A new era: The new European framework for securitisations

Following a prolonged period of political scrutiny and negotiation, the texts of two regulations implementing significant changes to the regulation and capital treatment of securitisations were broadly agreed by the three EU legislative bodies on May 30, 2017 and are due to be formally adopted later this year.

The EU regulations, when implemented, will have an impact on securitisation markets far beyond the borders of Europe, as issuers and investors in the U.S., Canada, Australia and elsewhere grapple with the consequences of a two-track securitisation regime very different from what is and likely will be in place in their home countries.

Our briefing note highlights the key aspects of the new securitisation framework including summaries of provisions relating to application and grandfathering, the new harmonised rules on due diligence, risk retention and disclosure, the STS criteria, liability and capital treatment.

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