Topic
Securitisation
464 published works
Global Regulation Tomorrow
ECB Banking Supervision to supervise securitisation requirements for banks
On 14 May 2021, the European Central Bank announced its decision to start ensuring that the banks it directly supervises comply with the requirements for risk retention, transparency and resecuritisation,…
Credit Chronometer
Of Forgiveness and Forbearance in Student Loan ABS
Last week, I moderated a panel on valuation and trends in student loan securitizations and the secondary market at the iiBig Virtual Education Finance & Loan Symposium. Below are some…
Energy Forward
More 2021 Polar Vortex Fallout: Securitization Bills, Not Satisfying Rating Methodologies Requirements, Unlikely to Get Highest Possible Ratings
In the aftermath of Winter Storm Uri and the market turmoil that ensued, legislation that contemplates using securitization to potentially fund related economic damages and other dislocation has been proposed…
Global Regulation Tomorrow
Changes to the EU Securitisation Regulation – a more liberal approach to NPE securitisations and extending the STS framework – EU/UK regulatory divergence in action?
By David Shearer (UK), Rae Parsons (UK)
Regulation (EU) 2021/557 and Regulation (EU) 2021/558 (together, the Regulations) were published in the Official Journal of the European Union on 6 April 2021 and came into force on 9…
Regulatory Oversight
District Court Denies CFPB’s Untimely Attempt to Ratify — Punts on “Covered Persons”
By Corey M. Scher, Ethan G. Ostroff, David M. Gettings
In Consumer Fin. Prot. Bureau v. Nat'l Collegiate Master Student Loan Trust, the District of Delaware dismissed a lawsuit brought by the Consumer Financial Protection Bureau (CFPB), alleging that a…
The Long and Short of It
Amendments to the EU Securitisation Regulation – the new synthetic STS framework for Synthetic Securitisation
Synthetic Securitisation relies heavily on underlying credit derivatives and similarly structured guarantees, and has had the benefit of two new EU "Amendment Regulations", both of which came into force on…
Retained Interest
Amendments to the EU Securitisation Regulation – the new synthetic STS framework and adjustments in relation to non-performing exposures
By Alice Harrison, Robyn Llewellyn, Mariana Padinha Ribeiro, Edmund "Ed" Parker
Two regulations amending the EU Securitisation Regulation and the Capital Requirements Regulation (the "CRR") respectively have now come into force. Regulation (EU) 2021/557 of the European Parliament and of the…
Crunched Credit
A Modest Proposal: Why Can’t CRE CLOs Be More Like Corporate CLOs?
By Rick Jones
Here at Dechert, we have market-leading practices in CRE CLO as well as corporate CLOs, including broadly syndicated and middle market structures. So, every day that I peer into these…
Corporate & Financial Weekly Digest
ESAs Opinion on Jurisdictional Scope of the Securitisation Regulation
By Carolyn H. Jackson, Nathaniel Lalone, Neil Robson
On March 26, the European Supervisory Authorities (ESAs) published an opinion to the European Commission on the jurisdictional scope of the Securitisation Regulation ((EU) 2017/2402). In the Securitisation Regulation, the…
Global Regulation Tomorrow
Securitisation Regulation – Q&As and opinion
On 26 March 2021, the Joint Committee of the European Supervisory Authorities (ESAs) published Q&As relating to the Securitisation Regulation. The Q&As contain answers to questions that fall outside the…