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Securitization Vehicles

Cadwalader, Wickersham & Taft LLP

NAVember November 2023 - Great News for Cayman as FATF Removes Jurisdiction From its ‘Grey List’

The Financial Action Task Force last Friday announced that it was removing the Cayman Islands from its ‘Grey List’ for increased monitoring in AML matters. This listing has had no direct impact on the fund finance world...more

Mayer Brown Free Writings + Perspectives

The Final Stretch: Securitization in the US Under the Proposed Basel III Endgame Rules

On July 27, 2023, the US banking regulators issued a notice of proposed rulemaking (the “NPR”) to revise significantly the risk-based capital requirements applicable to large banks and to banks with significant trading...more

Latham & Watkins LLP

Putting It All Together: A Brief Guide to the UK’s New Securitisation Framework

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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

Cadwalader, Wickersham & Taft LLP

The UK and Europe Introduce New Securitisation Rules

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

Goodwin

Financial Services Weekly News Roundup - February 2023

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Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act - On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more

Cadwalader, Wickersham & Taft LLP

U.S. Court of Appeals for the Third Circuit Agrees to Hear Interlocutory Appeal in CFPB Enforcement Action against Student Loan...

On April 29, 2022, the U.S. Court of Appeals for the Third Circuit granted a petition for permission to appeal in Consumer Financial Protection Bureau v. The National Collegiate Master Student Loan Trusts filed by defendants...more

Dechert LLP

Luxembourg: the new securitisation regime offers more flexibility and new opportunities

Dechert LLP on

On 9 February 2022, the Luxembourg Parliament voted to adopt a law that will bring about long-awaited reform of the Luxembourg’s securitisation regime. The law of 25 February 2022 – which was published in the Luxembourg...more

Latham & Watkins LLP

NPE servicers prepare to retain risk under EU Securitisation Regulation

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Recent changes to the Securitisation Regulation allow eligible servicers in the EU to retain the 5% net economic interest in traditional securitisations of non-performing exposures (NPEs). The European Banking Authority (EBA)...more

Manatt, Phelps & Phillips, LLP

Securitization Vehicles Win Madden Victory

In one of two closely watched New York class actions asserting usury claims against national bank securitization vehicles based on the Second Circuit’s decision in Madden v. Midland Funding, 786 F.3d 246 (2d Cir. 2015), a...more

Orrick, Herrington & Sutcliffe LLP

La Norma Blocca Aste: Sospensione Delle Procedure Esecutive Intraprese Da Banche O Da Veicoli Di Cartolarizzazione A Tutela Del...

Il Decreto Legge 26 ottobre 2019 n. 124 (“Decreto Fiscale”), pubblicato nella Gazzetta Ufficiale n. 252, del 26 ottobre 2019 e, convertito in Legge n. 157, del 19 dicembre 2019, ha introdotto all’art. 41-bis la c.d. norma...more

Latham & Watkins LLP

EU Securitisation Reporting Rules Hit the Home Stretch

Latham & Watkins LLP on

Originators, sponsors, and issuers should prepare now for the new securitisation disclosure and reporting rules. Key Points: ..Disclosure and reporting standards under the EU Securitisation Regulation are finalised but...more

Cadwalader, Wickersham & Taft LLP

European Commission Adopts Disclosure Templates for EU Securitisation Reporting

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

Orrick, Herrington & Sutcliffe LLP

SIFMA LIBOR Transition Briefing: Transition to Alternative Reference Rates - Key Takeaways

SIFMA hosted a briefing on July 15 at which presenters from the NY Fed, FCA, ARRC, Wells Fargo, Freddie Mac, Fannie Mae and SIFMA discussed the progress that has been made thus far in preparing for the transition from LIBOR...more

Robins Kaplan LLP

Financial Daily Dose 7.12.2019 | Top Story: Amazon to Spend $700M Retraining 100,000 Workers

Robins Kaplan LLP on

Amazon announced this week that it will spend $700 million to retrain a third of its US workforce to adapt to the increasing amount of robotic and automation technology in its warehouses.  The 6-year effort will eventually...more

Cadwalader, Wickersham & Taft LLP

A Tale of Two Continents - European CMBS v U.S. CMBS & CRE CLOs

U.S. CMBS issuance equalled approximately $171 billion during 2018. In the same period, European CMBS issuance equalled approximately €4 billion which, whilst not close to the issuance levels of the U.S. CMBS market,...more

Orrick, Herrington & Sutcliffe LLP

Il nuovo regime fiscale delle Società Veicolo d'Appoggio nell'ambito delle operazioni di cartolarizzazione

Con il Decreto Legge 30 aprile 2019, n. 34, pubblicato in GU n. 100 del 30 aprile 2019 (c.d. "Decreto Crescita"), sono state apportate alcune modifiche alla legge 30 aprile 1999 n. 130 sulla cartolarizzazione dei crediti (la...more

Dechert LLP

How Secure Is a Securitization’s "Debt" Classification for ERISA Purposes? Pending Sub-Prime Lawsuit Asks Court to Look Through...

Dechert LLP on

The case is particularly noteworthy in that it marks the first time of which we are aware that a judicial decision (even an interlocutory one) has expressly raised the issue of whether the sponsors’ debt characterization of...more

Dechert LLP

Good News for Securitisation: EU Commission asks ESMA to consider expanding the use of the “No Data” option in Disclosure...

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Late on Tuesday evening, 18 December 2018, the EU Commission posted online its letter to the European Securities and Markets Authority (ESMA) on the data disclosure proposals contained in the regulatory technical standards...more

Kramer Levin Naftalis & Frankel LLP

Changes to the Asset Management Framework in France

Ordinance No. 2017-1432 dated Oct. 4, 2017 (the Ordinance), together with its two implementing decrees dated Nov. 19, 2018, is bringing significant changes to the French legal framework for asset management and direct...more

Cadwalader, Wickersham & Taft LLP

Dismissal of Involuntary Bankruptcy Petition Against Taberna CDO is Win for Securitization Industry

On November 8, 2018, Judge Vyskocil of the U.S. Bankruptcy Court for the Southern District of New York issued a decision dismissing the involuntary petition that had been filed against Taberna Preferred Funding IV, Ltd....more

Cadwalader, Wickersham & Taft LLP

ESMA’s Final Draft Disclosure 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

Cadwalader, Wickersham & Taft LLP

EBA’s Draft EU Risk Retention Regulatory Technical Standards

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

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Division of Investment Management of the SEC Issues No-Action Letter to SSB - On May 8, 2018, the Chief Counsel's Office of the Division of Investment Management ("IM") of the Securities and Exchange Commission (the...more

Polsinelli

Blockchain: Coming to a CMBS Near You

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Although at first glance the underlying technology behind Bitcoin and mortgaged backed securities have little in common, blockchain technology has the potential to revolutionize securitizations because it permits value and...more

Cadwalader, Wickersham & Taft LLP

Effects of House Tax Reform Bill on Securitizations and Funds

On November 2, 2017, Republicans in the House of Representatives released their long-anticipated tax reform bill (the “Bill”). The Bill, which is entitled the “Tax Cuts and Jobs Act,” includes significant changes to the...more

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