Securitisation shakeup The UK securitisation market is set
for a shakeup next year with much of the new Securitisation
Regulation set to come into force. The market is concerned that
the new rules surrounding the setting up of third-party
verification (TPV) agents are both unclear and resource
intensive, but the rule change also could coincide with a drop
in demand for collateralised loan obligations (CLOs). Only two
firms have applied to be a TPV so far and anyone thinking of
setting up a business will need to hit the ground running.
Jonathan Walsh, partner at Ashurst said the role is going to be
one made up of a coordinator and a facilitator. "It will be an
awful lot of work to undertake: the notification template is
going to be quite something to complete, given the information
will have to be...