On July 27, 2023, the US banking regulators issued a proposal to significantly revise the risk-based capital requirements applicable to large banks and to banks with significant trading activity. The proposal, which is colloquially referred to as “Basel III Endgame” or “Basel IV,” includes important changes to the calculation of credit risk weights for securitization
Report by the Joint Committee of the European Supervisory Authorities on the EU Securitisation Regulation
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
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
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
Recommendations for developing the EU securitisation market – Report by the High Level Forum on Capital Markets Union
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.