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International Asset Based Lending Guide
Posted by Joseph Frew on 29 September 2023Our 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.
UK Securitisation - FCA consultation paper on post-Brexit regime published
Posted by Mark Daley on 8 August 2023The 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”).
UK Securitisation: jam today, and tomorrow
Posted by Mark Daley on 28 July 2023The 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.
“Near final” Securitisation Regulations 2023 published
Posted by Mark Daley on 12 July 2023The 45-page draft Securitisation Regulations 2023 were published on Tuesday morning, 11 July 2023, alongside a 26-page policy note.
HM Treasury publishes Consultation on the Digital Securities Sandbox
Posted by Martin Bartlam and Marina Troullinou on 11 July 2023HM 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.
EC adopts revised final draft risk retention RTS
Posted by Mark Daley on 11 July 2023The 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.
UK Securitisation Regulation
Posted by Mark Daley on 7 July 2023It 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).
The European Commission announces its proposal for Payment Services Directive 3 (PSD3)
Posted by Sophie Lessar, Chris Rennie and Hayley Milner on 3 July 2023On 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.
MiCA & TFR: the two new pillars of the EU crypto-assets regulatory framework
Posted by Martin Bartlam and Pierre Berger on 23 June 2023After a long and much-debated legislative process, the Markets in Crypto-assets Regulation and the Transfer of Funds Regulation were finally officially published in the European Official Journal on 9 June 2023.