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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...

Option agreements—acting for the buyer—checklist

Option agreements—acting for the buyer—checklist Call or put option? In a 'call' option the buyer will have control in that it may call for a transfer of the property. A 'put' option gives the seller control in that it can require the buyer to take a transfer of the property and therefore the buyer should be especially vigilant in ensuring that the terms for the transfer (particularly those relating to valuation and, if appropriate, insurance) are as favourable as possible. Seller's charges If the property is already mortgaged at the date of grant of the option agreement, there is a risk that the mortgagee may overreach the option by exercising its power of sale. Therefore ensure that the mortgagee either: • joins into the agreement (this is rare in practice), or • provides written consent to the granting of the option In either case, the mortgagee should confirm that if the buyer exercises the option it will acquire the property free from the charge or, if the mortgagee...

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Declaration of a director's interests in a proposed transaction or arrangement—flowchart

Declaration of a director's interests in a proposed transaction or

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Arranging deals in investments and operating MTFs, OTFs and electronic systems for public offers of relevant securities

Scope of this Practice NoteThis Practice Note provides information on the regulated activity of arranging deals in investments as well as the regulated activities of operating a multilateral trading facilities (MTFs), operating organised trading facilities (OTFs) and operating electronic systems for public offers of relevant securities under articles 25, 25D, 25DA and 25DB of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), including information on applicable exclusionsThe activities of arranging regulated mortgage contracts (RMCs), home reversion plans (HRPs), home purchase plans (HPPs), and arranging regulated sale and rent back agreements can be found in SI 2001/544, arts 25A–25C and 25E. For further information, see Practice Note: Arranging deals in home finance transactions.Arranging (bringing about) deals in investmentsArranging (bringing about) deals in investments falls under the RAO, SI 2001/544, art 25(1) and consists of making arrangements for another person (whether as principal or agent) to:•buy•sell•subscribe to, or•underwritean investment that is a:•security•relevant investment•Lloyd's syndicate capacity and syndicate membership (see article 86 of the RAO), or a...

Taxation of investment trusts—tax treatment of the fund and its investors

An investment trust is a pooled investment vehicle in the form of a listed UK tax resident company (despite the name, therefore, it is not a trust). Investment trusts enjoy exemption from tax on chargeable gains if they are approved by HMRC.For more on what investment trusts are and the eligibility conditions and ongoing requirements they must satisfy, see Practice Note: Taxation of investment trusts—what are investment trusts? For more on the approval process for investment trusts, see Practice Note: Taxation of investment trusts—breaches of eligibility conditions and ongoing requirements.This Practice Note considers the special rules for the taxation of approved investment trusts relating to:•tax on chargeable gains•tax on income—in particular, the treatment of:◦distributions received◦trading vs investment transactions◦loan relationships and derivative contracts◦interests held in non-reporting offshore funds, and◦management expenses•the elective streaming regime pursuant to which an approved investment trust may designate a distribution it makes to investors as interest •VATReferences in this Practice Note to an investment trust are to a company that has been approved by HMRC as an...

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Ireland—Notice of assignment of contractual rights and form of acknowledgement for an assignment by way of security: single company assignor—bilateral—specific monies

Notice of assignment of contractual rights from an assignor incorporated as a limited company in Ireland with a form of acknowledgement from the contract counterparty This is a Precedent Notice of Assignment which can be used to give notice of an assignment of contractual rights by way of security from an assignor to its contract counterparty. This drafting note explains the context in which this Precedent Notice of Assignment might be used as well as the features of this Precedent Notice of Assignment and the assumptions on which it is based. For information on taking security over contractual rights, see Practice Note: Ireland—Assignments by way of security. Parties to this Precedent Notice of Assignment This Precedent Notice of Assignment is designed for use in bilateral transactions (ie where there is only one lender) as opposed to syndicated transactions (ie where there is more than one lender). It has been drafted as being: • from a single security provider (defined as the ‘Assignor’) • to its contract counterparty and refers to...

Ireland—Deed of assignment and conveyance—unregistered—freehold and leasehold

Ireland—Deed of assignment and conveyance—unregistered—freehold and leasehold Commencement Section 64(2)(a) of the Land and Conveyancing Law Reform Act 2009 (Ireland) (LCLRA 2009 (IRL)), provides that one of the criteria for establishing if a document is a deed is whether the document is described at its head with the appropriate wording such as ‘Conveyance’, ‘Assignment’, ‘Indenture’, ‘Deed’, etc. Date While it is usual practice to date a deed on the date of completion a deed actually takes effect on the date of its delivery. The concept of delivery means that it is possible for a deed to be valid even if it has not been dated. If a deed is not dated, external evidence is admissible to prove the correct date from which it was intended to operate. Where a date is inserted, it is presumed that this date is the date on which the deed took effect. However, this presumption may be rebutted by evidence to the contrary. See: Browne v Burton (1847) 17 LJQB 49 (not reported by Lexis+® UK). It is good...

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If a law firm has a digital copy of a complete matter file, is there a period of time that the firm must keep the physical copy of the file before it is destroyed?

If a law firm has a digital copy of a complete matter file, is there a period of time that the firm must keep the physical copy of the file before it is destroyed? We are not aware of any specific regulatory requirement mandating the retention of physical copies of matter files if a digital copy is available. Indeed, some firms operate on a paperless basis generally, holding hard copy original documents/deeds only. However, it is generally good practice for law firms to have a matter closing procedure that includes the storage and eventual destruction of both paper-based and digitally-stored records How to close a client

Which data processing Precedent can be adapted for use in an intercompany agreement?

Which data processing Precedent can be adapted for use in an intercompany agreement? Precedent: Personal data processing provisions—pro-processor may be adapted to suit your transaction. There are a number of clauses in this Precedent that are optional and can be removed if deemed unnecessary, including • Clause 1.5, and • Clause 10 See also the short form version of this document, Precedent: Personal data processing clause—short-form—pro-processor. Note, however, that this version does not contain a clause which permits international transfers subject to certain safeguards. The clauses above are only suitable for use where the relationship is one of controller and processor. Before putting in

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FTT finds that provision of ‘leads’ to independent financial advisors constituted VAT exempt financial intermediary services (Performance Leads Ltd v HMRC)

Tax analysis: In Performance Leads, the First-tier Tax Tribunal (FTT) allowed the taxpayer’s appeal that supplies of ‘lead generation’ services to independent financial advisors (IFAs) fell within the exemption from VAT for intermediary services in relation to financial services transactions.

Amending pleadings in insolvency applications (CL Realisations v Suttle and another)

Restructuring & insolvency analysis: The court considered a contested application by the joint liquidators of CL Realisations 2020 Ltd (the ‘Company’) for permission to amend their claims against two directors of the Company. The originating application had been grounded on sections 212 (summary remedy against delinquent directors etc) and 238 (transactions at an undervalue) of the Insolvency Act 1986 (IA 1986). It had been issued on a protective basis, without a witness statement, to avoid being statute-barred. The liquidators filed their amendment application at the same time as their detailed particulars of claim.