The concept of qualifying securitization—transactions meeting criteria that entitle them to favorable regulatory treatment—is moving forward rapidly in the European Union, but less so elsewhere.

For example, in late July, in response to an official request by the European Commission, the European Banking Authority proposed numerous and detailed criteria for so-called “simple, standard and transparent” asset-backed securities transactions, as well as specific adjustments to bank risk-based capital requirements for transactions meeting those criteria.  For the first time, the EBA also proposed separate criteria for asset-backed commercial paper programs and for underlying securitization transactions funded by those programs.

Also in July, an international joint task force on securitization, formed last year by the Basel Committee on Banking Supervision and the International Organisation of Securities Commissioners, published similar, but fewer and less-detailed principles for identifying “simple, transparent and comparable securitizations.”

Please join us as Mayer Brown Finance partners Kevin Hawken (London) and Jason Kravitt (New York) discuss these proposals and the questions they raise about the differences in treatment between asset types and structures around the world.

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Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

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