On November 27, 2023, the US Securities Exchange Commission (“SEC”) adopted final Securities Act Rule 192 (“Final Rule 192”) prohibiting certain conflicts of interest in securitization transactions. In general, Final Rule 192 prohibits a “securitization participant” with respect to an “asset-backed security” (“ABS”) from directly or indirectly engaging in any “conflicted transaction” during the applicable
Securitisation Regulation
SIFMA Webinar Series: SEC Re-Proposal on Conflicts of Interest in Securitization
By Christopher Horn & Jon Schlotterback on
Posted in Conflicts of Interest (Rule 192)
Earlier this year, the SEC re-proposed a rule to implement Section 27B of the Securities Act of 1933, a provision added by Section 621 of the Dodd-Frank Act.
The Dodd-Frank provision, intended to prohibit certain conflicts of interest in securitization transactions, is interpreted broadly by the SEC’s sweeping proposal. If not amended, these rules would…
ESAs’ Opinion to the European Commission on the Jurisdictional Scope of Application of the EU Securitisation Regulation
The European Supervisory Authorities (the “ESAs“) have published an opinion on 25 March 2021 entitled “ESAs’ Opinion to the European Commission on the Jurisdictional Scope of Application of the Securitisation Regulation” (the “Opinion“). The Opinion, which is addressed to the European Commission (the “Commission“), sets out the opinion of…
Amendments to the EU Securitisation Regulation – the new synthetic STS framework and adjustments in relation to non-performing exposures
Two regulations amending the EU Securitisation Regulation and the Capital Requirements Regulation (the “CRR“) respectively have now come into force. Regulation (EU) 2021/557 of the European Parliament and of the Council (the “SR Amendment Regulation“) and Regulation (EU) 2021/558 of the European Parliament and of the Council (the “CRR Amendment…
Disclosure Technical Standards and Templates published in relation to the EU Securitisation Regulation
By Neil Macleod on
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…
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”).…