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
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
The European Securities and Markets Authority (ESMA) has published its peer review report on national competent authorities' (NCAs) supervision of simple, transparent and standardised (STS) securitisations. The report looks...more
Please join Mayer Brown partners Frank Doorley, Patrick Healy, Janice Kong, and Tameem Zainulbhai for a discussion on What to Expect in 2025 in the fields of structured finance and securitization. They will examine some key...more
AT A GLANCE - The rise of the direct lending market has led to a dramatic rise in supporting liquidity strategies to optimize the market. These strategies include the use of financings to provide market participants with...more
The European Securities and Markets Authority (ESMA) issued a Consultation Paper on 13 February 2025 presenting a proposal for a simplified disclosure template for private securitisations. ESMA’s stated aim is to reduce...more
Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features a close look at business development companies, an introduction to project...more
A bank sought payment under “deeds of indemnity” related to swap agreements which were part of a number of Dutch mortgage-backed securitisations. The mortgage provider refused to pay, a key argument being that the “deeds...more
Special purpose vehicles (SPVs) are commonly employed as a structuring tool in many cross-border and structured finance transactions, and collateralised loan obligation (CLO) transactions are no exception. The Cayman Islands...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
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
Back when NAV was something that guided you to your chosen venue for the evening, the FFA conference in Miami (and earlier still, New York) was a slightly more 'NAV'igable event....more
The European Securities and Markets Authority (ESMA) has published a consultation paper in relation to a simplified reporting template for private securitisations. This follows its previous consultation paper in relation to...more
As regular readers of CrunchedCredit will know, I recently pitched the idea of amending our hoary old REMIC statute to allow additions of collateral after the startup date window to allow modification to performing loans (and...more
A period of high interest rates and economic headwinds have made it challenging for companies in Latin America to secure financing for transactions. Against this backdrop, businesses, dealmakers, and lenders have increasingly...more
Matt Bisanz interviews Steve Gandy, formerly with Santander, about his long career designing innovative securitization structures around the globe....more
Significant risk transfer transactions or SRTs are one of the fastest growing corners of the financial markets. In this update, the opening of the US market, increasing international regulatory scrutiny and updates to the UK...more
Entering 2025, the outlook for aviation is as bright as it has been since before 2020. Global passenger demand has returned to pre-Covid highs. Interest rates are falling in the United States and Europe. And aircraft trading...more
Securitization of sublines continues to be the hottest of hot topics in fund finance. Whether it could be done, how to do it, and how to overcome certain real and perceived challenges were topics of countless articles and...more
On 29 October 2024, the European Union and the UK government finalized the technical discussions on a competition cooperation agreement. This agreement will enable closer cooperation between the UK Competition and Markets...more
When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have...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
On 1 November 2024, the UK’s onshored version of the EU’s Securitisation Regulation was replaced by the UK’s new regulatory framework for securitisations. The framework consists of...more
In Discussion Paper DP 13/24, the UK’s Prudential Regulation Authority ("PRA") has set out its near-final proposals to restate the relevant provisions in the assimilated Capital Requirements Regulation (the "CRR") in the PRA...more