Clifford Chance

EU securitisation review: two months on

19 December 2022

On 10 October this year, the European Commission published its widely anticipated review report (the "Report") on the functioning of the EU Securitisation Regulation (the "EUSR"). The aspects of the Report dealing with the EUSR disclosure regime (and corresponding diligence obligations) were arguably the most significant. Indeed, the de facto exclusion on EU institutional investors investing in certain non-EU securitisations prompted an industry letter requesting relief. In this briefing, we discuss the consequences of the Report two months on and the next steps from here.

For a general summary of the contents of the Report, see our initial briefing on it, available here.

The Report sets out a number of proposals, guidance and clarifications which are already starting to have an impact on issuers, investors, sponsors and other transaction participants in the European securitisation market.

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