Clifford Chance

Navigating the Tangled Forest: Securitisation regulation in Europe and the United States

20 June 2016

This time last year we talked about a picture that was brightening, if still mixed with darker spots, and that largely remains the case.

This is not to say that things have failed to move on. The European Commission’s Capital Markets Union project has made significant progress. The improved mood music from policy makers and regulators has taken shape as concrete proposals covering “simple, transparent and standardised” securitisation, regulatory due diligence, disclosure and transparency, and risk retention – as well as proposals introducing the new Basel Securitisation Framework for bank capital and integrating the STS concept within it.

If we are to reach our goal of vibrant, well-functioning securitisation markets around the world we’ve little choice but to continue travelling through the tangled forest of regulation. Unfortunately the path is not clear and is often difficult to follow. We hope the reflections in this volume help provide you with a few signposts to guide you and show, at least, the direction of travel.

Download PDF