Featured Product

    BoE Details Transparency Requirements for Asset-Backed Securities

    October 11, 2019

    BoE published a market notice setting out the detailed transparency requirements for asset-backed securities and covered bonds. To be eligible for the BoE operations, the notice sets out transparency requirements that must be fulfilled for asset-backed securities and covered bonds.

    The ABS-CERT template of BoE must be completed by the participant in Sterling Monetary Framework (SMF participant) requesting eligibility. Loan-level information is required to be made publicly available at a frequency of not less than quarterly and within one month after the relevant interest payment date. BoE requires loan-level data to be provided in the templates. The prospectus and the closing transaction documents (excluding legal opinions) are also required to be made freely and publicly available, along with the standardized monthly investor reports (at least quarterly). Furthermore, for securitizations, a cash flow model is required to be made freely and publicly available by, or on behalf of, the originator or issuer.

    All of the above information is expected to be placed on a website maintained by the issuer or originator (or by another party on their behalf) and made freely and readily available to interested third parties. In certain circumstances, BoE may request additional information to support its analysis, including historic performance information. Asset-backed securities and covered bonds backed by collateral from non-UK jurisdictions will be required to comply with the BoE eligibility criteria. BoE will adopt a principles-based approach to non-UK transactions, with exemptions granted only where criteria are not relevant. Any such requests for exemptions should be discussed with the BoE on an individual basis.

     

    Related Links

    Keywords: Europe, UK, Banking, Securities, Asset-Backed Securities, Reporting, Securitization, Transparency, Covered Bonds, BoE

    Featured Experts
    Related Articles
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    FSB Examines Implementation of Resolution Regimes in Financial Sector

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Final Policy on Maintenance of TMTP Under Solvency II

    PRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    News

    IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic Risk

    IAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Templates for Statistical Disclosures Under Solvency II

    PRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive.

    November 14, 2019 WebPage Regulatory News
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS and Industry to Create Framework for Adoption of Responsible AIDA

    MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).

    November 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4142