A recent report, entitled “A New Vision for Europe’s Capital Markets” (the “Report”), sets out some key recommendations for how the EU securitisation market can be scaled up. The Report has been published by the High Level Forum on the Capital Markets Union (the “HLF”) which was established by the European
EBA publishes its report on the creation of an STS framework for synthetic securitisations
The European Banking Authority (the “EBA”) has recently published its report on the feasibility of a framework for simple, transparent and standardised (“STS”) synthetic securitisations (the “EBA Report”). The EBA Report follows a discussion paper published by the EBA on 24 September 2019 (the “EBA Discussion Paper”).
EU Securitisation Regulation – Status of Secondary Legislation and Guidelines
The Securitisation Regulation has now been in effect for over fifteen months. However, the market is still awaiting the finalisation and adoption of much of the delegated legislation which is required in order to interpret and ensure compliance with the Securitisation Regulation. In this Legal Update, we consider the current status of the various pieces
Securitisation after Brexit – Considerations for securitisations involving UK entities
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.
Continue Reading European Commission Publishes Draft RTS for EU Securitisation Regulation’s Transparency Requirements