The UK left the EU on 31 January 2020 at 11:00 p.m. UK time. This legal update summarises the application of EU law in the UK after Brexit, with particular reference to the Securitisation Regulation.
Read the Legal Update here.
Brexit: The Way Forward
After three and a half years of negotiations and uncertainty, the United Kingdom left the European Union at 11:00 p.m. on 31 January 2020. But when will Brexit actually be done? In this Legal Update, we discuss the scale of the task ahead for the UK and EU and analyse the three following key questions
Legal Update: regulatory technical standards on homogeneity for STS transactions published in official journal
The EU has, on 6 November 2019, published in the Official Journal a delegated regulation (the “Delegated Regulation”) supplementing the EU Securitisation Regulation (the “Securitisation Regulation”) with regard to regulatory technical standards (“RTS”) on the homogeneity of the underlying exposures in securitisation. The Delegated Regulation will enter into force 20 days after publication.
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Legal Update: Regulatory technical standards in relation to transparency adopted by the European Commission
The European Commission (the “Commission”) has now adopted and published the regulatory technical standards (the “RTS”) in relation to the transparency requirements under the EU Securitisation Regulation (the “Securitisation Regulation”).
The Securitisation Regulation has been applicable since 1 January 2019 to all securitisations (as defined therein) other than securitisations existing prior to that date to
Mayer Brown hosts successful 3rd annual Supply Chain and Working Capital Finance seminar in London
On 22 October 2019, Mayer Brown’s supply chain and working capital finance team hosted its annual Supply Chain and Working Capital Finance seminar in London. Now in its third year, the seminar brought together key members of Mayer Brown’s supply chain and working capital finance team from around the world as well as over 100
EBA Consults on its Proposal to Create STS Framework for Synthetic Securitisations
The European Banking Authority (the “EBA”) has recently launched a public consultation on its proposals to create a simple, transparent and standardised (“STS”) framework for synthetic securitisations, as set out in its Draft Report on STS Framework for Synthetic Securitisation published on 24 September 2019 (the “Discussion Paper”), which can be found here. While
European Commission Publishes Draft RTS for EU Securitisation Regulation’s Transparency Requirements
The European Commission (the “Commission”) has now adopted and published the draft regulatory technical standards (the “Draft RTS”) in relation to the transparency requirements under the EU Securitisation Regulation (the “Securitisation Regulation”). The Draft RTS are based on the draft regulatory technical standards published by the European Securities and Markets Authority on 31 January 2019 (the “ESMA Draft RTS”) and set out the information to be provided with respect to the underlying exposures in a securitisation and in the investor reports. The related implementing technical standards (the “ITS”), which set out the reporting templates, have not yet been adopted.
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Mayer Brown’s structured finance bulletin
In this inaugural edition of our Structured Finance Bulletin, we discuss some trending issues that began impacting the structured finance and asset-backed and mortgage-backed securities spaces in late 2018, which will play a more prominent role in the execution and marketing of securitization transactions in 2019.
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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