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Securitisation reform - Liberalisation: just a matter of time?
Posted by Mark Daley on 21 June 2024Article 44 of the EUSR requires the ESAs to produce a report once every three years on certain aspects of securitisation. The next one is due before the end of 2024, and at the Barcelona Global ABS a couple of weeks ago, two representatives from ESMA and the EBA said that this would include a review of the definition of “securitisation” and proportionality for due diligence and transparency (e.g. carving out private issues).
New UK payments reporting obligations starting on 1 January 2025 - The Reporting on Payment Practices and Performance (Amendment) Regulations 2024
Posted by Mark Dewar, Marta Chodorowska and Raluca Padure on 11 June 2024Following a recent Amendment1 to the UK Reporting on Payment Practices and Performance Regulations 20172 (Regulations) which required large businesses to report their payment practices, the UK Government has extended the Regulations for another 7 years. The Regulations now expire on 6 April 2031.
Payments Sector – Overview and Horizon Scanning FY24/25
Posted by Sophie Lessar, Suman Khurana and Marta Chodorowska on 28 May 2024UK Payment Service Providers (PSPs) must reimburse victims (in-scope customers) of APP fraud, save for limited exceptions. The reimbursement requirement is due to come into force on 7 October 2024.
FCA Issues Warning to CEOs to Improve Anti-Money Laundering Controls
Posted by John Gollaglee, Prag Sivaguru and Amelia Shannon on 30 April 2024The FCA have issued a stark warning to the industry with its latest in a series of publications regarding money laundering control failings.
Adjusting to a new normal - International Debt Finance Intelligence Report 2024
Posted by Matthew Christmas on 24 April 2024The latest version of our International Debt Finance Intelligence Report 2024 is now live.
Building on the success of our inaugural edition in 2023, our latest report has once again analysed the data captured from the deals we’ve closed, coupled with commentary from across our International Debt Finance team to produce a report that will be of benefit to lenders, borrowers and sponsors.
The ECB comments about private securitisation disclosures
Posted by Mark Daley on 15 March 2024The 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 2024On 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 2024The 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.
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