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Produced for LexisPSL Banking & Finance and in partnershipwith Alexander Collins and Nick Shiren ofCadwalader, Wickersham & Taft LLP

This Practice Note describes the position as at January 2021

The risk retention requirement currently applicable in the EUand the UK consists of obligations on:

This is explained in more detail below.

The objective of the risk retention requirement is to create analignment of interests between those of the suppliers of asecuritisation, ie sponsors, originators and original lenders, andthose of investors. It is sometimes referred to as the requirementfor 'skin-in-the-game'.

The introduction of the risk retention requirement reflected thecriticism of the securitisation markets following the globalfinancial crisis. There was widespread concern about the'originate to distribute' model in which banks did not holdthe loans that they originated, but repackaged and securitisedthem. It was thought by global policymakers that some of theparticipants in the securitisation chain were incentivised toengage in behaviour which, while furthering their own interests,was not in the interests of others in the securitisation chain orof the broader market. In the 'originate to distribute'model lenders did not have an incentive to apply stringent creditgranting standards, since they knew that the related risks wouldeventually be sold to third parties. A consequence of thesemisaligned incentives or conflicts of interest led to a weakeningof due diligence along the securitisation chain. This resulted inpoorly-underwritten assets being securitised by originators andthose securities being bought by investors who did not alwaysunderstand the extent of the risks that they were acquiring. TheG20 Leaders' statement from the 2009 Pittsburgh Summittherefore recommended that securitisation 'sponsors ororiginators should retain a part of the risk of the underlyingassets, thus encouraging them to act prudently'.

A 5% risk retention requirement was first introduced in the EU(including, at the time, the UK) by way of the Capital RequirementsDirective II to new securitisations issued on or after 1 January2011. These provisions were superseded by an equivalent requirementin the Capital Requirements Regulation (EU) No 575/2013 (EU CRR) andsimilar to those in the EU CRR, in the Solvency II regime inrelation to insurers and in the Alternative Investment FundManagers Directive (AIFMD) regime in relation to certainalternative fund managers.

Commission Delegated Regulation (EU) No 625/2014 (the CRR RiskRetention RTS) supplements and provides further detail in respectof the risk retention requirement in the EU CRR by way ofregulatory technical standards including providing further detailon the modes of risk retention, the fulfilment of the retentionrequirement through a synthetic or contingent form (eg a totalreturn swap (TRS)), and on multiple originators, original lenders,or sponsors.

The European Commission (EC), following review of the variousrequirements applicable to EU securitisations, published Regulation (EU) 2017/2402 on 28 December 2017(the EU Securitisation Regulation) and an accompanying Regulationamending the EU CRR (the EU CRR Amendment Regulation). Theseregulations entered into force on 17 January 2018, superseding theEU CRR, Solvency II and AIFMD risk retention requirements, largelycombining requirements applicable to EU investors and creating newrequirements in respect of originators, sponsors or originallenders of EU securitisations, and applicable to securitisations,the securities of which are issued (or where no securities areissued, the securitisation positions of which are created) on orafter the application date of 1 January 2019.

Article 6(7) of the EU Securitisation Regulation requires theEuropean Banking Authority (EBA) to develop draft regulatorytechnical standards (Securitisation Regulation RTS) to specify ingreater detail the risk retention requirement including themodalities of retaining risk, the measurement of the level ofretention, the prohibition of hedging or selling the retainedinterest and the conditions for retention on a consolidated basis.On 31 July 2018, a final draft of the Securitisation Regulation RTSwas published by the EBA. However, the draft SecuritisationRegulation RTS have not yet been adopted by the EC. Thetransitional provisions of the EU Securitisation Regulation providethat until the draft Securitisation Regulation RTS apply,originators, sponsors or the original lender shall apply ChaptersI, II and III and Article 22 of the CRR Risk Retention RTS tosecuritisations the securities of which are issued on or after 1January 2019.

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Reprinted from: LexisNexis |March 24, 2021

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

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DAKAR/BRUSSELS The United Nations World Food Programme (WFP) and the European Union (EU) today announced that they are partnering in an 18-month project to improve the production, availability and consumption of nutritious foods to prevent malnutrition among women and children in Africas Central Sahel region comprising Burkina Faso, Mali and Niger.

The project, backed with a contribution of 20 million by the EU through the European Union Emergency Trust Fund for Africa, will see WFP provide immediate assistance to reduce food insecurity and malnutrition while supporting the entire value chain for nutritious foods.

The combined effects of conflict and climate change, compounded by the socio-economic fallout from the COVID-19 pandemic, are disrupting food security and nutrition in the region. Close to 3 million children are at risk of becoming acutely malnourished across the three countries in the Central Sahel.

