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Articles by Aiden Small
Activate Capital and KKR’s €770m development lending platform with ISIF
19/11/2025 Deals We have advised Activate Capital and KKR on its latest residential development lending platform with Ireland Strategic Investment Fund. The €770m commitment represents a continuation and extension of ISIF’s and KKR’s long-term support for Activate.
CLOs
Arthur Cox is a principal Irish advisor in the European CLO market. From advising the pre-eminent Irish-domiciled CLO managers to developing bespoke risk retention structures in Ireland using Section 110 vehicles, we are at the forefront of the key regulatory and structuring issues facing the European CLO market and also helped establish the 'originator structure' first used in Europe by Blackstone on the Phoenix Park transaction.
Securitisation Regulation Amendments - A Targeted Approach
AC Arthur Cox More Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley. It is becoming increasingly critical to revitalise the European securitisation market in order to enhance the resilience and competitiveness of the EU's financial system.
Private Securitisations: ESMA Proposes Streamlined Disclosure Template
AC Arthur Cox More Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley. ESMA has published its planned consultation on targeted changes to the disclosure framework for private securitisations under the EU Securitisation Regulation.
T+1 Settlement Update: Commission Proposes Change To CSDR
The first legislative step towards T+1 settlement took place on 12 February 2025 with the publication, by the European Commission, of a draft regulation amending the Central Securities Depositories Regulation (CSDR). As mentioned by ESMA in its report that recommended a move to T+1 settlement by 11 October 2027, Article 5(2) of the CSDR needs to be amended (with effect from 11 October 2027) to mandate a settlement deadline of no later than T+1.
T+1 Update: ESMA Recommends Move To T+1 On 11 October 2027
AC Arthur Cox More Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley. ESMA published the Report on its assessment of the shortening of the settlement cycle in the EU to T+1 yesterday, 18 November 2024. Ireland Finance and Banking
Listing Act Published In Official Journal: Update On Changes To Prospectus And Market Abuse Regulations (Debt Securities)
AC Arthur Cox More Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley. The Listing Act package was published in the Official Journal this morning (14 November 2024). Ireland Finance and Banking
T+1 Settlement: Next Steps (EU Governance Structure)
The likely move to a shorter (T+1) securities settlement cycle has seen a number of developments in recent weeks, culminating in yesterday's joint statement by ESMA, the European Commission and the ECB on the next steps to shortening the EU securities settlement cycle.
EU Securitisation Regulation: Commission Launches 8-Week Consultation
AC Arthur Cox More Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley. The European Commission's long-signposted targeted consultation on the functioning of the EU securitisation framework was published yesterday, 9 October 2024.
EU Market Abuse Regulation: Listing Act Changes Relevant To Debt Capital Markets
The Council of the EU adopted the Listing Act package yesterday – it will be published in the Official Journal in Q4 2024. One part of the package (the Listing Regulation) will amend the EU Market Abuse Regulation (MAR). This briefing highlights the changes to MAR that are relevant to debt capital markets. For more information EU Prospectus Regulation changes that are relevant to debt capital markets, read our recent insights here.
EU Prospectus Regulation: Listing Act Changes Relevant To Debt Capital Markets
The Council of the EU adopted the Listing Act package this morning, paving the way for its publication in the Official Journal later in Q4 2024. One part of the package (the Listing Regulation) will amend the EU Prospectus Regulation (EUPR). This briefing highlights the changes relevant to debt capital markets. Some changes will come into effect once the Listing Regulation is published in the Official Journal. Other changes have a 15- or 18-month lead-in time.
EU Market Abuse Regulation: Listing Act changes relevant to debt capital markets
The Council of the EU adopted the Listing Act package yesterday – it will be published in the Official Journal in Q4 2024. One part of the package (the Listing Regulation) will amend the EU Market Abuse Regulation (MAR). This briefing highlights the changes to MAR that are relevant to debt capital markets. For more information EU Prospectus Regulation changes that are relevant to debt capital markets, read our recent insights here.
EU Financial Services: Key Points To Watch For The Rest Of 2024
With the appointment this week of a new EU Commissioner for financial services (Portugal's Maria Luís Albuquerque will take on the re-named role of 'Commissioner for Financial Services and the Savings and Investment Union'), and against the background of Mario Draghi's recent report on the future of European competitiveness (here and here), it's a good time to look at what to expect at EU-level from a financial services perspective over the next few months.
European Developments - Horizon Scanner: Finance
The European Commission's targeted consultation on artificial intelligence (AI) in the financial sector closes on 13 September 2024. The consultation included questions on the development of AI, specific use cases in finance and on the AI Act related to the financial sector. The development and use of AI in the EU will be regulated by the AI Act. Watch the new series by our Technology and Innovation Group on the AI Act here: The EU AI Act.
