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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.
Hong Kong provides long-awaited policy and regulatory updates on virtual assets
Posted by Kristi Swartz on 15 December 2022Much anticipated regulatory updates on virtual assets (VAs) and related activities were announced during the Hong Kong FinTech Week. The Financial Services and the Treasury Bureau (FSTB), Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) debuted wide-ranging policy and regulatory initiatives – with Eddie Yue, the Chief Executive of the HKMA, being teleported on stage from the metaverse, no less – which underline Hong Kong’s ambitions to become a global hub for VA activities and businesses.
Bank of England proposals on adopting the output floor
Posted by Mark Daley on 30 November 2022Readers will know about the looming problem of the output floor: a floor under the capital requirements calculated under the Internal Ratings Based Approach. Once fully phased in, it will require that capital requirements under the IRBA may not be less than 72.5% of those calculated using the Standardised Approach.
Turbulent Times for Hong Kong Airlines
Posted by David Manson, Jared Green and Rowan Aspinwall on 18 November 2022There has been no shortage of distressed airlines over the last 2.5 years as the COVID-19 pandemic and its economic reverberations wreaked havoc across the aviation sector and travel industry alike. Virgin Atlantic Airlines, Norwegian Air, Garuda, Malaysia Airlines (its leasing wing MAB Leasing Limited), AirAsia X and SAS are just some of the airlines to have gone through, or are in the process of, debt restructurings or deployment of asset and liability management strategies.
and then 