FSB report cum consultation - a surprisingly (if deliberately) narrow document

Last week the Financial Stability Board, an emanation of the G20, published what it called a "consultation report". The report is entitled "Evaluation of the Effects of the G20 Financial Regulatory Reforms on Securitisation". At over 90 pages, we wanted to have a careful read before reporting on its content. The first conclusion is that, notwithstanding the very broad title, the report is deliberately narrow in the topics it chooses to cover. The FSB explicitly states that it has focused solely - on the policy side - on the retention rules and the prudential capital requirements for bank investors. Other […]
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Good news for Italian banks

In one of those highly technical yet genuinely impactful regulatory decisions, the EBA issued an opinion backing a decision of CONSOB on collateral for synthetic transactions. Briefly, you cannot have an STS synthetic transaction unless it is either in the form of a credit linked note (CLN) or it is cash collateralised. In Italy, for legal reasons, CLNs do not work. Further, the rules prohibit the cash collateral from being held by the originating bank unless that bank is at least CQS2. Again, in Italy, because of issues relating to rating agencies’ sovereign caps, banks are not CQS2. This meant […]
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Norway's securitisations to join the EU

It is not a widely known fact that some European Union laws can be adopted by the other three countries of the European Economic Area - namely Norway, Iceland and Lichtenstein - in such a way that, once adopted those countries are considered to be fully part of the EU for the purposes of the subject matter of those laws. Even less known, we suspect, is that the EU Securitisation Regulation is such a law. This week, five years after coming into force in the EU, the Securitisation Regulation (and its later 2021 amendment) was formally adopted by the EEA. […]
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Anna Woźniakowska joins PCS

PCS is proud and delighted to announce that Anna Woźniakowska-Dębiec is the newest member of the PCS team. Trained as a lawyer, Anna has a range of experience within both the private sector and the Polish Financial Supervision Authority. She was both a member of the EBA Subgroup on Securitisation and Covered Bonds and ESMA Securitisation Task Force. Anna joined the PCS Outreach Team. Beyond her professional engagements, she actively contributes to various women’s initiatives, including serving as a board member for the Polish Ladies Golf Association.
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PCS Presents: Basel 3.1 in partnership with KPMG

In a new venture for PCS, we present our first YouTube interview with experts and market participants. Designed to delve deeper into a specific subject, this first interview is with Alec Innes, partner at KPMG who addresses the final implementation of the Basel framework. Alec delves into the multifaceted realm of Basel 3.1 capital requirements and its profound implications for banks. He dissects the operational changes that Basel 3.1 will drive and the financial resource challenges that accompany them. He examines the dichotomy of Basel 3.1 as both a regulatory aid but also a potential hindrance, navigating the fine line […]
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PRA and FCA publish the new UK securitisation rules

Following the publication by the UK Treasury of the draft statutory instrument, the FCA and PRA have today published policy statements on the new securitisation rules. These policy statements, each containing the full new proposed rules, can be found here and here. (Note that the proposed PRA rules are to be found hidden in the appendices - scroll down the left hand column). These rules, together with the statutory instrument will come into force on November 1st. This is all to the good since the market will take some time to digest these documents with the FCA rules alone running […]
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And the support kept rolling in from everywhere...again

Following a plethora of voices supporting the revival of European securitisation, last week saw another addition to the chorus. It came in the form of the publication of the report by a committee set up by the French Treasury and headed by Christian Noyer. The report entitled "Developing European Capital Markets to Finance the Future" (which can also be read in the original French) makes for interesting reading indeed, especially in its opening analysis of the reasons why many European policy makers are deeply concerned about the consequences of an underpowered European capital market. To its credit, the report also […]
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UK Treasury publishes draft securitisation statutory instrument 

Earlier this week, the UK Treasury published a draft statutory instrument on securitisation.  For our readers less well versed in the British constitutional arrangements, a statutory instrument is a secondary piece of legislation passed by the government pursuant to an Act of Parliament (pace my British legal friend, I know but we are summarising here…).  In Brussels it would be known as Level 2 and in many European jurisdictions as a “decree”. This draft is designed to fill in gaps left by the post-Brexit repeal of EU legislation, including the Securitisation Regulation.  As assidous followers of PCS’ news items know, the […]
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And the support kept rolling in from everywhere...

In the past few months, the revival of a safe and strong securitisation market as a key priority for Europe's future has received high level support from numerous directions, including the ECB's president, its Governing Council, the Eurogroup and the finance ministers of France and Germany. This week, more support came from Enrico Letta in his report on the European Single Market. The report was commissioned by EU leaders last year. It was designed and is likely to influence the European Council’s strategic agenda for the next five years following the elections in June of a new Parliament and the […]
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