European Securitisation Regulation

In this briefing document the Simmons & Simmons team look at new regulations laying down common rules and creating a new European framework for securitisation.

Background

A new regulation laying down common rules on securitisation and creating a European framework for simple, transparent and standardised (STS) securitisation (the Securitisation Regulation) and a regulation amending Regulation (EU) No. 575/2013 (the CRR) (the “CRR Amendment Regulation” and, together with the Securitisation Regulation, the “Regulations”) have been published in the Official Journal of the European Union (EU). The Regulations came into force from 17 January 2018 and will become effective from 01 January 2019.

The Regulations form part of the capital markets union initiative of the European Commission and are aimed at increasing the availability of finance to Europe’s economy by reviving its securitisation market. The Securitisation Regulation will repeal and replace the securitisation provisions in sector specific legislation such as the CRR, the Commission Delegated Regulation (EU) No 231/2013 (AIFMR) supplementing the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) and Commission Delegated Regulation (EU) 2015/35 (Solvency II Regulation) supplementing Directive 2009/138/EC (Solvency II Directive).

The briefing available below provides a summary of the key provisions of (and the key changes brought about by) the Regulations, but focuses primarily on the Securitisation Regulation.

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