The Joint Committee of the European Supervisory Authorities (the “Joint Committee” and the “ESAs“, respectively) has published a report on the implementation and functioning of the EU Securitisation Regulation (the “EUSR“) on 17 May 2021 (the “Report“).

The Report has been published pursuant to Article 44 of

On 3 September 2020, two regulations were published regarding the detailed disclosure requirements under the Securitisation Regulation (the “Disclosure Technical Standards“). These consist of regulatory technical standards concerning the information and the details of a securitisation to be made available (the “Disclosure RTS“), and implementing technical standards with regard to the

A recent trend in the fintech space is what is being coined by market participants as a “co-sponsored” securitization.  The transaction is usually structured such that the company will sell its assets in a whole loan sale flow arrangement between it and an investor.  Once enough loans are aggregated by the investor, it will typically

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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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

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

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

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

As anticipated, Japan’s Financial Supervisory Authority (FSA) has released its final risk retention rule (in Japanese) in substantially the same form (including as to grandfathering) as FSA had previously published last December. Our chart comparing the Japanese proposal with existing EU and US risk retention requirements is here. FSA has also released related FAQs

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.
Continue Reading Mayer Brown’s structured finance bulletin