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New Reporting Requirements for European Banks and Securitisation Vehicles

April 02, 2009

By Conor Downey and Diego Shin

As governments and regulators move away from the old light touch approach to financial regulation, substantial volumes of new laws and regulations relating to the operation of the global financial markets are being introduced around the world. One important development in the area of securitisation that has received relatively little attention so far is the exercise by the European Central Bank (ECB) on 20 January 2009 of its long-standing right to require EU securities issuers and financial institutions to provide it with financial information as to their securitisation activities. Prior to this, the ECB only required investments funds (IFs) resident in the Eurozone to provide this information.