NPL Update: Report Of Mortgage Arrears Review Group Published
The Report of the Interdepartmental Mortgage Arrears Review Group was published this week. The Group first met in October 2023 and examined the Irish framework for dealing with PDH mortgage arrears against the backdrop of a changing interest rate environment and the increased cost of living.
Looking Ahead: Irish Developments - Horizon Scanner: Finance
AC Arthur Cox More Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley. Dáil Éireann will resume on 18 September 2024. Key upcoming legislation to watch out for includes: Ireland Finance and Banking
Limited Partnerships: Proposals For Reform Published
AC Arthur Cox More Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley. The Department of Enterprise, Trade and Employment has published the General Scheme of the Registration of Limited Partnerships and Business Names Bill 2024, containing proposals...
Shortening The Settlement Cycle Against A Backdrop Of "Instantaneous Everything"
AC Arthur Cox More Arthur Cox is one of Ireland’s leading law firms. For almost 100 years, we have been at the forefront of developments in the legal profession in Ireland. Our practice encompasses all aspects of corporate and business law. The firm has offices in Dublin, Belfast, London, New York and Silicon Valley. ESMA Chair Verena Ross, speaking at ESMA's 10 July 2024 public hearing on shortening the settlement cycle, observed that "[we] in the EU need to continue our journey towards...
ESG Disclosures For STS Securitisations Of Residential Loans, Auto Loans And Leases
The regulatory technical standards (RTS) setting out ESG disclosures for STS securitisations (both non-ABCP traditional and on-balance sheet) where the underlying exposures are residential loans, auto loans and leases were published in the Official Journal yesterday, 18 June 2024: Commission Delegated Regulation (EU) 2024/1700.
Capital Markets Union And Greater Access To Sources Of Finance: ESMA Publishes Position Paper
The publication by ESMA last week of its Position Paper on building more effective and attractive capital markets in the EU is the latest in a series of recent steps taken by EU authorities/groups to push for the mobilisation of further action towards an effective EU capital markets union (CMU).
EMIR 3.0 Update And The Active Account Requirement
April 2024 saw two key EMIR-related developments: material reporting changes took effect on 29 April 2024 (read our insights here) and the European Parliament formally approved EMIR 3.0 following political agreement in February 2024. Formal approval by the EU Council is likely to follow in Q3 2024, with EMIR 3.0 being published in the Official Journal shortly afterwards.
US Moves To T+1 Settlement Cycle; ESMA Recommendation Expected In Q3
From today, 28 May 2024, the US settlement cycle for trades in securities moved from T+2 to T+1. The move by the Securities and Exchange Commission (SEC), signposted in February 2023, resulted from recommendations made following US market events relating to GameStop in 2021 – the aim is to reduce credit, market and liquidity risks and increase efficiency.
Capital Markets Union and greater access to sources of finance: ESMA publishes Position Paper
The publication by ESMA last week of its Position Paper on building more effective and attractive capital markets in the EU is the latest in a series of recent steps taken by EU authorities/groups to push for the mobilisation of further action towards an effective EU capital markets union (CMU).
Non-Banks: European Commission Consults On Macroprudential Policies
"NBFIs and capital markets...play a pivotal role in fostering the diversity of financial markets structure and contributing to the resilience of the financial system through private risk sharing and reduced overreliance on traditional (relationship) bank lending." The European Commission published its planned targeted consultation this morning on macroprudential policies for non-bank financial intermediaries (NBFIs) reflecting the ever-increasing importance of the non-bank sector to the flow...
ESG - Horizon Scanner: Finance, April 2024 - Corporate Governance - Ireland
The European Parliament is expected to vote on the text of the proposed CSDDD on 24 April 2024. While provisional agreement was reached between the EU Council and the Parliament in trilogues in December 2023, significant amendments were subsequently made to address concerns raised by several EU Member States. Those amendments were endorsed by the EU Council's Permanent Representatives Committee on 15 March 2024.
EU Financial Regulation - Horizon Scanner: Finance, April 2024 - Financial Services - Ireland
AIFMD 2.0 AIFMD 2.0 enters into force on 15 April 2024, and applies from 16 April 2026 (save for the provisions in Article 1(12) (AIFMD) and Article 2(7) (UCITS) on reporting to competent authorities which will apply from 16 April 2027). For more information, read insights from our Asset Management and Investment Funds Group here.
