Topic
Securitisation
464 published works
China Law Insight
资管新规：通道业务中管理人的责任风险和应对
By King & Wood
目前，通道业务在资产管理行业总规模中占有一定比例。《资管新规》要求：“金融机构不得为其他金融机构的资产管理产品提供规避投资范围、杠杆约束等监管要求的通道服务。”这进一步引发了关于通道业务中相关合同效力、管理人（受托人）义务与责任的讨论。
Crunched Credit
God Hates Securitization?
By Rick Jones
The Wall Street Journal recently reported that the Papacy has denounced securitization characterizing it (in such an intellectually balanced way) as tainted by “predatory and speculative tendencies.” Good Lord! Now, I’m…
Market Intelligence for Strategic Advantage
Today in Legal Artificial Intelligence
From Bloomberg Law: "Securitization specialists at law firms including Morgan, Lewis & Bockius LLP and DLA Piper say the first blockchain-based transactions could come as early as this year. “There’s…
Banking, Finance and Securities
European Commission adopts Delegated Regulation aligning Solvency II Delegated Regulation with Securitisation Regulation
On 1 June 2018, the European Commission published a Delegated Regulation amending the Solvency II Delegated Regulation ((EU) 2015/35). As part of its Capital Markets Union (CMU) initiative, the Commission…
Banking, Finance and Securities
PRA consults on approach to EU Securitisation Regulation
On 22 May 2018, the PRA published Consultation Paper 12/18: Securitisation – the new EU framework and Significant Risk Transfer (CP12/18). The proposals in CP12/18 are relevant to all PRA…
Credit Chronometer
iiBig 10th Annual Education Finance & Loan Symposium
Last week, Joseph Cioffi was a featured speaker at the iiBig 10th Annual Education Finance & Loan Symposium in Alexandria, Virginia. He participated in a panel regarding the latest trends…
Banking, Finance and Securities
BCBS – Capital treatment for simple, transparent and comparable short-term securitisations
On 14 May 2018, the Basel Committee on Banking Supervision (BCBS) issued a new standard, Capital treatment for simple, transparent and comparable short-term securitisations. The standard supplements the Criteria for…
Banking, Finance and Securities
BCBS / IOSCO – Criteria for identifying simple, transparent and comparable short-term securitisations
On 14 May 2018, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) issued Criteria for identifying simple, transparent and comparable short-term securitisations (the…
China Law Insight
供应链金融资产证券化
By King & Wood
作者：胡喆 陈府申 史晟杰 杜婧 张海云 金杜律师事务所金融资本部 中小企业融资难的问题一直是我国中小企业发展中面临的主要困境, 传统的银行信贷业务里, 银行愿意提供的贷款数额远不能满足中小企业的资金需求, 并且相应的监管成本较高导致其普遍融资难。备案制改革三年多以来, 我国资产证券化产品基础资产不断丰富, 交易结构不断创新, 为了迎合国家政策协助中小企业融资, 供应链金融资产证券化也随之成为了热点, 针对供应链金融资产证券化, 本部分拟从供应链金融资产证券化的动因与运用、交易结构及交易流程、基础资产及其构建流程、保理法律框架、法律关注要点及供应链金融资产证券化的创新等方面进行探讨。 一、 动因与运用 在供应链金融领域, 不同交易阶段和交易主体往往存在不同程度的融资需求, 也应运而生了多样化的融资方案, 例如订单融资、预付款融资、仓单/货物质押融资等等。而受限于资产证券化本身的运作逻辑及其基础资产特性, 目前供应链金融资产证券化主要是依托于商业保理公司("保理公司")提供应收账款融资服务所产生的保理融资债权进行各类交易机制安排和演化。就该等应收账款融资工具而言, 主要是通过由保理公司统一受让供应商对其债务人的应收账款并即刻支付转让对价的形式, 使供应商得以提前获得应收账款对应的现金收入, 实现融资需求。 针对上述保理融资业务, 根据主导方式的不同, 一般可以区分为正向保理和反向保理。具体而言, 反向保理往往是以某一个核心企业作为债务人为主导,…
Corporate & Financial Weekly Digest
ESAs Publishes Consultation Papers Regarding Securitization Regulation
By Carolyn H. Jackson, Nathaniel Lalone, Neil Robson
The European Market Infrastructure Regulation (EMIR) imposes clearing and risk mitigation obligations on firms trading in the European Economic Area. On May 4, the Joint Committee of European Supervisory Authorities…