplementing the EU Securitisation Regulation (the “Securitisation Regulation”) with regard to regulatory...more
No Good News, but No Bad News Either - On 16 October 2019 the European Commission (EC) adopted a delegated regulation supplementing Regulation (EU) 2017/2402 (the Securitisation Regulation) and setting out the final...more
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 January 2019....more
EMIR REFIT came into force on 17 June 2019, helping to level the playing field between the EU and the US. Key Points: ..Alternative investment funds will bear the brunt of the changes as EMIR REFIT closes an exemption...more
With the aim of contributing to delivering a regulatory rulebook for European securitisation markets, the European Securities and Markets Authority ("ESMA") has published an Opinion (ESMA33-128-600) containing a revised set...more
On 31 January 2019, the European Securities and Markets Authority (“ESMA”) published an Opinion (the “Opinion”) containing a revised set of draft disclosure technical standards (the “Disclosure Technical Standards”) and a...more
The European Securities and Markets Authority (“ESMA”) published on its website late on 18 December 2018, a letter from the European Commission to ESMA dated 30 November 2018 (the “Commission’s Letter”), in which the...more
On 30 November 2018, the European Banking Authority, the European Securities and Markets Authority (“ESMA”) and the European Insurance and Occupational Pensions Authority (the “European Supervisory Authorities” or “ESAs”)...more
In This Issue: - EU Risk Retention Undertakings in U.S. General Equipment ABS: Evolving Market Practice - PDP Financing: An Overview - Tax Reform’s Impact on Transportation Finance Transactions EU Risk Retention...more
On 26 October 2017, the European Parliament voted in plenary session to adopt the EU regulation intended to lay down common rules on securitisation and to create a European framework for “simple, transparent and standardised”...more
Our two-part article on non-con and true sale issues in insurance contexts continues with a deeper dive into the considerations that distinguish these issues from similar remoteness principles in a Bankruptcy Code context. In...more
Following a prolonged period of political scrutiny and negotiation, the texts of two regulations implementing significant changes to the regulation and capital treatment of securitisations were broadly agreed by the three EU...more