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FCA introduces new rules on cryptoasset promotions
Posted by Martin Bartlam and Marina Troullinou on 8 June 2023The Financial Conduct Authority (FCA) published today Policy Statement PS23/6 introducing new financial promotion rules for cryptoassets, together with relevant draft guidance under Guidance Consultation GC23/1.
Keeping an ‘AI’ on the Market: Competition and Markets Authority announces launch of consumer protections for artificial intelligence
Posted by Sophie Lessar on 9 May 2023On 4 May 2023, the UK’s Competition and Markets Authority (CMA) announced the launch of an initial review of competition and consumer protection principles that are designed to guide the ongoing development and use of artificial intelligence (AI) foundation models.
EU securitisation – final draft homogeneity RTS: no change regarding corporate exposures
Posted by Mark Daley on 15 February 2023Securitisation lawyers know that when structuring an STS issue, one of the “simplicity” requirements in Article 20 of the Securitisation Regulation is that the assets must be homogeneous (see further, “What is homogeneity and how do we know it when we see it?”).
Consultation on the Credit Servicing Directive – Three Initial Observations
Posted by Conor Houlihan and Oisin Mulvihill on 2 February 2023The Department of Finance has announced a consultation process on the Credit Servicing Directive. Read our top three initial observations.
The European Parliament offers the prospect of relief regarding the upcoming output floor
Posted by Mark Daley on 27 January 2023Tuesday’s approval by the Committee on Economic and Monetary Affairs of the proposed Basel 3 reforms was good news regarding securitisation.
DORA - Operational Resilience Update
Posted by Nichola Donovan on 16 January 2023The EU Digital Operational Resilience Act (DORA) has now been published (on 27 December 2022) and entered into force on 16 January 2023. There will be a 24 month implementation period. Therefore, DORA will apply from 17 January 2025 in all EU Member States.
The EU and UK securitisation regimes - a gradual divergence
Posted by Mark Daley on 21 December 2022As 2022 draws to a close, what kind of divergence have we seen between the EU and UK securitisation regimes since Brexit, and what can we expect over the next couple of years?
Hong Kong Airlines restructuring is safely landed
Posted by David Manson, Jared Green and Rowan Aspinwall on 19 December 2022The restructuring of Hong Kong Airlines has been approved. It is the first time that a parallel English Restructuring Plan and Hong Kong Scheme of Arrangement have successfully been used to restructure Hong Kong, PRC and English law-governed debts.
and then 