The EU engagement in the Central Sahel has been and will continue to be multidimensional. Along with our efforts to support governance and security, we are committed to providing essential services in remote areas, said Sandra Kramer, European Commission Director for Africa for International Partnerships Directorate General. This action with WFP will enable the production of locally produced nutritious food. It will create sustainable jobs and provide the most vulnerable with the food assistance they need to overcome the crisis at stake in the region.

We want to tackle malnutrition from the root and also ensure nutritious foods are available in a timely manner to respond to present and future shocks in the Central Sahel, said Chris Nikoi, WFPs Regional Director for Western Africa. WFP and the EU also intend to contribute to economic development through job creation by focusing on local production.

The project will include activities to reduce post-harvest losses, sharpen processing and commercialisation involving smallholder farmers, womens organizations, as well as the private and public sectors. These actions are complemented using cash-transfers that enable vulnerable women and children to access these nutritious foods in the market.

WFP and the EU recognize that long-term investments in food systems and local value chains interventions are key to ending hunger and malnutrition.

The United Nations World Food Programme is the 2020 Nobel Peace Prize Laureate. We are the worlds largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change.

View original post here:
The EU and WFP partner to improve nutrition in the Central Sahel by strengthening local food systems - Burkina Faso - ReliefWeb

April 1, 2021

The following is a press release:

On 8 April 2021, the Latvian Foreign Minister, Edgars Rinkevics, meets with the Minister for Foreign Affairs, European Union and Cooperation of Spain, Arancha Gonzlez Laya, who is coming to Latvia for a working visit on the occasion of the centenary of diplomatic relations between Latvia and Spain.

The Foreign Ministers will discuss bilateral relations and current issues concerning the European Union and security policy, as well as sharing views on developments in the EU s eastern and southern neighbourhoods.

During the visit, the Spanish Minister for Foreign Affairs, European Union and Cooperation will also meet with the President of Latvia, Egils Levits, and the Speaker of the Saeima (Latvian Parliament), Inara Murniece, as well as having an online conversation with the Prime Minister, Arturs Krijanis Karin. As part of her regional visit, the Spanish Foreign Minister will also be visiting Lithuania and Estonia.

Spain recognised Latvias independence on 9 April 1921. Together with other member countries of the European Community, Spain recognised the restored independence of the Republic of Latvia on 27 August 1991. The two countries resumed their diplomatic relations on 9 October 1991.

Information for the media

14.0014.30: an online press conference of the Ministers (via Zoom, connecting by 13.50, languages Latvian, English). Photo & Video Opportunity.

Members of the media accredited with Latvian agencies and institutions are asked to register their participation not later than 10.00 on 8 April by contacting the Media Centre of the Ministry of Foreign Affairs at e-mail: media@mfa.gov.lv

Press Contacts:

Communications Group

Phone: (+371) 67016 272

Fax: (+371) 67828 121

Email: media@mfa.gov.lv

Website: http://www.mfa.gov.lv/en

Read the original here:
The Minister for Foreign Affairs, European Union and Cooperation of Spain to arrive in Latvia on a working visit | Press Releases - leta.lv

Former Democratic presidential nominee Hillary ClintonHillary Diane Rodham ClintonSupreme Court rebuffs bid for Hillary Clinton deposition about emails Trump the X-factor in Virginia governor race Surgeon who treated Gabby Giffords after shooting launches House bid in Arizona MORE said in an interview released Thursday that she supports repealing the filibuster for constitutional issues, including voting rights legislation and other measures.

Clinton told Jennifer Palmieri, the communications director for her 2016 presidential campaign, that the filibuster stands in the way of a lot of legislation, and whether or not it can be either reformed or eliminated is what we will find out in the next few weeks.

"It certainly should be lifted for constitutional matters, and I would put election law matters at the top of that list," Clinton said on an episode of Palmieris podcast, Just Something About Her, published on Thursday.

The current filibuster rules require 60 votes in the Senate to move forward with legislation. Calls for nixing the procedural tool have gained steam recently among Democratic lawmakers, and President BidenJoe BidenThe Hill's Morning Report - GOP pounces on Biden's infrastructure plan Biden administration unveils network of community leaders to urge COVID-19 vaccinations Pompeo 'regrets' not making more progress with North Korea MORE has signaled that he is open to making significant changes to the filibuster if it continues to be a roadblock to passing legislation on top priorities such as voting rights legislation.

Clinton in the interview released Thursday accused Republican lawmakers of seeking to block voting rights bills following Bidens victory over former President TrumpDonald TrumpThe Hill's Morning Report - GOP pounces on Biden's infrastructure plan Pompeo 'regrets' not making more progress with North Korea Biden sets off Capitol Hill scramble on spending, taxes MORE in the 2020 presidential election.

