On 30 April 2024, the Financial Conduct Authority (the “FCA”) published Policy Statement PS24/4 (“PS24/4”) setting out the final FCA Securitisation Sourcebook (“SECN”). Subject to the repeal of the Securitisation Regulation...more
6/7/2024
/ Asset Management ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Hedging ,
Investors ,
New Legislation ,
New Rules ,
Prudential Regulation Authority (PRA) ,
Risk Retention ,
Securitization ,
UK
Background -
Following closely behind the consultation paper from the Prudential Regulation Authority (“PRA”) (for more discussion see our briefing of 1 August), the UK’s Financial Conduct Authority (“FCA”) has published...more
The Prudential Regulation Authority (“PRA”) has published Consultation Paper 15/23 – Securitisation: General requirements (“CP 15/23”) setting out its proposed rules to replace retained EU law requirements on...more
8/3/2023
/ Comment Period ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSMA ,
Institutional Investors ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Standards ,
Securitization ,
Securitization Market ,
Securitization Standards ,
UK
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
7/24/2023
/ Capital Markets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
RTS ,
Securities Regulation ,
Securitization ,
Securitization Standards ,
Securitization Vehicles ,
UK
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 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
10/21/2019
/ Consumer Financial Products ,
Disclosure Requirements ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Lenders ,
Prudential Regulation Authority (PRA) ,
Regulatory Oversight ,
Reporting Requirements ,
Securitization ,
Securitization Standards ,
Securitization Vehicles ,
Special Purpose Entities ,
Transparency ,
UK ,
UK Brexit
In its referendum held on 23 June 2016, the UK voted to leave the European Union (“Brexit”). On the following day, David Cameron announced that he will resign as Prime Minister on the election of a new Conservative Party...more
6/28/2016
/ Capital Requirements Regulation (CRR) ,
Collateralized Loan Obligations ,
EU ,
EU Passport ,
European Economic Area (EEA) ,
Financial Markets ,
Member State ,
MiFID ,
Popular ,
Referendums ,
Risk Retention ,
Securitization Market ,
UK ,
UK Brexit