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The ECB comments about private securitisation disclosures  

Posted by Mark Daley on 15 March 2024

The 13 March 2024 response from the ECB to ESMA about reforming article 7 commented, amongst other things, about reforming the regime for private securitisation disclosures.

HMT launches consultation on money laundering regulations

Posted by Rachel Tookey and Tony Katz on 15 March 2024

On 11 March, HM Treasury published a consultation entitled “Improving the Effectiveness of the Money Laundering Regulations”. The consultation follows the 2022 government review of the anti-money laundering/ counter-terrorist financing (AML/CTF) regulatory and supervisory regime and its Economic Crime Plan set for 2023-26. The overarching aim is to improve the effectiveness of the current Money Laundering Regulations 2017 (MLRs).

De-banking: what next for payment service providers?

Posted by Rachel Tookey, Stewart Plant and Leontia McArdle on 12 March 2024

The de-banking of customers, and the legal and regulatory implications that can arise, are not new issues. However, those issues have come into sharp focus following recent publicity surrounding a high-profile account closure. This article considers what payment services firms can expect next following the increased scrutiny from customers, media, government and the regulators.

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. 

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.

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”).

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