"We had a good election. More people voted. It was fair. It was credible. It was certified by lots of Republican states and the Republicans didn't like the result. Being the result-oriented folks that they are, they're trying to change the rules to make it harder for people to vote and have their votes counted," Clinton said on the podcast. "And I do think this is a direct constitutional challenge to the rights of citizenship, to the 13th, 14th and 15th Amendment, to a long line of cases."

Senate Majority Leader Charles SchumerChuck SchumerIntercept bureau chief on Democrats' efforts on minimum wage: 'Might as well go for it' Schumer kicks into reelection mode The disgrace that was the Biden press conference MORE (D-N.Y.) has vowed that the Senate will hold a vote on sweeping voting rights legislation known as the For the People Act.

Senators in a committee hearing last week battled over the legislation, which expands voting access, creates an independent nonpartisan redistricting commission in an effort to get rid of partisan gerrymandering and more.

"This Senate will once again be the forum where civil rights are debated and historic action is taken to secure them for all Americans," Schumer said last week.

The Senate is also expected to move on the John LewisJohn LewisDemocrats torn on Biden's bipartisan pledge Biden: Georgia law is 'Jim Crow in the 21st century' Liberals think Biden just made getting rid of the filibuster easier MORE Voting Rights Act, legislation to restore previous protections in the 1965 Voting Rights Act that were limited in 2013 by the Supreme Court.

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Hillary Clinton: Filibuster should be lifted for voting rights legislation | TheHill - The Hill

Yesterday the Supreme Court refused to hear an appeal of a D.C. Circuit ruling that barred Judicial Watch from deposing Hillary Clinton about her long-ago email server. Hosanna, 2016 is finally, finally over.

Hillary Clinton left the State Department in 2013, and in the intervening eight years, congressional and executive branch investigations have exhaustively plumbed the issue of her infamous email server. Nonetheless, the conservative group has been suing since 2014 seeking to depose her for what is certain to be smoking gun evidence of wrongdoing. If Tom Fitton can just get in a room with the former Secretary, then theyll finally be able to LOCK HER UP for doing Benghazis with her emails or something.

(Yeah, he always looks like that. Real men dont need leg day. Or fiber.)

They got this close last March when U.S. District Judge Royce Lamberthordered Clinton to sit for questioning on her subjective motivation for using a private email server as part of Judicial Watchs interminable FOIA suit against the State Department.

When did [Secretary Clinton] first learn that States records management employees were unaware of the existence of her private server? Judge Lambeth wondered. And why did she think that using a private server to conduct State Department business was permissible under the law in the first place?

The judge failed to explain how Clintons subjective understanding of the legality of her email setup in 2011 might be relevant to a FOIA search in 2020 an omission the appeals court observed in its reversal last August.

Here, the District Court ordered Secretary Clintons deposition primarily to probe her motives for using a private email server and her understanding of the State Departments records-management obligations, D.C. Circuit Judge Robert Wilkins wrote. However, neither of these topics is relevant to the only outstanding issue in this FOIA litigation whether the State Department has conducted an adequate search for talking points provided to Ambassador Rice following the September 11, 2012 attack in Benghazi, or for any communications or records related to those specific talking points.

So Fitton squeezed into his best spandex dress shirt and stomped over to 1 First Street, confident that his pals Amy, Brett, Neil, Sam, and Clarence would put the situation to rights. Sadly, no.

The case was buried deep in the Certiorari Denied section of yesterdays orders list, with nary a dissent registered from the conservative stalwarts who likely owe their job to a rightwing media sphere which worked so hard to make Hillary Clintons stupid emails seem like the crime of the century.

But Tom Fitton knows who is to blame, and it is the Deep State.

Hillary Clinton ignored the law but received special protection from both the courts and law enforcement. For countless Americans, this double standard of justice has destroyed confidence in the fair administration of justice. Americans would never have known about Hillary Clintons email and related pay for play scandals but for Judicial Watchs diligence. We expect that the Biden State and Justice Departments will continue to protect her and cover up their own misconduct as we press for additional accountability through the courts.

The statement appeared on Judicial Watchs website, alongside fulsome praise for the groups peerless victory in Judge Lamberths courtroom. The appellate reversal was not mentioned.

Thus ends #ClintonBodyCountGhazigate, the biggest scandal the United States has ever known. Not with a bang, but with a whine followed by 10,000 bicep curls and a Newsmaxhit.

Its a brave new world.

Elizabeth Dye lives in Baltimore where she writes about law and politics.

Originally posted here:
SCOTUS Boots Conservative Effort To Depose Clinton About Email Server Because OMG WHAT YEAR IS IT? - Above the Law