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
On April 12, 2022, the European Banking Authority (the “EBA”) issued a press release announcing the publication of its final draft Regulatory Technical Standards (“RTS”), setting out the requirements for originators, sponsors...more
Though Vermont’s rural character has somewhat lessened the direct effects of the COVID-19 pandemic, at least compared with some of its neighbors, there can be no doubt that the virus’ impact on the state will be devastating...more
There were no significant changes in Vermont’s leadership team during the last election cycle. Governor Phil Scott, a Republican, was re-elected in November 2018 for another two-year term. Michael Pieciak, the Commissioner...more
On December 28, 2018, the Japanese Financial Services Agency (the “JFSA”) published a number of notices detailing proposed changes in the regulatory capital requirements applicable to Japanese banks and certain other...more
South Carolina passed new legislation making numerous and streamlining changes to its captive insurance law. Included in the changes are: modified capital and surplus requirements, a new definition of a captive’s principal...more
As part of the Capital Markets Union action plan announced in September 2015, the European Parliament and the Council issued on Dec. 12, 2017, the regulation laying down a general framework for securitization and creating a...more
The European Banking Authority has launched a consultation on draft Regulatory Technical Standards on risk retention requirements for originators, sponsors and original lenders under the new EU securitization framework for...more
New rules will modify regulatory capital requirements for securitisation positions and unify risk retention practices. By year end, the European Commission (the EC) is expected to publish two new EU regulations in the...more
The EU legislative institutions have now agreed compromise amendments to the proposed EU regulation intended to lay down common rules on securitisation and to create a European framework for “simple, transparent and...more
And now to return to our commentary a few weeks back about the stultifying impact of ill-thought through rules and regulations (at best) (Brexit has intervened). This is our Regulatory State which broadly attempted to pick...more
We discussed the European Commission’s (the “Commission”) proposal for a regulation (the “Regulation”) intended to harmonise existing EU laws applying to securitisations, including EU risk retention rules, and to create a...more
The European Commission published a draft regulation on a European framework for simple, transparent and standardised securitisation on 30 September 2015 (the “Draft Regulation”). The Draft Regulation aims to achieve a better...more
The Financial Times published leaked drafts of proposed EU legislation on securitisations on August 25.1 The draft regulations, which would be directly effective in EU member states if adopted, propose changes to the current...more
Here’s one from left field that I only began to focus on recently. In mid-December, the gnomes of Basel published several “Consultative Documents” on bank capital and credit risk issues. First of all, I’m somewhat...more
Although the legislative process is now complete, the process of structuring CLO transactions to comply with the EU risk retention rules has just begun. The EU’s risk retention framework will come into effect next...more
I. Introduction - Earlier this week, the EBA published its final draft Regulatory Technical Standards (“Draft RTS”) on securitisation retention rules and related requirements. The RTS are intended to provide greater...more