Securitisation of subscription finance facilities is en vogue in fund finance. We have written previously on this topic, offering a primer on capital call securitisations and a Q&A regarding a first publicly rated cash...more
Following the start of development work on an accelerated procedure for the regulatory recognition of significant risk transfer ("SRT") securitisations last year, the European Central Bank ("ECB") published guidance addressed...more
The European Securities and Markets Authority (ESMA) issued a Consultation Paper on 13 February 2025 presenting a proposal for a simplified disclosure template for private securitisations. ESMA’s stated aim is to reduce...more
The European Securities and Markets Authority (ESMA) has published a consultation paper in relation to a simplified reporting template for private securitisations. This follows its previous consultation paper in relation to...more
Significant risk transfer transactions or SRTs are one of the fastest growing corners of the financial markets. In this update, the opening of the US market, increasing international regulatory scrutiny and updates to the UK...more
In this bulletin, we consider the current state of the EU, U.K. and U.S. markets for credit risk transfer (“CRT”) transactions, with a particular focus on the fund finance market. For a more in-depth introduction to this...more
1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General (i) EU - ESRB: Speech on old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis - Status: Final - The ESRB has published a...more
The European Commission has produced the first leg of its long awaited consultation on the function of the EU Securitisation Framework ("ESF") in the form of a paper setting out consultation questions....more
Commission Delegated Regulation (EU) 2024/1700 has been published in the Official Journal of the European Union, supplementing the EU Securitization Regulation with regard to RTS specifying, for simple, transparent, and...more
As the EU removes the Cayman Islands from the EU AML/CFT blacklist with effect from 7 February 2024, concerns and barriers for EU sell- and buy-side parties on securitisations involving Cayman SSPEs fall away....more
As the pace of reform increases, we take a look at key developments and the timeline ahead. Significant progress has been made on the Edinburgh Reforms since they were announced in December 2022, with developments...more
The U.K.’s newest Financial Services and Markets Act of 2023 (“FSM Act”) received Royal Assent on 29 June 2023. Certain parts came into force on its passing, others will come into effect two months after that, and the...more
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
The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024. The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more
The updated Basel III framework is the principal response of the Basel Committee to the global financial crisis. The updated framework makes wide-ranging changes to the perceived shortcomings of the previous regime. Although...more
The European Banking Authority (the EBA) recently published a consultation paper with proposed amendments to the regulatory technical standards (RTS) on the homogeneity of the underlying exposures in securitisation, following...more
On 28 July 2022, the European Banking Authority (the “EBA”) published a Consultation Paper on draft regulatory technical standards (“RTS”) specifying the criteria for the underlying exposures in on-balance-sheet STS...more
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 EU has, on 6 November 2019, published in the Official Journal a delegated regulation (the “Delegated Regulation”) supplementing the EU Securitisation Regulation (the “Securitisation Regulation”) with regard to regulatory...more
The European Banking Authority has launched a consultation on its proposed simple, transparent and standardized framework for synthetic securitization. The paper also seeks feedback from stakeholders on a proposed list of...more
It can be difficult to structure securitization transactions that comply with both the US and EU regulatory regimes, a task made even more complicated by the new EU rules that came into effect on January 1, 2019. While the...more
The European Banking Authority has published two sets of finalized guidelines under the Securitization Regulation which, along with targeted amendments to the Capital Requirements Regulation, forms part of the new EU...more
In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
The Situation: The European Central Bank ("ECB") has announced that it will set bank-specific supervisory expectations for the provisioning of non-performing loans ("NPLs") in a consistent way across comparable banks, which...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