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
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
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....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
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
The Securitisation (Amendment) (No. 2) Regulations 2024 were published on legislation.gov.uk, alongside an explanatory memorandum. At present, U.K. investors in U.K. - or EU-origin Simple, Transparent, and Standardised...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
Key developments in May 2024: ESG: The Financial Conduct Authority (“FCA”) updated its webpage on the sustainability disclosure requirements (“SDR”) and investments labelling regime. Among other things, the webpage has been...more
On 30 April 2024, the Financial Conduct Authority (the “FCA”) published Policy Statement PS24/4 (“PS24/4”) setting out the final FCA Securitisation Sourcebook (“SECN”). Subject to the repeal of the Securitisation Regulation...more
The detailed disclosure requirements under the Securitisation Regulations in the EU and UK, which aim to ensure that investors receive the information needed to make informed assessments, have been considered by many market...more
The start of 2024 heralds the rollout of a new suite of rules for securitisation in the UK, which once adopted, will replace the existing on-shored UK Securitisation Regulation (the “UKSR”). Originally published in...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 new securitisation framework will combine three sets of overlapping rules, in an effort to repeal and replace retained EU law in the UK. The missing piece of the puzzle to the UK’s new securitisation framework became...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 U.K.’s newest Financial Services and Markets Act of 2023 (“FSM Act”) received Royal Assent on 29 June 2023. Certain parts came into force on its passing, others will come into effect two months after that, and the...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
On 25 January 2023, the US Securities and Exchange Commission (SEC) proposed a far-reaching rule (Rule 192) to prohibit securitisation transactions involving or resulting in a material conflict of interest between certain...more
The timetable sets out three tranches of extensive regulatory changes to UK and EU law in 2023 and 2024. The “Edinburgh Reforms”, a series of announcements made on 9 December 2022 by the Chancellor of the Exchequer, set...more
As we make the transition from 2022 to 2023, this is a good time to look ahead to developments in the UK and the EU that will likely impact the financial services industry. Here are some observations....more
EU simple, transparent, and standardised (STS) securitisations may be recognised as STS for the purposes of the UK Securitisation Regulation if they are designated as STS under the EU Securitisation Regulation regime before...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
The UK’s Temporary Transitional Power (TTP) that allowed firms time to adapt to the new requirements following the UK’s withdrawal from the European Union on 31 December 2020, is ending on Thursday 31 March 2022. UK regulated...more
Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 - The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (SI...more
Submission of statistical data: BoE Green Notice 2020/02 - The Bank of England (BoE) has published a Green Notice 2020/02 announcing future changes to the submission of statistical data to its Data and Statistics Division...more