The EU legislative institutions have now agreed compromise amendments to the proposed EU regulation intended to lay down common rules on securitisation and to create a European framework for “simple, transparent and...more
On 4 May 2017, the European Commission (the “Commission”) adopted a proposal for a Regulation amending Regulation (EU) No 648/2012 (“EMIR”) as regards the clearing obligation, the suspension of the clearing obligation, the...more
5/11/2017
/ Alternative Investment Funds ,
Amended Regulation ,
Canadian Pension Plan (CPP) ,
Counterparties ,
Derivatives Clearing Organizations ,
EMIR ,
EU ,
European Commission ,
Financial Institutions ,
Financial Markets ,
Over The Counter Derivatives (OTC) ,
Pension Funds ,
Reporting Requirements ,
Risk Mitigation ,
Special Purpose Entities
The European Parliament’s Committee on Economic and Monetary Affairs (“ECON”) has today agreed compromise amendments (the “Compromise Amendments”) to the proposed EU regulation intended to lay down common rules on...more
12/9/2016
/ Capital Markets Union ,
Capital Requirements Regulation (CRR) ,
ECON ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Proposed Regulation ,
Risk Retention ,
Securities ,
Securitization ,
Special Purpose Entities
ECB Consultation Paper -
On 23 November 2016, the European Central Bank (the “ECB”) launched a public consultation in relation to draft guidance for Eurozone banks intended to develop clear and consistent definitions,...more
The Basel Committee on Banking Supervision (the “Basel Committee”) published an updated version of the “Basel III Document – Revisions to the securitisation framework” on 11 July 2016 (the “Amended Securitisation...more
8/4/2016
/ Banking Sector ,
Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Basel III ,
Capital Requirements ,
Capital Requirements Regulation (CRR) ,
EU ,
European Commission ,
Securitization ,
Securitization Market ,
Securitization Standards ,
Transparency ,
UK
In its referendum held on 23 June 2016, the UK voted to leave the European Union (“Brexit”). On the following day, David Cameron announced that he will resign as Prime Minister on the election of a new Conservative Party...more
6/28/2016
/ Capital Requirements Regulation (CRR) ,
Collateralized Loan Obligations ,
EU ,
EU Passport ,
European Economic Area (EEA) ,
Financial Markets ,
Member State ,
MiFID ,
Popular ,
Referendums ,
Risk Retention ,
Securitization Market ,
UK ,
UK Brexit
On 6 June 2016, Paul Tang MEP, the Rapporteur of the Committee on Economic and Monetary Affairs (“ECON”) of the European Parliament, published a “Draft Report”, consisting mainly of draft amendments (the “Proposed...more
6/13/2016
/ Capital Requirements Regulation (CRR) ,
ECON ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Proposed Amendments ,
Risk Retention ,
Securities ,
Securities Regulation ,
Securitization ,
Special Purpose Entities
On 19 May 2016, the Committee on Economic and Monetary Affairs of the European Parliament (“ECON”) published a working document on the European Commission’s proposal for a regulation (the “Proposed Regulation”) intended to...more
5/26/2016
/ Capital Requirements Regulation (CRR) ,
Due Diligence ,
ECON ,
EU ,
European Commission ,
Investors ,
Proposed Regulation ,
Risk Retention ,
Securitization Standards ,
Small and Medium-Sized Enterprises (SMEs) ,
Transparency
In times of financial turbulence, politicians, regulators and the media make the case for tighter controls of the markets. However, with new regulatory powers coming in and the resulting extra layer of complexity that their...more
On 21 December 2015 the European Banking Authority (“EBA”) published its final guidelines on sound remuneration policies (the “Guidelines”), together with its opinion on proportionality (the “EBA Opinion”)....more
We discussed the European Commission’s (the “Commission”) proposal for a regulation (the “Regulation”) intended to harmonise existing EU laws applying to securitisations, including EU risk retention rules, and to create a...more
The aim of the EU Bank Recovery and Resolution Directive (the “BRRD”) is to establish a framework for the recovery and resolution of EU credit institutions and significant investment firms and to equip EU national authorities...more
On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more
10/2/2015
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset-Based Lending ,
Banking Sector ,
Banks ,
Capital Markets ,
Capital Raising ,
Compliance ,
Disclosure Requirements ,
Due Diligence ,
EIOPA ,
EU ,
European Banking Authority (EBA) ,
European Central Bank ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Institutions ,
Funding ,
Insurance Industry ,
Investors ,
Originators ,
Risk Retention ,
RTS ,
Securitization ,
Small and Medium-Sized Enterprises (SMEs) ,
Small Credit Institutions ,
Solvency II ,
UCITS
On 24 June 2014, ESMA published its Final Report on the draft regulatory technical standards under CRA3. With respect to structured finance instruments, the Final Report sets out draft standards for the information to be...more
The Alternative Investment Fund Managers Directive (“AIFMD”) imposes restrictions on “asset stripping” on managers (“AIFMs”) of alternative investment funds (“AIFs”) that acquire control of EU companies. The rules contain...more
The European Market Infrastructure Regulation (“EMIR”) imposes a number of risk mitigation techniques on counterparties to uncleared swaps. Some of those involve much tighter operational procedures (such as the rules for...more
OTC derivative contracts which have a counterparty located outside of the European Union (“EU”) may now be subject to the requirements of the European Market Infrastructure Regulation(“EMIR”). ...more
The Basel Committee on Banking Supervision (the “Basel Committee”) has published a second Consultative Document containing revised proposals for the Basel securitisation framework (the “Revised Proposals”). The Revised...more
New issuance of collateralised loan obligations (“CLOs”) rose last year to its highest level since the credit crunch. 2013 saw U.S. CLO issuance rise to about US$81 billion, from US$54 billion the year before while European...more
Background -
Article 405 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU)...more
Introduction -
On 14 January 2014 the European Parliament, the Council and the Commission reached a high-level agreement in principle on updating the rules for the revised Markets in Financial Instruments Directive...more
I. Introduction -
Earlier this week, the EBA published its final draft Regulatory Technical Standards (“Draft RTS”) on securitisation retention rules and related requirements. The RTS are intended to provide greater...more