Tag Archives: Regulation

Russian Sanctions: Provision of corporate services and ‘indirect’ assistance

By Andrzej Janiszewski, Leigh T. Hansson and Anjali Saini on Posted in Sanctions
Read time: 2 minutes 30 seconds On 8 May 2022, OFAC issued a determination (Determination) pursuant to Executive Order (E.O.) 14071 (issued on 8 April 2022), “Prohibitions Related to Certain Accounting, Trust and Corporate Formation, and Management Consulting Services,” prohibiting: “The exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United … Continue Reading

EBA publishes additional supervisory measures on legislative and non-legislative moratoria on loan repayments in light of COVID-19

By Karen Butler, Simon Hugo, Emily Cartwright and Sophie Davis on Posted in Securitisation
Read time: 5 minutes On 2 April 2020, the European Banking Authority (EBA) published guidelines on legislative and non-legislative moratoria on loan repayments in light of COVID-19 (EBA/GL/2020/2) (the Guidelines). The Guidelines were updated by a supplementary supervisory statement addressing the treatment of securitised exposures subject to payment moratoria, issued on 22 April 2020. The … Continue Reading

BREXIT- Hand-over your contingency plans…

By Chloë Clift on Posted in Brexit, General, Regulation
Read time: 1 minute 20 seconds Earlier this month the Bank of England’s Prudential Regulation Authority (the ‘PRA’) wrote to all UK companies undertaking cross-border activities between the UK and the EU under passporting arrangements, requesting a summary of their Brexit contingency plans. The letter continues the regulator’s focus on ensuring firms have robust measures … Continue Reading

ESMA clarifies timelines for publication of credit ratings and rating outlooks

By Charlotte P. Barnett on Posted in European Securities and Markets Authority, General, Rating Agencies, Regulation, Securitisation
Read time: less than 1 minute Credit rating agencies (‘CRAs’) that operate in the EU will be interested to hear that on 30 March 2017, ESMA published an update to its Questions & Answers (Q&A) on the ‘CRA’ Regulation (Regulation 1060/2009, as amended in 2011 and 2013).  The CRA Regulation requires CRAs within the EU … Continue Reading

Back(loading) to the Future – the Nuances of EMIR Transaction Reporting Requirements

By Claude Brown on Posted in ABS, Capital Markets, CMBS, European Securities and Markets Authority, General, Regulation, RMBS, Securitisation, Structured Products and Derivatives
It’s been barely six weeks since the EMIR trade reporting obligations came into effect on 12 February and, as the regulatory dust begins to settle, parties to derivative transactions are still in the process of assessing their duties under the new regime.  In the lead up to the February deadline, bank and securities firms were … Continue Reading

You Don’t Need EMIRacle – Trade Reporting for SPVs Made Easy

By James Fisher on Posted in ABS, Capital Markets, CMBS, European Securities and Markets Authority, General, Regulation, RMBS, Securitisation, Structured Products and Derivatives
EMIR’s trade reporting obligations come into effect on 12 February and counterparties to derivative transactions are currently scrambling to ensure they have all the appropriate systems in place to ensure compliance. For large financial institutions, this has already involved many months of hard work and, even still, many are not optimistic about meeting next month’s … Continue Reading

Regulation of Money Market Funds and Securitisation

By Nick Stainthorpe on Posted in Regulation
On 4 September 2013, the European Commission published a draft regulation on the regulation of European money market funds.  Money market funds are important investors in certain types of securitisation, particularly asset backed commercial paper, and the draft Regulation includes some detailed provisions dealing with this relationship.  This is explained in the recitals: “Due the fact … Continue Reading

Irish Stock Exchange announcements – Its all change at the Exchange!

By Simon Hugo on Posted in ABS, CMBS, Defaults and Restructurings, RMBS, Securitisation
Those issuers, corporate services providers, collateral managers, servicers and special servicers that regularly submit debt announcements on the Irish Stock Exchange will know how straightforward and quick it is to submit.  For those that don’t, at present this process involves simply sending a copy of the notice or announcement to the email address announcements@ise.ie and the … Continue Reading
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