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EU Securitisation Regulation—timeline

EU Securitisation Regulation—timeline This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2025 Date Source Document Description 1 April 2025 AFME The Joint Associations’ response to the ESMA consultation of February 2025 on the revision of the disclosure framework for private securitisation AFME, Commercial Real Estate Finance Council (CREFC) Europe and International Capital Market Association (ICMA) submitted a joint response to the European Securities and Markets Authority's (ESMA) consultation on revising private securitisation disclosure requirements. The joint response argues against: introducing a simplified reporting regime for EU-originated securitisations before wider reforms, citing concerns about potential changes to private securitisation definitions, continued template-based reporting requirements, and unresolved third-country reporting issues. They propose an alternative approach focusing on supervisory reporting needs while allowing more flexible investor disclosures.See: LNB News 01/04/2025 71. 31 March 2025 EBA Joint Committee Report on the implementation and functioning of the Securitisation Regulation (Article 44) The Joint Committee...

Articles (non-leveraged investment)—checklist

Articles (non-leveraged investment)—checklist Objects Is it necessary or appropriate for the company to restrict its objects? If the company was incorporated before 1 October 2009, check if any of the objects stated in its memorandum of association need deleting (by way of a members’ special resolution). Application of model articles Determine if the model articles are to apply to the company. If the company was incorporated before 1 October 2009, consider whether Table A should still apply (if not previously amended). Determine what, if any, of the model articles should not apply to the company. Board of directors How many directors will be on the board? Which of the founders will be directors? How many directors will the investor have the right to appoint to the board? What is the quorum for board meetings? Does the chair (or another director) have a second or casting vote? Are fees payable to the investor directors and/or chair? If so, what are they? Set out administrative matters relating to the board (eg frequency...

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Regulated activities—flowchart

Regulated activities—flowchart The defined terms in the flowchart shall have the following meaning: • Appointed Representative Regulations—the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001, SI 2001/1217 • Business Order—the Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001, SI 2001/1177 • Exemption Order—the Financial Services and Markets Act 2000 (Exemption) Order 2001, SI 2001/1201 • Non-Exempt Activities Order—the Financial Services and Markets Act 2000 (Professions)

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Safeguarding and administering investments

DefinitionSafeguarding and administering investments (commonly known as 'custody') is a regulated activity under article 40 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO).Safeguarding and administering investments consists of both of the following:•safeguarding of assets belonging to another, and•the administration of those assets.Arranging custody (for one or more other persons to carry on that activity) is also a regulated activity in its own right under SI 2001/544, art 40.The activity relates to assets which are designated investments (ie securities or contractually-based investments).Administering an investment would include, for example, crediting income arising out of an investment to the beneficiary's account; however, it is important that discretion is not exercised in the carrying out of the activities, otherwise the actions will fall within another regulated activity (that of advising on investments, or managing investments), and separate permission will be required. Safeguarding an investment is holding it in safe custody, eg looking after a share certificate.The Client Assets SourcebookThe Client Assets Sourcebook (CASS) section of the Financial...

Dealing in investments

Scope of this Practice NoteThis Practice Note provides information on the regulated activity of dealing in investments (either as principal or agent) which is found in article 14 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), as has been amended from time to time. Authorised persons can obtain permission to deal in investments as principal, or as agent for another. Dealing in investments as principal or agent are specified activities.Dealing as principal or as agentAuthorised persons can obtain permission to deal in investments as principal, or as agent for another. Dealing in investments as principal or agent are specified activities.Dealing in investments as principalDealing in investments as principal is a regulated activity under RAO, SI 2001/544, art 14.The activity consists of:•buying•selling•subscribing for, or•underwritingsecurities or contractually-based investments as principal (ie for and on behalf of oneself).The operation of a multilateral trading facility or an organised trading facility is not covered by RAO, SI 2001/544, art 14. For more information about these regulated activities, see Practice Note:...

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Tax disclosure—bond issue offering document

United Kingdom Taxation General The summary set out below describes certain taxation matters of the United Kingdom based on the Issuer’s understanding of current law and HM Revenue & Customs (HMRC) published practice as at the date of this document, both of which are subject to change, possibly with retrospective effect. The summary is intended as a general guide only and is not intended to be, nor should it be construed to be, tax or legal advice. The summary applies only to persons who are the absolute beneficial owners of Bonds, who hold their Bonds as investments and who are resident and, in the case of individual shareholders, domiciled in the UK for taxation purposes at all relevant times. In particular Bondholders holding their Bonds through a depositary receipt system or clearance service should note that they may...

Spousal and civil partner maintenance—client guide

Spousal and civil partner maintenance—client guide This document provides general guidance regarding an application to the court for maintenance on divorce or dissolution of a civil partnership. Your family lawyer will be able to provide specific advice based on your circumstances. Who can apply for maintenance? Either spouse or civil partner may make an application to the court for a spousal or civil partner maintenance order, also known as a periodical payments order. The person making the application is the applicant and the other person is the respondent. A potential applicant must, except in certain specified circumstances, consider with a mediator whether the dispute may be capable of being resolved through non-court dispute resolution. The court will expect all applicants to have complied with these requirements before commencing proceedings and will expect any respondent to have attended a mediation information and assessment meeting (MIAM). For details of the requirement to attend a MIAM see Practice Note: Non-court dispute resolution—mediation information and assessment meetings (MIAMs). What happens...

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Where can I find information relating to FCA perimeter issues?

Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...

Is it possible to novate one agreement into two separate agreements? If so, will this then duplicate terms, eg liability (if the original liability is £1m, will this then duplicate the exposure)? Can this be achieved without seeking express consent but instead notifying the parties through a communications notification piece and via conduct?

Is it possible to novate one agreement into two separate agreements? If so, will this then duplicate terms, eg liability (if the original liability is £1m, will this then duplicate the exposure)? Can this be achieved without seeking express consent but instead notifying the parties through a communications notification piece and via conduct? This Q&A assumes that a commercial agreement between business entities is the subject of potential novation. Novation of one agreement into two agreements Novation occurs when A and B are party to an agreement and B 'transfers' its obligations and rights under the agreement to C, such that C can be said to 'step into the shoes' of B, with a resulting contractual relationship coming into effect between A and C. The effect of a novation is the extinction of the original contract, and its substitution with a new contract, under which the same rights and obligations are to be enjoyed and performed but by different parties, with the outgoing party released from all future ...

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Pension plan to double £25 billion+ megafunds, boost investment and improve returns for savers

Pensions analysis: The Pensions Investment Review was launched in July 2024 and issued its Phase One Final Report in May 2025. It is supported by the responses to two consultations, which were launched alongside the Interim Report in November 2024: ‘Unlocking the UK pensions market for growth’ and ‘LGPS: Fit for the future’. Written by John Morrison, senior associate in the Pensions team at CMS.

USA—Russia must face US$5bn Yukos Arbitral Award

Law360: On 11 June 2025, a DC Federal Judge denied Russia's application to set aside litigation filed by the financing arm of Yukos Oil Co to enforce a nearly US$5bn arbitral award, saying the Kremlin's jurisdictional objections fell short.