With just over three months to go before the Securitisation Regulation (the
"Regulation") takes effect, in the below briefing we
consider the actions which will need to be taken by UCITS
management companies, AIFMs, internally managed UCITS and
internally managed AIF funds ("Man Co") in respect of
exposure generated to securitisations issued on or after 1 January
next.
Background
Identified as one of the cornerstones of the Capital Markets
Union, the reform of the European securitisation market aims to
boost lending to European businesses and households as well as
broadening investment opportunities for investors. The Regulation
introduces a harmonised securitisation framework for all
securitisations, replacing the existing piecemeal framework where
rules governing securitisation are set down in various sectoral
pieces of legislation. Under the Regulation, all institutional
investors will be subject to the same securitisation rules,
creating a "level playing field
