David Shearer (UK)

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Major development in EU Securitisation reporting imminent – first Securitisation Repository likely to be authorised in June

On Monday 26 April 2021, ESMA published a press release confirming that it is in the final stages of  the process of assessing applications received from prospective Securitisation Repositories under the Securitisation Regulation (Regulation EU 2017/2402). Within 40 working days ESMA is obliged to finalise its assessment of the applications made by a prospective Securitisation … Continue Reading

Changes to the EU Securitisation Regulation – a more liberal approach to NPE securitisations and extending the STS framework – EU/UK regulatory divergence in action?

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 April 2021. Regulation (EU) 2021/557 amended European Regulation 2017/2402 (EUSR)[i] extending the Simple, Transparent and Standardised (STS) framework to on-balance sheet synthetic securitisations (previously only … Continue Reading

UK Risk Retention Requirements Post Brexit

Having only days previously made statements that such a deal was unlikely and warning their citizens to prepare for a no deal Brexit, the United Kingdom (UK) and the European Union (EU) announced on 24 December 2020 that they had reached an agreement in principle on trade and co-operation. More than 1200 pages long, the … Continue Reading

UK ILS framework moves ahead

HM Treasury has now published a formal consultation on legislation to implement a new regulatory, corporate and tax framework for insurance linked securities (“ILS”) business in the UK. This latest consultation follows the March 2016 initial consultation which sought feedback on the overall approach that the UK should take to develop a more competitive market … Continue Reading

UK embraces ILS structures

HM Treasury has now published a formal consultation in relation a new regulatory, corporate, insolvency and tax framework for insurance linked securities (“ILS”) business in the UK. The Government’s aim is to reinforce London’s standing as the world’s leading insurance market by creating the necessary legal environment to allow the domicile of ILS issuers in … Continue Reading
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