PwC Legal and PwC Germany support European DataWarehouse in becoming one of the UK’s first regulated Securitisation Repositories
Frankfurt 14 January 2022
A multidisciplinary team from PricewaterhouseCoopers AG Rechtsanwaltsgesellschaft (PwC Legal) and PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC Germany) has advised European DataWarehouse Limited (EDW) and its parent, European DataWarehouse GmbH, on all legal, regulatory, corporate and tax aspects in EDW’s path to becoming designated as a UK Securitisation Repository by the UK’s Financial Conduct Authority. The obligation to report public securitisations within the scope of the UK Securitisation Regulation to a UK Securitisation Repository, such as EDW Limited, will apply from 17 January 2022.
“We are delighted to have successfully supported our client as trusted advisor on all legal, regulatory, corporate and tax aspects in its path to becoming one of the EU’s first registered Securitisation Repositories in 2021 and are now delighted, in 2022, to have helped deliver a major landmark for EDW’s operations in the UK. This milestone is further evidence of our expertise in advising on complex, multijurisdictional regulatory license applications and compliance with new legislative frameworks” said PwC Legal’s Head of Financial Institutions Regulatory Europe Team, Dr Michael Huertas, who led the firm’s engagement.
“The UK market, as the largest securitisation market in Europe, has now a solid foundation on the transparency side with EDW providing market-leading technologies to our UK customer base. The regulatory process was not without challenges and PWC Legal’s input was imperative to get the registration and approval over the line in time” said Markus Schaber, Chief Executive Officer of European DataWarehouse Limited.
“The registration of EDW as a UK Securitisation Repository is a major milestone for our firms as well as the securitisation market. With the help of the team of PwC Legal were able to close the regulatory gap that has existed for several months and are now looking forward to providing our services to ABS issuers in the EU as well as the UK” added Christian Thun, European DataWarehouse’s Group Chief Executive.
EDW was established as part of the implementation of the European Central Bank’s ABS loan-level initiative. Since 2012, EDW has worked tirelessly towards enhancing transparency in the securitisation market and delivering market-leading regulatory reporting solutions. Born out of an initiative by the leading participants of the European securitisation market, EDW has acted as a repository, collecting over 3 billion loan records and relevant documentation for more than 1,600 transactions. Its team of data experts supports over 280 data owners and data providers, communicating in over 15 languages.
Our PwC Financial Services Tax & Legal Team helps clients to navigate challenges and seize opportunities across new regulatory developments, changing business operating conditions and how to identify, mitigate and manage new risk paradigms. We deliver comprehensive advice provided by over 4,000 lawyers across all major financial centres worldwide. Whether a global player, regional or domestic focused financial services firm, each of our clients can rely on a relationship partner and team to address his or her specific legal needs on a multijurisdictional and multidisciplinary basis.
Advisors to European DataWarehouse:
PwC Legal (Frankfurt):
EU, German and UK regulatory advice:
Dr. Michael Huertas, LL.M., MBA, Partner, Head of Financial Institutions Regulatory Europe and Solicitor-Advocate (England & Wales), Solicitor (Ireland), Rechtsanwalt (Attorney-at-Law) (Germany)
Kristin Lyaskova, LL.M., Senior Associate and Solicitor (England & Wales), Attorney-at-Law (New York), Registered Foreign Lawyer (Germany)
Elizabeth Cid del Prado Garcia de Leon, Senior Associate and Attorney (Mexico), Registered Foreign Lawyer (Germany)
PwC Germany (Frankfurt):
Tax and transfer pricing advice:
Maximilian Tenberge, Partner, Head of Financial Services Transfer Pricing, Steuerberater (Tax Advisor) (Germany)
Jannis Lülf, Manager, Financial Services Transfer Pricing
Rachel Lim, Senior Associate, Financial Services Transfer Pricing
About PwC Legal Business Solutions:
In our global, rapidly changing business world, cooperation, restructuring, transactions, financing and social responsibility are topics that increasingly concern our clients. They need legal certainty for a wide range of complex tasks. That is why we advise them holistically and in close cooperation with PwC’s tax, human resources and finance experts and our international legal network in over 100 countries. Whether a globally active company, a public corporation or a wealthy private individual, every client has a personal contact at our firm who supports them responsibly in all matters of commercial law. In this way, we help our clients to secure their economic success in the long term.
PwC Legal Business Solutions in Germany. More than 370 lawyers at 18 locations. Integrated, tech-powered legal advice.
About PwC Germany:
Our clients face diverse challenges, strive to put new ideas into practice and seek expert advice. They turn to us for comprehensive support and practical solutions that deliver maximum value. Whether for a global player, a family business or a public institution, we leverage all of our assets: experience, industry knowledge, high standards of quality, commitment to innovation and the resources of our expert network in 149 countries. Building a trusting and cooperative relationship with our clients is particularly important to us – the better we know and understand our clients’ needs, the more effectively we can support them.
PwC Germany. More than 15,000 dedicated people at 20 locations. €3.05 billion in turnover. The leading auditing and consulting firm in Germany.
