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International Asset Based Lending Guide

Posted by Joseph Frew on 29 September 2023

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.

Does the “D” in PSD3 stand for “divergence”? PSD3 and payment services in the UK

Posted by Stuart Murdoch and Rory Milkova on 8 January 2024

In June, the European Commission published a set of proposals to modernise the payment services sector and bring it into the digital age.

Firms need to take action in respect of retention of interest on customers’ cash balances

Posted by Tony Katz and Puesan Lam on 13 December 2023

The FCA surveyed 42 investment platforms and SIPP provides and found that the majority retain some of the interest earned on their customers’ cash balances, which may not meet the expectations under the Consumer Duty particularly considering the substantial increase in the Bank of England base rate. According to the FCA, in June 2023 alone, the firms surveyed collectively earned GBP743 million in revenue from this practice.

Securitisation: PRA consults on Basel 3.1 and synthetic STS

Posted by Mark Daley on 1 November 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. 

UK Securitisation - FCA consultation paper on post-Brexit regime published

Posted by Mark Daley on 8 August 2023

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”).

UK Securitisation: jam today, and tomorrow

Posted by Mark Daley on 28 July 2023

The PRA’s consultation paper CP15/23, published yesterday, 27 July 2023, follows t​he 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 2023

The 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 2023

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.

EC adopts revised final draft risk retention RTS

Posted by Mark Daley on 11 July 2023

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.  

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