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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...
Issuing high yield bonds—documents list The documents listed below provide an overview of the core transaction documents typically used to document a high yield bond issuance. The description for each provides an explanation of the document's purpose and the parties which typically enter into them. Additional documents may be required to deal with aspects of a specific transaction (such as escrow arrangements) or to reflect bespoke arrangements. Document Description 144A Global Note A single note signed by the issuer which represents the entire amount of debt in relation to the Rule 144A issuance.Section 5 of the US Securities Act 1933 requires all offers and sales of securities in the US to be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. Rule 144A is a safe harbour exemption from the section 5 requirement and it enables the initial purchasers of the bonds (see Purchase Agreement below) to resell the bonds to 'qualified institutional buyers', institutional investors who meet certain criteria.For more information on Rule 144A,...
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Ireland—Signing off on the documentary conditions precedent in a loan transaction Each of the documentary conditions precedent (CPs) to funding must be satisfied (or waived) before funding can take place. Who signs off on the documentary CPs? Once all of the documentary CPs have been satisfied (or waived), the lender (or, in syndicated transactions, the facility agent) will usually be required by the terms of the facility agreement to confirm to the borrower, in writing, that this is the case. However, whether the documentary CPs have been satisfied will have been determined by a number of factors: legal, commercial and factual issues will have been addressed by a combination of the lender(s) and the lawyers acting for the lender(s). Therefore, signing off on the documentary CPs will involve both the lender(s) and lawyers. It is important, however, to note that the final commercial decision on whether to lend is made by the lender(s) rather than their lawyers. Role of the lawyers for the lender(s)—issuing a CP satisfaction letter Finding a...
Bridge to bond facilities What are they? A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing package, but which is intended to be replaced in the future with a mid- to long-term financing in the form of high yield bonds. In markets where acquisitions typically do not have a financing condition, a bridge financing package (which is available to be drawn if necessary) is often a key component to a successful bid. This Practice Note focuses on bridge to high yield bond financing. However, investment-grade borrowers also commonly use bridge facilities for acquisitions. Bridge commitments for investment-grade borrowers differ in many ways, including: lower pricing, much less restrictive covenants (the terms often follow the borrower’s existing credit facilities) and the securities demand mechanic may not be included (or if included, it may only be triggered by ratings downgrade). Bridge commitments for investment grade borrowers may also have longer maturities (or extension rights exercisable by...
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Letter to developer client at the start of development project To: [insert client name and address] Date: [insert date] Dear [contact name] [Project name/Address] Thank you for instructing us in relation to [description of project and address]. So that we have as much information as possible at the outset of this project, and to highlight any key issues, I would be grateful if you could confirm the following and bring any relevant documents [including those listed in the schedule to this letter] to our meeting on [date]: The works • A full description of the intended project (ie intended floor area, how many floors, any car parking, etc) • Will the works constitute the construction of, or building works to, a ‘higher-risk building’ for the purposes of the Building Safety Act 2022? • Intended start on site date • Intended completion date • Estimated construction cost • Have any members of the design/construction team been selected, particularly the principal designer and principal contractor? • Has a...
Facility letter (term loan): single company borrower—bilateral—unsecured [TO BE PRINTED ON THE HEADED PAPER OF THE LENDER] [insert name and address of borrower] [insert date] Dear [insert full name of borrower] We offer to place at your disposal a Sterling loan facility in the aggregate principal amount of £[insert amount in figures] ([insert amount in words] Sterling) [for the purpose of [insert details]] on the following terms and conditions: 1 Definitions 1.1 In this letter, unless otherwise provided: Base Rate • means the base rate of [the Lender OR [insert name of Bank]] for the time being and from time to time; Borrower • means [insert name of company], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address]; Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment Expiry Date • means the earlier of the date falling [insert number]...
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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...
I have a client who is UK tax resident but non-domiciled. He holds some dollar bonds in his clean capital accounts. Can I check whether foreign currency bonds are exempt from capital gains tax as qualifying corporate bonds (QCBs)? Can you please confirm the rules in relation to them? Separately, on remittance does any gain on QCBs have to be declared? In this Q&A, we have assumed that the individual is a remittance basis user by way of claim and the bonds are non-UK situs assets for the purposes of capital gains tax (CGT). For CGT purposes, a bond is a qualifying corporate bond (QCB) if it is a security the debt on which represents a normal commercial loan ‘expressed in sterling’ with no conversion into or redemption in another currency (section 117 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992)). Bonds that are dollar denominated are unlikely to meet the requirement of being expressed in sterling and therefore will not be a QCB...
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The European Banking Authority (EBA) has published an environmental, social and governance (ESG) dashboard designed to provide centralised and comparable climate risk indicators for the EU/EEA banking sector. The dashboard compiles data from information disclosed by banks as part of their Pillar 3 ESG disclosures with reference dates of 31 December 2023 and 30 June 2024, and it forms part of an extensive ESG risk monitoring framework. The dashboard addresses transition risks, which arise from changes in policy, technological shifts, and consumer behaviour, as well as physical risks linked to geographical exposure. It also incorporates indicators for green financing, including metrics associated with the EU Taxonomy and internal assessments such as the Green Asset Ratio, to evaluate exposure levels within banks’ loan portfolios. The EBA intends to update the dashboard regularly in order to reflect revisions in disclosure templates and any regulatory modifications.
This week's edition of Corporate Crime weekly highlights includes analysis of the first UK convictions and sentences for breaches of Russian sanctions and of the recently enacted Water (Special Measures) Act 2025 and how it significantly strengthens regulation of the water industry in England and Wales. Also included is news of a UK insurance company charged with failure to prevent bribery in a prosecution brought by the SFO, of the publication of OFSI’s threat assessment report on financial sanctions in the property sector, of corporate manslaughter charges brought against the parent company of a holiday park and of the UK's first INTERPOL Silver Notice issued to trace and recover a fraudster's global assets. All this, and more, in this week’s Corporate Crime highlights.
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