On June 30, the Alternate Reference Rate Committee (ARRC) that works under the auspices of the Federal Reserve Bank of New York published another document to assist capital markets participants in their transition away from use of LIBOR as a transactional interest rate.
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structured finance and securitization
FCA Consults on Changes to DEPP and EG in Its Handbook to Reflect EU Securitization Regulation Implementation
Posted in Financial Markets, UK Developments
On October 12, the UK Financial Conduct Authority (FCA) published a consultation paper (October Consultation Paper) setting out its proposals to amend the Decision Procedure and Penalties (DEPP) manual and Enforcement Guide (EG) of the FCA Handbook. The FCA explains that the amendments are needed because of the changes introduced by the statutory instrument (SI), which will be given to the UK Parliament by HM Treasury, implementing the EU Securitization Regulation (SR) that goes into effect on January 1, 2019.
The October Consultation Paper should be read alongside the FCA’s consultation paper that it published on August 1 (August Consultation Paper), which sets out other changes that will be needed to the FCA Handbook to implement the SR.
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ESMA Publishes Consultation Papers on Draft Technical Standards Implementing the Securitisation Regulation
Posted in EU Developments
On December 19, 2017, the European Securities and Markets Authority (ESMA) published three consultation papers on draft technical standards implementing the Securitisation Regulation (SR). The SR lays down common rules on securitization and creates a European framework for simple, transparent and standardized (STS) securitization.
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