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
In September 2023, the Structured Finance Association (SFA) published its ESG Best Practices for Auto Asset-Backed Securities (ABS) and Residential Mortgage-Backed Securities (RMBS) Disclosures. The industry-wide working...more
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
On 10 October 2022, the European Commission (the “Commission”) published its report (the “Report”) to the European Parliament and Council on the functioning of Regulation (EU) 2017/2402 (the “EU Securitisation Regulation”) as...more
Background -
On 12 April 2022, the European Banking Authority (the “EBA”) announced the publication of its final draft Regulatory Technical Standards (“RTS”) specifying the requirements for originators, sponsors and...more
Brexit and the Temporary Transitional Power -
On 31 January 2020, the UK ceased to be a member of the EU. Following a transition period, EU law ceased to be applicable in the UK with effect from 11 p.m. on 31 December...more
2/10/2022
/ Banks ,
Collateralized Loan Obligations ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Investment Firms ,
Prudential Regulation Authority (PRA) ,
Regulatory Oversight ,
Securities Regulation ,
Securitization ,
Securitization Market ,
Securitization Standards ,
Transitional Arrangements ,
UK Brexit
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
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
3/29/2021
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Requirements Regulation (CRR) ,
EU ,
European Supervisory Authorities (ESAs) ,
Institutional Investors ,
Investment ,
Joint Statements ,
Securities Regulation ,
Securitization ,
Securitization Standards ,
Special Purpose Entities
As discussed in our previous Clients and Friends Memo (the “First Update”), on 24 July 2020 the European Commission (the “Commission”) published proposed amendments to the current securitisation framework set out in...more
The European Securities and Markets Authority (ESMA) has published its Final Report (the Final Report) containing draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and...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
On 24 July 2020, the European Commission (the “Commission”) published its proposed amendments to the current securitisation framework set out in Regulation (EU) 2017/2402 (the “Securitisation Regulation”)....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
On 13 September 2019, the European Banking Authority (the “EBA”) updated its guidance in respect of the Securitisation Regulation[1] by publishing an answer to a question submitted to it in November 2018 by the Association...more
9/17/2019
/ Collateralized Loan Obligations ,
Credit ,
EU ,
European Banking Authority (EBA) ,
Financial Markets ,
Financial Services Industry ,
Financial Transactions ,
Regulatory Oversight ,
Regulatory Standards ,
Securitization ,
Securitization Market ,
Securitization Standards ,
UK Brexit
On 7 June 2019, Regulation (EU) 2019/876 (“CRR II”)[1] was published in the Official Journal of the EU. CRD II amends the Capital Requirements Regulation in a number of respects. For securitisation market participants, a key...more
This memorandum provides an update regarding the further delay in the application of the transparency regulatory technical standards (“RTS”) (which include the new reporting templates) under the EU Securitisation Regulation....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
12/4/2018
/ Asset-Based Lending ,
Capital Requirements Regulation (CRR) ,
Collateralized Loan Obligations ,
EU ,
European Securities and Markets Authority (ESMA) ,
European Supervisory Authorities (ESAs) ,
Joint Statements ,
Quarterly Report ,
Securitization ,
Securitization Standards ,
Special Purpose Entities ,
Technical Standards
On 22 August 2018, the European Securities and Markets
Authority (“ESMA”) published its Final Report on the technical standards on disclosure requirements under the EU Securitisation Regulation (the “Final Report”)....more
8/29/2018
/ Collateralized Loan Obligations ,
Disclosure Requirements ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Regulatory Oversight ,
Regulatory Requirements ,
RTS ,
Securitization Vehicles ,
Technical Standards ,
Transparency
On 31 July 2018, the European Banking Authority (“EBA”) published its final draft Regulatory Technical Standards on the risk retention requirements (the “draft Risk Retention RTS”) under the EU regulation intended to lay down...more
On 14 May 2018, the Basel Committee on Banking Supervision (the “Basel Committee”) and the Board of the International Organization of Securities Commissions (“IOSCO”) issued criteria for identifying “simple, transparent and...more
On 15 December 2017, the European Banking Authority (“EBA”) published a consultation paper (the “Consultation Paper”) containing draft Regulatory Technical Standards on the risk retention requirements (the “Risk Retention...more