CRAs

Recent Articles

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    11/04/2018

    Securitisation Regulation: 60 minutes to understand the new rules and issues

    CMS cordially invite you to attend a webinar: 11 April 2018 | 10:00 UK/ 11:00 CET Securitisation Regulation: 60 minutes to understand the new rules and issues This webinar will last one hour (including a Q&A session) and will provide an update on new EU regulations regarding securitisation. Four expert speakers from the UK, France and Spain will cover the areas you need to be aware of. Agenda: Scope of the new regulations (STS and CRR treatment) New rules applicable to any EU securitisation STS CRR/other directive changes REGISTER NOW
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    02/06/2016

    Brexit: Financial Services in the UK and cross-border passporting

    Financial services in the UK Recent reports have highlighted data about the UK financial services sector and the extent to which the UK is host to European financial services firms. In the Bank of England’s October 2015 report on EU membership and the Bank of England, it was noted that “around half of the world’s largest financial firms – ranging from commercial and investment banks to insurers, asset managers and hedge-funds – have chosen to have their European headquarters in the UK”. The UK is home to over 3000 securities firms regulated under MiFID –...
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    17/02/2016

    Italian Government enacts the Decree providing for a State guaranty for NPLs securitization transactions

    As mentioned in our 28 January 2016 report, the measure aims at facilitating the selling off of NPLs by Italian banks, as the State guaranty will cover the reimbursement of senior notes issued within securitization transactions, provided that they have obtained a rating equal to, or higher than the Investment Grade by an independent rating agency included in the list of rating agencies that are accepted by the ECB. The State guaranties can be issued within a period of 18 months from the entry into force of the Decree, which can be extended for a further period of maximum 18 months. Banks having...
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    02/12/2014

    Histories re-written: the importance of accuracy in Credit Reference Agency registrations

    The Issue The important question for determination was highlighted by Lord Justice Briggs as “the legitimacy of registration as a default with [CRAs] of a non-payment by a debtor (or hirer) of monies contracted to be paid under a regulated but irremediably unenforceable credit agreement, which has not previously been directly addressed in any reported decision”. It was argued by Black Horse’s counsel that the approach to such matters should follow the decision of Flaux J in the case of McGuffick v. RBS where he held (at para 113) that even where an agreement was unenforceable,...
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    18/09/2014

    Financial lines: Australian court confirms rating agency owed duty of care to investors

    Appeal decision The appeal court upheld the findings of the first instance judge (with the qualification that it found that a claim for damages under the Australian Corporations Act was not apportionable). Importantly, the appeal court upheld the finding that S&P owed a duty of care to potential investors. On appeal, S&P accepted that the rating of the notes had been flawed. It argued, however, that the first instance judge had been wrong to hold that it owed a duty of care. Central to S&P’s case that it did not owe a duty of care was that the risk of harm was not reasonably...
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    10/07/2013

    Liability of Credit Rating Agencies - UK Regulations come into force on 25 July 2013

    In the UK, the Credit Rating Agencies (Civil Liability) Regulations 2013 were published last week and will come into force on 25 July 2013. The Regulations set out how certain terms used in Article 35a of the European Regulation on Credit Rating Agencies are to be interpreted and applied. Article 35a of the European Regulation is intended to harmonise the civil regulation of rating agencies across Europe and provides for civil liability of rating agencies when an agency, either intentionally or with gross negligence, commits any of the infringements specified in the European Regulation. Points...
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