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Canada tables Bill C-70 creating Foreign Influence Transparency Registry
The Government of Canada has unveiled the long-anticipated Bill C-70, An Act respecting countering foreign interference in the House of Commons.
Draft Securitisation (Amendment) Regulations published
United Kingdom | Publication | May 2024
On April 22, 2024, draft Securitisation (Amendment) Regulations 2024 were published. They amend the Securitisation Regulations 2024 (made on January 29, 2024) which form part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services.
The Securitisation (Amendment) Regulations 2024 commence the repeal process of the relevant EU provisions and establish the new UK legislative regime under which financial services regulators will make rules on general requirements for securitisation that apply to firms. The new draft amending regulations make textual amendments to the Securitisation Regulations 2024, so that the resulting law will be contained in a single set of regulations.
The Amending Regulations include the due diligence rules applicable to occupational pension schemes, and ensure they are aligned with the rules applicable to firms regulated by the PRA and the FCA. They also provide for the supervision of occupational pension schemes in this context by the Pensions Regulator.
The new regulations restate the prohibition on the establishment of Securitisation Special Purpose Entities in high-risk jurisdictions, with a modification to specify its application to institutional investors, as well as originators or sponsors.
Most provisions of the draft amending regulations are due to come into force on November 1, 2024.
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