SECURITISATION ON THE RISE AGAIN
Since securitisation products played a significant role in the US subprime mortgage crisis, European securitisation markets have remained restrained. In order to foster the capital markets and securitisation itself, a regulation for simple, transparent and standardised securitisation (STS-Regulation (EU) 2017/2042) has been adopted.
The EU framework aims to serve as a boost for a revitalised and more transparent securitisation market which benefits originators, sponsors and investors.
Additional criteria for securitisations relying on STS label
While the STS-Regulation sets out requirements for all securitisations, it also sets out additional criteria for those securitisations seeking to rely on the STS label. Here the focus is on the transfer of the underlying exposures by means of a true sale. No severe clawback provisions are allowed where the seller of the exposure becomes insolvent.
We analysed this STS-Criterion on a firm-wide basis regarding the existence (or lack thereof) of severe clawback provisions in the 13 jurisdictions of Central and Eastern Europe where Wolf Theiss operates (see map below).
Market trend towards sustainability in financing
Further news regarding the sustainable securitisation framework: The European Banking Authority (EBA) has been mandated to report by fall 2021 on developing a sustainable securitisation framework, for the purpose of integrating sustainabilityrelated transparency requirements into the STS-Regulation. This aligns with the market trend towards sustainability-focused financing. We will provide further updates on this topic, and please feel free to reach out to us if you have any questions on how this may impact your area of work.
STS Regulation
SEVERE CLAWBACK PROVISIONS IN THE LOCAL INSOLVENCY RULES
An overview in 13 countries of the CEE/SEE region (Albania, Austria, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine)
STS Regulation
SECURITISATION ON THE RISE AGAIN Since securitisation products played a significant role in the US subprime mortgage crisis, European securitisation markets have remained restrained. In order to foster the capital markets and securitisation itself, a regulation for simple, transparent and standardised securitisation (STS-Regulation (EU) 2017/2042) has been adopted. The EU framework aims to serve as […]...
Arbitration expert Emmanuel Kaufman returns to Wolf Theiss
Vienna, 27 September 2021 – Emmanuel Kaufman (40) re-joins the arbitration practice at Wolf Theiss as of 1 September 2021. Born in Argentina, Emmanuel has gained 15 years of experience in international commercial and investment arbitration and specialises in construction and engineering disputes in CEE/SEE. Emmanuel has in-depth knowledge in complex arbitration proceedings before international […]...
Private Equity in Central and Eastern Europe
Private equity had a strong start in 2021, and its popularity only continues to rise, with significant activity in Central and Eastern Europe. It is an important segment of the M&A market, and projections for continued investment remain high. Understanding the local investment landscape and legal requirements surrounding private equity is a fundamental first step. […]...
Wolf Theiss advises Oberösterreichische Landesbank Aktiengesellschaft on its issue of EUR 250,000,000 0.01% green mortgage covered bonds
Vienna, 24 September 2021 – Wolf Theiss advises Oberösterreichische Landesbank Aktiengesellschaft as issuer on its first green sub benchmark issue of EUR 250,000,000 0.01 per cent. mortgage covered bonds due 2028 (AT0000A2SUL3). Oberösterreichische Landesbank Aktiengesellschaft (the “HYPO Oberösterreich”) successfully closed the issue of green mortgage covered bonds in the aggregate principal amount of EUR 250 million. […]...
Understanding Chinese investments in Central Europe
What are the risks Chinese investors face when doing business in Europe? What are a difference between Chinese state-owned enterprises, private companies and private equity investors? And why do capital remittance control matter? Christian Mikosch, Partner for our Corporate/M&A practice and head of the Wolf Theiss China desk invited Michael Zou, Partner at Chance Bridge […]...
Ukraine: UBO disclosure compliance
10 October 2021 is the final deadline for the submission of information and documents with respect to the Ultimate Beneficiary Owners (UBO) of Ukrainian legal entities. There is a possibility, however, that this deadline may be extended (presumably to July 2022) if the Parliament of Ukraine adopts the draft law which, among other things, provides […]...
Wolf Theiss ernennt neue Partnerinnen und Partner in Österreich und Serbien
Wien, 22. September 2021 – Wolf Theiss ernennt Marika Lomashvili und Wolfgang Lauchner (Wien) sowie Andjelka Todorovic (Belgrad) zu Partnern. Marika Lomashvili (39) ist Mitglied des Banking- und Finance Teams in Wien und auf Bank- und Finanzrecht spezialisiert. Sie berät Kreditgeber, Kreditnehmer sowie Sponsoren bei Finanzierungstransaktionen in Österreich sowie Zentral- und Osteuropa. Wolfgang Lauchner (35) […]...
Deal activity in the region: CEE M&A and private Equity Forum is soon approaching
Vienna, 21 September 2021 – Despite ongoing challenges related to Covid-19 lockdowns, the M&A activity in Central and Eastern Europe (CEE) reached EUR 8.5bn (121 deals) by value in 1Q21, representing a 49.7% increase compared to the same period last year (EUR 5.7bn, 115 deals). This represents the region’s highest first quarter figure since 1Q13 […]...
Convotis GmbH acquires ITSDONE Group assisted by Wolf Theiss
Vienna, 20 September 2021 – Wolf Theiss advised Convotis GmbH on the legal aspects of the acquisition of ITSDONE Group. A multidisciplinary and multi-country team, led by M&A / PE Partner Sarah Wared, advised Convotis with respect to all legal aspects of the transaction from an Austrian, Romanian and Slovakian legal perspective. Through the participation […]...
Legislative changes in Slovenia impact the future lease agreements for business premises
THE AMENDMENT OF THE HOUSING ACT BRINGS SIGNIFICANT CHANGES FOR COMMERCIAL LEASE RELATIONSHIPS On 19 June 2021, the amendment to the Housing Act entered into force and brought a number of changes regarding Slovenian real estate legislation. With respect to the leasing of business premises, the amendment significantly changed commercial leasing regulation by repealing the […]...
Status report on newly implemented FDI regimes
Lessons learned in CEE/SEE September 2021 – Czech Republic, Hungary, Poland, Romania FDI restrictions in Central and Eastern Europe In the context of the global pandemic which exposed the vulnerabilities of excessive reliance on externalised foreign supply chains, EU Member States (including many in the CEE/SEE region) have accelerated the adoption of local legislation aimed […]...
Ukraine creates national legal framework for cryptocurrencies
The legal status of cryptocurrencies in Ukraine remained unresolved for quite some time. In the absence of a clear regulatory environment, the Ukrainian central bank declared cryptocurrencies (Bitcoin) as quasi-money/a monetary substitute, while issuing warnings about the risk of transactions in cryptocurrencies and even found signs of pyramid schemes in these transactions. At some point, […]...