On 17 June 2025, the European Commission (the "Commission") published its proposed measures to revive the securitisation framework in the European Union ("EU"), with a view to making it simpler and more fit for purpose. This...more
Private credit funds (PCFs) are emerging as key players in the subscription and net asset value (NAV) line market, significantly impacting fund financing. Regulatory changes, economic trends, and strategic innovations are...more
In January 2019, the EU introduced its current regulatory framework for securitisations, seeking to improve transparency, robustness, and market confidence following the global financial crisis. Market participants have...more
Vlad Maly and Michal Chajdukowski present the key takeaways from a package of amendments to the existing EU securitization framework, published by the European Commission on June 17, 2025. The proposals aim at...more
The EU has now published its final proposal here (the “SecReg Proposal”) for a regulation amending Regulation (EU) 2017/2402 (“SecReg”). This memo discusses the most notable changes from the 2017 version of SecReg, many of...more
The European Commission published its proposals for amendments to the EU Securitisation Regulation on 17 June 2025. These proposals are of significant importance for securitisation market participants....more
The European Commission has published a draft Regulation amending Delegated Regulation (EU) 2015/61 on the eligibility conditions for securitisations in the liquidity buffer of credit institutions (the “Draft”)....more
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
Trusts are being used more often for financing mortgage loans, which can be an effective way to optimize asset management and minimize lender risk. Key Benefits of Using Trusts in Mortgage Loan Financing...more
On 17 June the European Commission published its long-awaited legislative proposals for reviving the European securitisation market (the proposals). This is a significant and wide-ranging package of reforms, aimed at reducing...more
In this In Practice article, the authors look at what sell-side entities would need to consider if the reforms to the EU’s securitisation reporting regime, such as a new template for private securitisations, were to go ahead...more
The Basel Accords have, over time, shaped the development of the financial markets as different products become more or less attractive for banks to offer and businesses to take up on a risk-adjusted return basis. After the...more
We have seen a marked increase in the volume of structured finance transactions involving lifetime mortgage products in recent years (both funding transactions and the sale and purchase of lifetime mortgage books through...more
The Securities and Exchange Commission has issued a no-action relief letter regarding paragraph (a)(3)(iii) of Rule 192 under the Securities Act of 1933, as amended. Rule 192, finalized in January 2024, implements Section 621...more
The UK Securitisation Framework came into force on 1 November 2024 and revoked the previous EU legislation that had been retained under UK law ("Previous UK SR"). The new regime represents a significant shift in the way that...more
For many Americans, Memorial Day marks the beginning of summer – neighborhood pools open, patriotic decorations ornament yards, and friends and family gather for barbeques and outdoor fun. Amidst the three-day weekend, it’s...more
The staff of the US Securities and Exchange Commission’s Division of Corporation Finance recently granted no-action relief for transactions under Securities Act Rule 192(a)(3)(iii) (commonly known as prong (iii)) where the...more
On April 28, 2025, the District Court for the District of Delaware granted a joint motion to dismiss with prejudice a lawsuit brought by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) against the National...more
The FCA issued a consultation paper on 7 May 2025 seeking feedback on regulatory proposals to simplify advice rules and affordability assessments for mortgages, making it easier, faster and cheaper for consumers to make...more
Microgeneration has always been a cornerstone of the German energy supply, due to its diversified production and manufacturing industry, which is spread out over the country....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
Mr. Pulte is now the great poohbah of Fannie and Freddie supervising the Twins from his seat at FHFA and also now acting as chair of their respective boards. What is he going to do (assuming he has any agency here)?...more
Background Article 44 of the EU’s Securitisation Regulation (“SECR”) requires the Joint Committee of the European Supervisory Authorities (“ESAs”) to produce a report every three years on: (a) the implementation of...more
The ESMA Consultation comes at an interesting time when the possibility of streamlining template reporting is being considered as part of the wider review of the European Securitisation Regulation (EUSR) and as considered...more