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
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
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
On 5 March 2024, the European Commission adopted a delegated regulation that will supplement the EU Securitisation Regulation with regulatory technical standards ("RTS") in relation to simple, transparent and standardised...more
Following up on a consultation in July 2023 here, the post-Brexit replacement of Regulation (EU) 2017/2402 of the European Parliament and of the Council ("Sec Reg"), the UK Securitisation Regulations 2024 (SI 2024/102) ("SI")...more
As the EU removes the Cayman Islands from the EU AML/CFT blacklist with effect from 7 February 2024, concerns and barriers for EU sell- and buy-side parties on securitisations involving Cayman SSPEs fall away....more
The UK and Europe have released a number of updated requirements for securitisations that, while not effecting material changes, are notable in their scope and number. Below, we give a brief guide to these changes and their...more
From 1 April 2022, UK originators, sponsors and securitisation special purpose entities (SSPEs) may no longer use the EU reporting templates instead of the UK reporting templates for securitisations, and UK investors in...more
EBA Report on Developing a Framework for Sustainable Securitisation - The EBA Report examines how sustainability could be introduced in the specific context of the securitisation market in order to support its sound...more
Introduction - The Joint Committee of the European Supervisory Authorities (the "Joint Committee" and the "ESAs", respectively) has published a report on the implementation and functioning of the EU Securitisation...more
Overview - Two regulations amending the EU Securitisation Regulation1 and the Capital Requirements Regulation2 (the “CRR”) respectively have now come into force. Regulation (EU) 2021/557 of the European Parliament and...more
Background - On 26 March 2021, the European Supervisory Authorities (the “ESAs”) published a Joint Opinion (the “Opinion”) on the jurisdictional scope of the obligations of the non-EU parties to securitisations under the...more
The EU Securitisation Regulation (the “Securitisation Regulation”) has been applicable since 1 January 2019. The purpose of this Legal Update is to summarise the key aspects of the Securitisation Regulation and related...more
The UK left the EU on 31 January 2020 at 11:00 p.m. UK time. This legal update summarises the application of EU law in the UK after Brexit, with particular reference to the Securitisation Regulation....more
Overview - Numerous regulatory developments were enacted or proposed in the United States and the European Union in response to the financial crisis. Although some of the proposed changes are still in the process of being...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
There were significant developments in 2019 as courts continued to issue important decisions in this space and significant legislation impacting the residential mortgage-backed securities (“RMBS”) market came into effect. A...more
Regulatory Technical Standards under the EU Securitization Regulation on the conditions for a securitization to be considered "homogenous" have been published in the Official Journal of the European Union. Homogeneity is one...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
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
On 13 September 2019, the European Banking Authority (the “EBA”) updated its guidance in respect of the Securitisation Regulation[1] by publishing an answer to a question submitted to it in November 2018 by the Association...more
On 7 June 2019, Regulation (EU) 2019/876 (“CRR II”)[1] was published in the Official Journal of the EU. CRD II amends the Capital Requirements Regulation in a number of respects. For securitisation market participants, a key...more
The European Commission has adopted draft Regulatory Technical Standards under the EU Securitization Regulation on the conditions for a securitization to be considered homogenous. Homogeneity is one of the requirements for a...more