Clifford Chance

Funds and securitisation: what does the future hold for asset managers?

9 December 2021

There has been relatively little change in the securitisation regulatory landscape for asset managers over the past couple of years. Asset managers have faced some challenges and uncertainties around interpretation of the scope of the EU Securitisation Regulation ("EUSR"), as it applies to alternative investment fund managers ("AIFMs"), including non-EU AIFMs and small AIFMs in particular.

In the absence of interpretative guidance, AIFMs have necessarily had to take a view on how these rules apply to them today, leading to a fairly settled position across the market. However, in recent months, there have been a number of indications that changes are on the horizon both at EU level and in the UK. In this article, we review the recent and upcoming changes to the regulatory framework for securitisation as it relates to funds.

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