FinBrief is DLA Piper's global hub for updates and discussion on the legal issues important to finance and markets and their regulation. Subscribe to updates here.
You have successfully subscribed to the FinBrief mailer.
Our Asset Based Lending team is pleased to release the 2023 edition of the firm's international ABL guide.
The approach to asset security, guarantee limitations and perfection varies by jurisdiction, so it is essential to understand the approach and the local law requirements in structuring these types of transactions. This guide has been researched and authored by our dedicated local DLA Piper offices and the guide has been fully updated for 2023.
The PRA consultation came out on Tuesday, and is another step along the way to some overdue reforms about non-neutrality that will give securitisation a deserved boost after years of being unfairly penalised.
The FCA’s 7 August 2023 consultation is consistent with the PRA’s (the two consultation papers themselves have been independently written, but the FCA reassures us that it and the PRA “have co-ordinated their approach… to create a coherent framework”).
The PRA’s consultation paper CP15/23, published yesterday, 27 July 2023, follows the enactment of the Financial Services and Markets Act 2023 and the “near final” draft Securitisation Regulations 2023 (plus a 26-page policy note) published a fortnight ago and, further back, the five reforms heralded by H.M. Treasury’s December 2022 policy note.
HM Treasury published today its consultation on the Digital Securities Sandbox (DSS) – the first financial market infrastructure sandbox. The DSS will allow market participants to establish financial market infrastructures that utilise digital asset technology (such as digital trading venues and digital central securities depositories), under a temporarily modified legislative and regulatory framework.
The EC’s revised final draft RTS were published last Friday, 7 July 2023. The European Parliament and the European Council now have three months to object, subject to which the RTS would then be published in the OJEU and become law three weeks later, so that they are not expected to become law before November 2023 at the earliest.
It now contemplates an STS equivalence regime. Will the UK go it alone? FSMA 2023 (which got Royal Assent last week) contains a set of STS-related amendments to the UK-onshored Securitisation Regulation (and indeed the onshored CRR and the MMF Regulation).
On 28 June 2023, the European Commission (the Commission) announced its proposal for modernizing payment services and opening financial services data (the Proposal). The Proposal aims to bring payments and the larger financial sector into ‘the digital age’ whilst keeping consumer protection, competition, security, and trust at the core.