Podcast: ESMA Report: Undue Pressure on Companies
Key takeaways The securitisation market stands on the brink of long-needed transformation - an opportunity too important to miss. The European Commission's package of securitisation reforms helpfully addresses some key...more
Proposals for securitisation reform are on the horizon in the EU and the UK. A significant package of reforms could facilitate meaningful change and allow the securitisation market to meet its full potential. Reform also...more
Securitisation of subscription finance facilities is en vogue in fund finance. We have written previously on this topic, offering a primer on capital call securitisations and a Q&A regarding a first publicly rated cash...more
ESMA has launched a Consultation on a draft simplified disclosure template for "European private securitisations". The stated objective of the Consultation is to streamline disclosure templates for private...more
European Commission has launched a short 8 week public consultation on key aspects of the EU Securitisation Framework. The consultation seeks feedback on the effectiveness, scope and application of the current EU...more
Commission Delegated Regulation (EU) 2024/1700 has been published in the Official Journal of the European Union, supplementing the EU Securitization Regulation with regard to RTS specifying, for simple, transparent, and...more
ESMA has published a Consultation Paper in relation to the securitisation disclosure templates under Article 7 of the EU Securitisation Regulation. This follows the report of the European Commission in October 2022 setting...more
On 13 June 2023, the European Commission published a proposal for a regulation on the transparency and integrity of ESG rating activities, following concerns about the reliability, comparability and transparency of ESG...more
Key Points - The European Commission (“EU Commission”) has published its report on the functioning of the EU Securitisation Regulation which contains the EU Commission’s assessment of a number of key aspects of the...more
The European Commission recently published its long-anticipated report to the European Parliament and the Council of the European Union on the functioning of the EU Securitisation Regulation. The report contains important...more
On 10 October 2022, the European Commission (the “Commission”) published its report (the “Report”) to the European Parliament and Council on the functioning of Regulation (EU) 2017/2402 (the “EU Securitisation Regulation”) as...more
On 16 December 2020, the Council of the European Union published final compromise proposals for a package of measures dubbed the “Capital Markets Recovery Package”, these were adopted by the European Parliament’s Committee on...more
The European Securities and Markets Authority has launched a consultation on proposed guidelines on securitization repository data completeness and consistency thresholds. The proposed guidelines would apply to EU...more
Originators, sponsors, and issuers should prepare now for the new securitisation disclosure and reporting rules. Key Points: ..Disclosure and reporting standards under the EU Securitisation Regulation are finalised but...more
The Securitisation Regulation applies to securitisations, the securities of which are issued (or where no securities are issued, the securitisation positions of which are created) on or after 1 January 2019....more
This memorandum provides an update regarding the further delay in the application of the transparency regulatory technical standards (“RTS”) (which include the new reporting templates) under the EU Securitisation Regulation....more
The European Securities and Markets Authority (“ESMA”) published on its website late on 18 December 2018, a letter from the European Commission to ESMA dated 30 November 2018 (the “Commission’s Letter”), in which the...more
New rules will modify regulatory capital requirements for securitisation positions and unify risk retention practices. By year end, the European Commission (the EC) is expected to publish two new EU regulations in the...more
SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings - On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments that will require issuers to include a...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
ESMA has responded to the European Commission’s consultations on the Prospective Directive and Securitization, recommending, in relation to prospectuses, an approach that would facilitate access to capital, while stressing...more