Some 35 people joined our CMBS check-in call last week for an update led by Maria Green from A&O about the evolving UK regulatory landscape for securitisation. The main issue relates to the recalibration of the distinction between ‘public’ and ‘private’ transactions, where CRE debt securitisations currently fall to be treated as private, enjoying lighter disclosure requirements as a result. That may all change, with a range of possible outcomes, so interested members are encouraged to get involved as the consultation process continues.
The plan is for a collaborative approach across interested trade associations with AFME leading but welcoming participation and input from others, including CREFC Europe. We may then wish to put in our own submissions in support of AFME’s, and to emphasise points of particular importance to our sector. A draft response to the current consultation phase is expected to be available in early October. Let Peter know if you are not already on his CMBS interest group list but would like to be.