Structured Finance

An overview of the rules and procedures for listing debt securities in London.

An overview of some of the restrictions that apply to offering and trading transferable securities, and the market practice on offering bonds in the UK. This note was previously called UK selling restrictions: debt securities.

This Chart provides a summary of the jurisdictions that have initialed or signed a model intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA)

A Q&A guide to structured finance and securitisation law in India. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in the Spain. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in Hong Kong. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in Argentina. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured Finance and Securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in Australia. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

An assessment of the international implications of the US Foreign Account Tax Compliance Act.

The Japan update for July 2011 for the PLC Global Finance multi-jurisdictional monthly e-mail.

A Q&A guide to structured finance and securitisation law in Canada. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and Securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in France. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisationhand-mjg.  

A Q&A guide to structured finance and securitisation law in Hungary. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in the Russian Federation. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in the UK (Scotland). This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

This Article discusses the Foreign Account Tax Compliance Act (FATCA) provisions included in the Hiring Incentives to Restore Employment (HIRE) Act to target offshore tax evasion.

The covered bond market has been an important source of wholesale funding for many of the UK and Europe's leading retail banks and building societies. However, the turbulence in the global financial markets and, in particular, the knock-on effect of concerns relating to the securitisation market, caused investor demand to contract significantly in 2007 and 2008. However, there has, particularly in the last quarter of 2009, been a recent upsurge in issuance and investor interest in covered bonds. Against this background, this article examines the UK covered bond market, changes to rating agency methodologies, the ECB covered bond purchase scheme and resurgent covered bond issuance in 2009/10. This article is part of the PLC multi-jurisdictional guide to securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in New Zealand. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured Finance and Securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

This Article considers: the types of transactions for which Channel Islands (Jersey) SPVs are used, the reasons for using Jersey SPVs, as well as details regarding organization, ongoing corporate and regulatory requirements, tax considerations and methods of dissolution. This Article forms part of a series that also covers the Cayman Islands, Ireland and the British Virgin Islands.  

This Article considers: the types of transactions for which British Virgin Islands SPVs are used, the reasons for using British Virgin Islands SPVs, as well as details regarding organization, ongoing corporate and regulatory requirements, tax considerations and methods of dissolution. This Article forms part of a series that also covers the Cayman Islands, Ireland and Channel Islands (Jersey).

An outline of the rules for exiting US markets and an examination of the extent to which foreign private issuers have taken advantage of them.This article is part of the PLC US Special Report, which was published to mark the launch of PLC's first US services.

This Article considers: the types of transactions for which Cayman Islands SPVs are used, the reasons for using Cayman Islands SPVs, as well as details regarding organization, ongoing corporate and regulatory requirements, tax considerations and methods of dissolution. This Article forms part of a series that also covers the British Virgin Islands, Ireland and Channel Islands (Jersey).

The IRS and Treasury Department issued final Treasury regulations addressing withholding and information reporting requirements under the Foreign Account Tax Compliance Act (FATCA).

AFME and EFR have launched Prime Collateralised Securities (PCS), which will grant a label to high quality securitisations which meet certain eligibility criteria.

The IRS issued proposed regulations addressing withholding and information reporting requirements under the Foreign Account Tax Compliance Act (FATCA).

This article is part of the PLC Global Finance July 2011 e-mail update for Japan.

An update on the IRS's revision of Notice 2011-53 to include withholdable payments to non-financial foreign entites in the phased implementation schedule for withholding under the Foreign Account Tax Compliance Act (FATCA) enacted as part of the Hiring Incentives to Restore Employment Act of 2010.

HMRC updated its FAQs on the double tax treaty passport scheme on 7 July 2011.

An update on the IRS's issuance of additional guidance for foreign financial institutions (FFIs) on implementing the Foreign Account Tax Compliance Act (FATCA) withholding and reporting provisions enacted as part of the Hiring Incentives to Restore Employment Act of 2010 (HIRE Act).

The Basel Committee on Banking Supervision has published a document setting out its responses to interpretive issues concerning revisions to the July 2009 Basel II market risk framework.

An update on new S&P criteria for assessing swap counterparty and other support in structured finance transactions.

The European Central Bank has issued a press release announcing it will establish loan-by-loan level information requirements for asset-backed securities in the Eurosystem collateral framework.

An update on a proposed rule by the SEC under the Dodd-Frank Act relating to issuer and third-party review of assets backing asset-backed securities transactions, and related disclosure requirements.

A new article, The Lehman client money judgment: the Court of Appeal overturns key aspects of the High Court decision, written by Patrick Buckingham, Stephen Gale and Laura Reynolds of Herbert Smith LLP considers the implications of the decision of the Court of Appeal in CRC Credit Fund Limited and others v GLG Investments Plc Sub-Fund: European Equity Fund and others [2010] EWCA Civ 917 (2 August 2010).

An update on the decision of the US Bankruptcy Court for the Southern District of New York in Lehman Brothers Special Financing Inc. v. BNY Corporate Trustee Services Ltd., Case No. 08-13555 (Bankr. S.D.N.Y. January 25, 2010), in which the court declined to follow the decisions of the English courts in parallel proceedings.