Proposals for securitisation reform are on the horizon in the EU and the UK. A significant package of reforms could facilitate meaningful change and allow the securitisation market to meet its full potential. Reform also...more
The European Union's securitisation market has struggled to reach its full potential despite the introduction of the Securitisation Regulation (SECR) in 2019. While the market has shown modest growth in recent years,...more
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
ESMA has launched a Consultation on a draft simplified disclosure template for "European private securitisations". The stated objective of the Consultation is to streamline disclosure templates for private...more
The Directorate-General for Financial Stability, Financial Services, and Capital Markets Union has launched a targeted consultation on the effectiveness of the EU securitization framework...more
European Commission has launched a short 8 week public consultation on key aspects of the EU Securitisation Framework. The consultation seeks feedback on the effectiveness, scope and application of the current EU...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
Mairead McGuinness, European Commissioner for Financial Services, Financial Stability and Capital Markets Union (CMU), made a speech discussing the importance of continuing to make progress on the Banking Union and CMU....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
ESMA has published a Consultation Paper in relation to the securitisation disclosure templates under Article 7 of the EU Securitisation Regulation. This follows the report of the European Commission in October 2022 setting...more
The energy transition received a transformative boost when European Union lawmakers approved new voluntary standards for companies that wish to issue "green" bonds. The European Green Bond Standard, which will be finalized on...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
On 7 July 2023, the European Commission (“EC”) approved the text of a delegated regulation supplementing the EU Securitisation Regulation (the “EUSR”) regarding regulatory technical standards on risk retention (the “RR RTS”)....more
On 13 June 2023, the European Commission published a proposal for a regulation on the transparency and integrity of ESG rating activities, following concerns about the reliability, comparability and transparency of ESG...more
On 12 December 2022, the European Supervisory Authorities (EBA, EIOPA and ESMA, collectively the “ESAs”) published joint advice to the European Commission on the securitisation prudential framework (banking) (the "Banking...more
Key Points - The European Commission (“EU Commission”) has published its report on the functioning of the EU Securitisation Regulation which contains the EU Commission’s assessment of a number of key aspects of the...more
The European Commission recently published its long-anticipated report to the European Parliament and the Council of the European Union on the functioning of the EU Securitisation Regulation. The report contains important...more
On 11 October 2022, the European Commission published its long-awaited report on the functioning of the Securitisation Regulation. Whilst a number of helpful recommendations have been made on the back of extensive market...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
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
On 16 December 2020, the Council of the European Union published final compromise proposals for a package of measures dubbed the “Capital Markets Recovery Package”, these were adopted by the European Parliament’s Committee on...more
On 24 July 2020, the European Commission (the “Commission”) published its proposed amendments to the current securitisation framework set out in Regulation (EU) 2017/2402 (the “Securitisation Regulation”)....more
CELF Talks: Il credito cooperativo a poco più di un anno dalla costituzione dei gruppi....more
A recent report, entitled “A New Vision for Europe’s Capital Markets” (the “Report”), sets out some key recommendations for how the EU securitisation market can be scaled up. The Report has been published by the High Level...more