The Joint Committee of the European Supervisory Authorities published a report on the implementation and functioning of the EU Securitisation Regulation on 31 March 2025. The purpose of the report is to assess the extent to...more
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
Firms will need to update their internal procedures and ensure they are ready to comply with the new requirements ahead of 1 November 2024. HM Treasury (HMT), the Financial Conduct Authority (FCA), and the Prudential...more
Please join Mayer Brown partners Tameem Zainulbhai, Joanna Nicholas, Melissa Kilcoyne, Evan DeCresce and Jim Antonopoulos for a discussion on What to Expect in 2024 in the fields of structured finance and securitization. They...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
The European Commission recently adopted a final draft of the regulatory technical standards in relation to the risk retention requirements under the EU Securitisation Regulation. This is based on the final draft of these...more
EU Securitisation Regulation – EBA final advice on the revised draft recast risk retention RTS adopted by the European Commission. In May 2022 we shared with you some of our thoughts on the European Banking Authority...more
On January 25, 2023, the SEC reproposed its 2011 proposed rule to prohibit certain securitization participants from engaging in transactions that present conflicts of interest vis-à-vis ABS investors. This note answers a...more
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
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 original lenders in...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
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
Introduction - The Joint Committee of the European Supervisory Authorities (the "Joint Committee" and the "ESAs", respectively) has published a report on the implementation and functioning of the EU Securitisation...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 - Numerous regulatory developments were enacted or proposed in the United States and the European Union in response to the financial crisis. Although some of the proposed changes are still in the process of being...more
When the federal Consumer Financial Protection Bureau (“CFPB”) last summer issued its Advance Notice of Proposed Rule Making (“ANPR”) to revise the definition of a “Qualified Mortgage” (“QM”) under the Dodd-Frank Act’s...more
A recent trend in the fintech space is what is being coined by market participants as a “co-sponsored” securitization. The transaction is usually structured such that the company will sell its assets in a whole loan sale...more
As a result of a new securitization amendment (Regulation (EU) 2019/876) passed by the European Parliament and the Council of the European Union (EU), effective as of June 27, 2019, EU parent undertakings and their...more
New types of institutional investors will soon fall under the revised and expanded EU risk retention rules that will affect investors' obligations and requirements for new securitizations, including in relation to due...more
This briefing reviews developments in European CMBS since the financial crisis and focuses on (1) 2011-15 European CMBS transactions (“2011-15 European CMBS”); (2) 2017-18 European CMBS (“2017-18 European CMBS”)...more
For companies seeking to finance general equipment assets via asset backed securitization (ABS) instruments, risk retention has become an important consideration. In response to the latest financial crisis, both the U.S. and...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 February 9, 2018, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled in favor of the Loan Syndications and Trading Association (“LSTA”) in its lawsuit against the...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