Are You EMIR-Reporting Ready? Material Reporting Changes Take Effect On 29 April 2024
EMIR derivatives must be reported by in-scope transacting parties to an eligible trade repository (TR). Revised EMIR technical standards on TRs and the information to be reported to them were published in the Official Journal on 7 October 2022. Priority matters for firms are the regulatory technical standards and implementing technical standards on reporting to TRs, together with related ESMA guidance, which take effect on 29 April 2024.
Securitisation: Commission Approves Risk Retention RTS
The European Commission finally adopted the regulatory technical standards on risk retention (the Risk Retention RTS) under the EU Securitisation Regulation on 7 July 2023. These will now be scrutinised by the EU Council and the European Parliament before they are published in the Official Journal (publication is expected in Q4 2023 or in Q1 2024). Until the Risk Retention RTS come into force, the existing CRR RTS (Commission Delegated Regulation (EU) No 625/2014) continue to apply.
NPL / Credit Servicing Update: Department of Finance consults on transposition of Credit Servicing Directive
The transposition deadline for the Credit Servicing Directive is coming up later this year (29 December 2023). The first indication of how the interplay between the new EU framework and Ireland’s existing regulatory framework for credit servicers and loan owners will be managed came this week with the launch, by the Department of Finance, of a Consultation Paper.
Non-Bank Lenders: Insights On Their Increased Role In The Irish Mortgage Market
The Central Bank's latest Financial Stability Note provides useful insights into the increasing role (in line with global trends) played by non-bank lenders (NBLs) in the Irish mortgage market. Depending on whether they are originating, holding and/or servicing debt, Irish NBLs require authorisation by the Central Bank of Ireland as retail credit firms, or credit servicing firms.
NPL Update: Scope Of Credit Servicing Directive Agreed
To print this article, all you need is to be registered or login on Mondaq.com. Political agreement has finally been reached on the scope of the proposed Directive on credit servicers and credit purchasers. Following lengthy negotiations, its scope has been narrowed to the servicing (on behalf of a credit purchaser) of NPLs originated by EU banks, and the purchase of NPLs originated by EU banks. In-scope servicers will require authorisation, but in-scope purchasers will not.
Crowdfunding Update: Marketing Requirements | Lexology
European Union, Ireland April 21 2021 Regulatory activity continues to ramp-up in advance of 10 November 2021 (the application date of the new EU Crowdfunding Regulation) with the Central Bank of Ireland (CBI) publishing a consultation on marketing requirements for regulated providers of crowdfunding services (CSPs).
NPL Update - Finance and Banking - Ireland
To print this article, all you need is to be registered or login on Mondaq.com. Non-performing loans (NPLs) and, in particular, the potential impact of the COVID-19 pandemic on levels of residential mortgage arrears remains a high priority for the Central Bank of Ireland (CBI).
Brexit – CSD Temporary Equivalence And Settlement Finality: Update - Government, Public Sector - Ireland
To print this article, all you need is to be registered or login on Mondaq.com. The European Commission's recent temporary equivalence decision is good news for the settlement of Irish securities, and an important step towards minimising disruption to the Irish capital markets when the Brexit transition period ends on 31 December 2020.
ECB Asset Purchase Programmes: What Do Corporate Debt Issuers Need To Know?
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Securitisation Regulation: Disclosure, Synthetic Securitisations And Non-Performing Exposures – What You Need To Know - Finance and Banking - European Union
Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice): Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below. Mondaq has a "free to view" business model.
Crowdfunding: Domestic regulatory regime now likely | Lexology
European Union, Ireland
March 1 2019 In the IFS 2020 Action Plan 2019, published this month, the Department of Finance signalled that it plans to regulate crowdfunding in Ireland by putting in place a domestic regulatory regime, in parallel with the European Commission's planned cross-border framework. In April 2017, the Department of Finance launched a public consultation on the possible regulation of crowdfunding in Ireland.
Securitisation Regulation: Risk Retention Summary | Lexology
The new EU Securitisation Regulation will apply across the EU from 1 January 2019. In this briefing, we highlight the key changes to the risk retention regime that are being introduced. Draft Regulatory Technical Standards relating to the new risk retention requirements (the Level 2 RTS) were published by the European Banking Authority on 31 July 2018. It is not yet known when the European Commission will adopt them and, therefore, when they will enter into force. What’s staying the same?
EMIR Update: Variation Margin; SSPEs
Following on from the European Commission's recent proposal to amend EMIR, the EU Council (in its most recent compromise text) has suggested taking most physically-settled FX forwards out the scope of EMIR's mandatory variation margin provisions, and not treating securitisation special purpose entities (SSPEs) as financial counterparties (FCs).
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