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
The Basel Committee on Banking Supervision (BCBS) has published a press release providing an update on its workstreams. The BCBS states that it will publish by mid-2025 an update on the outcome of its work to prepare a suite...more
Following the start of development work on an accelerated procedure for the regulatory recognition of significant risk transfer ("SRT") securitisations last year, the European Central Bank ("ECB") published guidance addressed...more
A recent High Court judgment in a case where NatWest won a claim against CMIS arising under derivative transactions raises several issues of law with practical implications for the structuring of complex finance deals....more
Matt Bisanz interviews Steve Gandy, formerly with Santander, about his long career designing innovative securitization structures around the globe....more
In this bulletin, we consider the current state of the EU, U.K. and U.S. markets for credit risk transfer (“CRT”) transactions, with a particular focus on the fund finance market. For a more in-depth introduction to this...more
1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General (i) EU - ESRB: Speech on old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis - Status: Final - The ESRB has published a...more
Matt Bisanz interviews Georges Duponcheele of MunichRe and William Perraudin of Risk Control Ltd. about their work in developing approaches to securitization capital requirements....more
On September 18, 2023, the U.S. Basel III Endgame proposal was published in the Federal Register. The comment period ended on January 16, 2024, with the banking regulators (the Federal Reserve, the OCC, and the FDIC) having...more
As the pace of reform increases, we take a look at key developments and the timeline ahead. Significant progress has been made on the Edinburgh Reforms since they were announced in December 2022, with developments...more
The updated Basel III framework is the principal response of the Basel Committee to the global financial crisis. The updated framework makes wide-ranging changes to the perceived shortcomings of the previous regime. Although...more
On 28 July 2022, the European Banking Authority (the “EBA”) published a Consultation Paper on draft regulatory technical standards (“RTS”) specifying the criteria for the underlying exposures in on-balance-sheet STS...more
Cross-border securitizations involving Canadian assets can take various forms. For example: • U.S. originator may have sold products to Canadian customers and wants to include the related receivables (owing by Canadians)...more
The European Banking Authority recently published its final draft of the regulatory technical standards in relation to risk retention under the EU Securitisation Regulation. This LawFlash covers some of the key aspects of...more
On Thursday, July 23, 2020, the New York State Legislature voted to approve companion bills (S 5470/A 10118-A), commonly referred to as the “New York State Small Business Truth in Lending Act” (NY TILA). In passing the NY...more
The European Banking Authority has launched a consultation on its proposed simple, transparent and standardized framework for synthetic securitization. The paper also seeks feedback from stakeholders on a proposed list of...more
Financial institutions around the world are addressing the probable cessation of "LIBOR" interest rates before 2022 by, among other things, developing language designed to substitute an industry-approved successor rate (most...more
It can be difficult to structure securitization transactions that comply with both the US and EU regulatory regimes, a task made even more complicated by the new EU rules that came into effect on January 1, 2019. While the...more
In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
The Situation: The European Central Bank ("ECB") has announced that it will set bank-specific supervisory expectations for the provisioning of non-performing loans ("NPLs") in a consistent way across comparable banks, which...more
CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more
This booklet aims to provide an updated framework of the European NPLs market, presenting the last provisions entered into force, together with some papers of national and European Authorities and some observations of our...more
Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more
On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps and (ii) an interim final rule to...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