Tuesday, December 22, 2020
[1] (the “
First Update”), on 24 July 2020 the European Commission (the “
Commission”) published proposed amendments to the current securitisation framework set out in Regulation (EU) 2017/2402 (the “
Securitisation Regulation”)
[2] with the intention of bolstering economic recovery from the COVID-19 pandemic. The Council of the EU has now published the final text in respect of those amendments, as agreed with the EU Parliament and the Commission (the “
Final Text”)
[3] The purpose of this Clients and Friends Memo is to highlight certain new provisions of the Final Text of general significance for the securitisation market.
The amendments to the Securitisation Regulation: (i) remove some regulatory obstacles to the securitisation of non-performing exposures (“
EBA Observes Improved Cooperation Between Authorities Through Newly Established AML/CFT Colleges Date
15/12/2020
EBA observes that competent authorities are putting significant effort into setting up new AML/CFT colleges based on recent Guidelines.
The EBA finds that active participation from competent authorities is needed for the colleges framework to work effectively.
The EBA is monitoring work in AML/CFT colleges and providing technical support to the competent authorities in setting up the colleges.
The European Banking Authority (EBA) published today its first Report on progress made by competent authorities with the setting up of colleges to enhance supervisory cooperation for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes. The EBA’s work on monitoring colleges is part of its new role to lead, coordinate and monitor the fight against money laundering and terrorist financing (ML/TF) in all EU Member States as set out in the E
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Recent regulatory developments focussing on banking and finance. See developments of broader scope in the Related Materials links.
Contents
CRR II: PRA CP22/20 on designation of firms within certain consolidation groups
Systemic risk buffer rates: PRA update
BRRD: PRA PS25/20 on simplified obligations for recovery planning
BRRD II: FCA statement on transposition
COVID-19: FCA guidance consultation on BBLS and collecting debts
Bank mergers and acquisitions: SRB guidance
Post-Brexit transition period: ESAs confirm status of STS transactions
Basel III: EBA capital monitoring report
Basel III: BCBS monitoring exercise report
ESAs highlight the change in the status of Simple, Transparent and Standardised (STS) securitisation transactions at the end of the UK transition period