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Fund finance: the regulatory requirements applicable to securitisations in the EU and UK
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In the March 2022 edition of Butterworths Journal of International Banking and Financial Law ((2022) 3 JIBFL 198), we briefly explored the analysis undertaken to determine whether a transaction in the European fund finance market constitutes a “securitisation” under the EU1 and UK2 regulatory frameworks. If a fund financing does constitute a securitisation, further work is required to establish how the applicable regulatory requirements will be met. In this follow-on article, we survey the application of the key regulatory requirements imposed on participants in securitisations in the EU and UK in the context of fund financing transactions, namely: risk retention, transparency (and reporting), due diligence and credit granting requirements. We also consider the direct applicability of the rules to fund parties and the related provisions participants in these transactions should expect in the financing documents.
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