A special purpose vehicle (SPV) established by TSI Services GmbH was subjected to an extensive external tax audit in the period from November 2022 to September 2023. The SPV was set up for a securitization transaction of a German originator – consumer loans were securitized as part of the revolving structure. The scope of the
Securitisation
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3 & 4 February 2026
European Green Bond Standard: Positive Vote of the European Parliament
On 5 October, the European Parliament adopted the “European Green Bond” regulation in first reading. The decision is essentially made against the background of the informal agreement of the EU legislators in the trilogue procedure on the European Green Bond Standard (EuGBS) as a voluntary standard for the issuance of bonds. With regard to the
A French-German roadmap for the CAPITAL MARKETS UNION
The most recent paper dated 13th September 2023 outlines a joint initiative by France and Germany to enhance the Capital Markets Union (CMU) in the European Union (EU). The primary focus is on mobilizing private capital for financing the transition and improving the role of capital markets in funding businesses. It is especially worth to
FCA opens consultation on new UK Securitisation Regulation
The Financial Conduct Authority (FCA) has opened a consultation on the new UK securitisation regulation. After Brexit, the European securitisation regulation was initially translated into UK law, which is referred to as “retained EU law” in the UK. This retained EU law is to be gradually converted into UK law. HM Treasury then began to
Exposure Value of Synthetic Excess Spreads – EBA publishes final draft
The EBA published the Final Draft on the RTS on the exposure value of synthetic excess spreads (SES) on 25 April 2023. The first draft was published on 9 August 2022 and consulted until October 2022 (see TSI kompakt of 11 August 2022). The obligation to consider the SES as securitisation position which has to