Structured finance has provided Mexican borrowers with a reliable source of capital through a period of political and macroeconomic uncertainty - In an uncertain market, where Mexican lenders have grappled with new...more
Based in New York, Mike has over 13 years of banking experience, and a degree in finance and mathematics from the University of Notre Dame. With PNC since 2014, Matt is based in Philadelphia and has a degree in economics and...more
On 11 November 2025, the European Central Bank (the “ECB”) published its opinion on the draft proposals of the European Commission (the “Commission”) to amend the EU’s securitisation regulatory framework (the “Proposed...more
The European Central Bank (ECB) has issued its opinion on the European Commission's proposed amendments to the EU securitisation framework, which was submitted in June. The package consists of a proposal to amend the EU...more
This article looks at some of the key responses and policy statements from the Prudential Regulatory Authority ("PRA") to the final part of the consultation process surrounding the restatement of the Capital Requirements...more
On November 6, Senate Banking Committee Chair Tim Scott (R-SC), along with a group of Senate Republicans, published a letter sent to Fed Chair Jerome Powell and Vice Chair for Supervision Michelle Bowman expressing support...more
In this In Practice article, the authors consider the European Commission’s proposed amendments to the EU Securitisation Regulation, spotlighting streamlined, principle-based investor due diligence and weighing the benefits...more
On 29 October, the European Commission adopted a Delegated Regulation amending Commission Delegated Regulation (EU) 2015/35 (the “Solvency II Delegated Act”). The Solvency II Delegated Act makes significant changes to...more
This briefing, which is relevant to the prudential treatment of securitisations in general (traditional and synthetic) by UK PRA regulated banks, covers the securitisation-related content of PRA Policy Statement 19/25 (PS...more
Introduction Under the CRR and as part of the prudential regulation of credit institutions, regulated firms, including banks, must comply with risk-based capital ratio requirements. Generally speaking, this ratio is: (i) the...more
The EBA published a report on white labelling, accompanied by a fact sheet. In the report, the EBA considers the use of white labelling as a business model by the firms that are under its mandate, including credit...more
The European Securities and Markets Authority (ESMA) has published its final report setting out supervisory expectations for the governance arrangements of entities under its direct supervision. These include credit rating...more
Over the past 12 months, United Kingdom and European Union (EU) regulators have introduced a series of clarifications and reforms that materially reshape the securitisation compliance landscape. The UK has embedded a more...more
Fintech originators such as alternative lenders, buy-now-pay-later platforms, and payments companies typically fund daily originations through subsidiary-level special purpose vehicle (SPV) warehouse credit facilities. At the...more
Back in the summer of 2017, I wrote, together with my partner, Stewart McQueen, a commentary entitled Direct Issuance is Here – A New Paradigm For Single Asset Single Borrower (SASB) Securitizations. Well, it wasn’t really...more
In this alert, we assess the impact of the proposed amendments to the EU securitization framework (which we discussed in detail in our previous article) on EU banks’ ability to reduce capital requirements using significant...more
The Basel Endgame is the fault line along which global banking competition will shift over the next three years. For the largest lenders, this final chapter of Basel III will decide not just how much capital they must hold,...more
With the growth of fund finance we have all observed cross-over between areas such as securitization, structured finance, and the insurance sector, blurring the lines between historically separate areas. The next frontier is...more
Two recent reports—one by the IMF and another from the Philadelphia Fed—assess credit risk transfer (CRT) transactions and conclude that the product serves as a useful tool in reallocating credit risk and optimizing risk...more
On September 26, the SEC announced the publication of a concept release requesting public comment on potential improvements to its rules governing residential mortgage-backed securities (RMBS) and elements of asset-backed...more
ASIC’s Report on private credit provides a look into regulators likely focus -ASIC has published a report providing a high-level review of the private credit market in Australia. Entitled “Private credit in Australia”, REP...more
I’d like to direct your attention to my ex Dechert partner (he’s not ex, I am), Will Cejudo, and his recent OnPoint about the eponymously-titled Pancake REMIC. (Regrettably, no one is paying me for this, I’ve got to figure...more
The U.S. Department of Housing and Urban Development (HUD) published a request for information (RFI) on October 2, 2025 titled “Future of the HECM and HMBS Programs and Opportunities for Innovation in Accessing Home Equity.”...more
As institutional demand for exposure to private markets continues to accelerate, rated feeder funds have emerged as a compelling solution to bridge the gap between alternative asset strategies and credit-sensitive investor...more
The Securities and Exchange Commission (SEC) has published a concept release inviting public comment on potential reforms to disclosure requirements for residential mortgage-backed securities (RMBS) in the registered...more