Results 1-10 of 22
22 July 2019
On 21 July 2019, the EU Prospectus Regulation (Regulation (EU) 2017/1129, commonly known as "PD3") began to apply in full, replacing the previous regime under the EU Prospectus Directive (Directive 2003/71/EC, known in its most recent version as "PD2")....
23 January 2019
On 1 January 2019 the EU Securitisation Regulation began to apply. The Regulation is both complex and far-reaching, and contemplates serious consequences for failure to comply. It creates many pitfalls for the unwary because its scope includes transactions...
9 January 2019
On 1 January 2019 the EU Securitisation Regulation (the "Regulation" or "Securitisation Regulation") began to apply – somewhat extraordinarily – before key elements of the regime were even close to being finished. Of the dozens of...
19 October 2017
The text of the Securitisation Regulation that will go to the European Parliament for a final vote (scheduled for 26 October 2017) was released on 18 October. This version is very similar in substance to the provisionally agreed text we reported on in mid-July,...
13 July 2017
The EU Securitisation Regulation, long in the pipeline, reached a significant milestone on 11 July when the provisionally agreed text was approved on behalf of the European Parliament (having previously been agreed on behalf of the Council on 28 June). While in...
14 June 2017
On 30 May 2017 political agreement was reached among the European Commission, the Council and the Parliament on the EU Securitisation Regulation. This is a major milestone in the legislative process begun by the European Commission on 30 September 2015.
11 November 2016
A notable theme in the European securitisation market in recent times has been the move towards securitised warehouse financing facilities as a means of providing funding for originators of mortgage loans, auto leases and other consumer assets. Whilst the use of...
28 April 2016
On 27 April 2016, ESMA published an update making clear that market participants are unlikely to have to start complying with the detailed disclosure requirements imposed on them under Article 8b of the Credit Rating Agencies Regulation on 1 January 2017 as previously...
30 September 2015
The pace of regulatory change in Europe since the onset of the 2007/08 financial crisis has been blistering and shows little sign of slowing. The securitisation industry has been forced to adjust to these changes at a very demanding pace. The changes in regulation...
6 November 2014
The European Commission has now published the final draft of the Commission Delegated Regulation with regard to liquidity coverage requirement (the "LCR Delegated Act"), likely to apply to EU banks from late 2015. Once approved, the LCR Delegated Act...