On August 8, 2019, the US Securities and Exchange Commission proposed amendments to Regulation S-K that are intended to modernize business, legal proceedings and risk factor disclosures (link). The proposed changes are meant to update the rules to improve the readability of disclosures for investors while discouraging repetition and disclosure of information that
Concept release on harmonization of securities offering exemptions
On June 18, 2019, the Securities and Exchange Commission (the “SEC”) issued a concept release requesting public comment on ways to simplify, harmonize and improve the exempt offering process to expand investment opportunities while maintaining investor protections. The full text of the SEC concept release is here.
Continue Reading Concept release on harmonization of securities offering exemptions
Legal Update: New Japanese risk retention rule takes effect on March 31, 2019
On March 15, 2019, the Japanese Financial Services Agency (the “JFSA”) published the final version of its amendment to the regulatory capital requirements relating to investments by certain types of Japanese financial institutions, including Japanese banks and bank holding companies, in securitizations. The amendment, which takes effect on March 31, 2019, adds to such regulatory capital requirements (i) a set of due diligence and information collection requirements for investments by covered Japanese financial institutions in securitizations and (ii) a risk retention rule for such investments. To provide guidance regarding these new regulatory requirements, the JFSA published, together with the final version of the amendment, a series of responses to selected comments that it received with respect to its initial proposal of these regulatory changes as well as a series of answers to frequently asked questions concerning the application of these regulatory changes. This Legal Update focuses on the risk retention rule portion of the amendment.
Continue Reading Legal Update: New Japanese risk retention rule takes effect on March 31, 2019
Comparison of EU, US and Japanese risk retention rules
As more countries propose and implement risk retention rules for securitisation transactions, a few Mayer Brown attorneys have prepared a helpful chart comparing the EU, US and Japanese securitisation risk retention rules.
Securitisation Risk Retention Requirements EU, US and Japan Compared