Topic
Securitisation
464 published works
Crunched Credit
The SEC As Bad Santa: The Proposed Securitization Conflict Rules
By Rick Jones, Crunched Credit
The current administration’s legislative initiatives are largely bottled up in a split Congress, so the path toward achieving the White House’s policy priorities runs almost exclusively through the executive order…
Securities Law Prof Blog
New Securities Law Articles in Print
The following law review articles relating to securities regulation are now available in paper format:Belle Qi Guo, What Lessons Can the Luckin Coffee Scandal Offer to Australia–China Cross-Border Listed Companies'…
China Law Insight
海外证券化交易：一份面向香港特别行政区和中国内地客户的实用指引（之一）
By King & Wood
作者：薛嘉聪 牟牧 廖万泉 资产证券化是目前亚太地区流行的一种融资工具，且中国境内的资产支持证券（asset-backed securities或ABS）在最近几年更是迎来了迅猛增长。亚太地区的证券化市场作为一个整体而言，在规模上与美国证券化市场相仿，并数倍于欧洲证券化市场。 香港特别行政区政府致力于推动香港成为亚洲的资产证券化融资中心，以配合“一带一路”倡议及“大湾区”发展进程中的基建项目。在香港政府2022-23财政年度政府财政预算案中，香港按揭证券有限公司将于年内研究落实基建融资证券化先导计划，并预期将于下个财政年度在机构市场发行总值达四亿五千万美元的基建融资证券化产品。 我们注意到香港放贷机构对设立非公开储架式证券化融通（private warehouse securitisation facility）及私募发行担保债券计划有着浓厚的兴趣。它们的共同目标是通过归集底层资产，形成一定的规模效应后，然后进一步酝酿出公开发行的资产支持证券产品和市场。此外，我们注意到市场对中国非房地产行业（例如资产租赁、基建和金融科技公司）相关的境外资产支持交易的兴趣与日俱增，这些行业通过海外运营产生了大量的贸易应收账款。 在本系列文章中，我们就如何驾驭证券化的复杂性给出了一些见解，并回答了一些客户经常提出的问题。 阅读更多
The CLS Blue Sky Blog
Debevoise Discusses Proposed SEC Rule to Prohibit Conflicts of Interest in Certain Securitizations
By Jeff Robins, Jeremy Lin, Marc Ponchione
On January 25, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a proposed rule to prohibit material conflicts of interest in the sale of asset-backed securities (“ABS”). The proposed…
Global Regulation Tomorrow
ESAs update Q&As relating to the Securitisation Regulation
On 17 February 2023, the Joint Committee of the European Supervisory Authorities published updated Q&As relating to the Securitisation Regulation. The updated Q&As now cover the following topics: The inclusion…
Global Regulation Tomorrow
EBA Final Report on draft RTS on the homogeneity of the underlying exposures in STS securitisation
On 14 February 2023, the European Banking Authority (EBA) published a Final Report on draft regulatory technical standards (RTS) on the homogeneity of the underlying exposures in simple, transparent and…
Crunched Credit
Birds Do It, Bees Do It, Even Educated Fleas Do It. Should The CRE Securitization Industry Advertise? [1]
By Rick Jones
If the wisdom of crowds has any validity (and there’s no real evidence that it’s any worse than the pontifical huffings of the chattering class), then there’s hope for 2023. …
Free Writings + Perspectives
Dodd-Frank Act Era Conflicts Rule Reproposed
Today, the Securities and Exchange Commission proposed a rule to implement Section 27B of the Securities Act. This section was added as a result of the addition of Section 621…
Global Regulation Tomorrow
The Edinburgh reforms and securitisation: The road ahead
By David Shearer (UK), Michele Daelemans
Introduction On 9 December 2022, the Chancellor of the Exchequer announced a set of reforms (the “Edinburgh Reforms”) that aim to drive growth and competitiveness in the financial services sector[1].…
Global Regulation Tomorrow
ESAs joint review on the review of the securitisation prudential framework
On 12 December 2022, the European Securities Authorities (ESAs) (European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA)) published…