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Expertise

Richard Kelly is a partner in the Finance and Capital Markets Department at Matheson. Richard’s practice includes advising corporates, financial institutions, investment banks, asset managers and institutional investors on all aspects of capital markets transactions involving Irish elements, including corporate bond issuances, asset backed securitisations, CLOs, repackagings and segregated managed account structures.

Richard’s practice also includes advising Irish corporates and investment funds and their counterparties in relation to derivatives transactions, repurchase and reverse-repurchase transactions, securities lending and prime brokerage and on the regulation of derivatives, the application of the Financial Collateral Directive and the operation of netting and set-off in Ireland. Richard has acted for many of the world’s leading financial institutions in providing bespoke legal opinions on the enforceability of close-out netting provisions and collateral arrangements documented using industry standard or client-specific derivatives, repo and prime brokerage documentation.

Richard has been active in the Irish Debt Securities Association (IDSA) since its formation, regularly participating in sub-groups of the IDSA’s legal committee to prepare submissions on proposed legislation. Richard also regularly represents Matheson at meetings of the EMIR working group at Irish Funds.

Experience Highlights

Recent highlights include:

  • Advising a leading investment bank (as lead manager) in relation to the establishment of a EUR 10 billion and USD 10 billion MREL bond issuance programmes by an Irish pillar bank.
  • Advising a US multi-national on the issuance of over EUR 3.4 billion of unsecured guaranteed corporate bonds by its Irish financing subsidiary.
  • Acting as lead counsel in advising a US multi-national on the issuance and listing of a multi-billion dollar Irish law governed corporate bond issued by its Irish subsidiary.
  • Advising a leading investment bank in relation to the first issuance of Sharia compliant bonds (Sukuk) under Irish tax legislation, with a value of over USD 150 million.
  • Acting as lead counsel in relation to the establishment of an Irish law governed note issuance programme arranged by a US financial services company, and the issuance of secured notes thereunder linked to a portfolio of aircraft assets.
  • Acting as lead counsel in relation to the issuance of approximately EUR 750 million in listed notes linked to subordinated NAMA bonds, in a transaction governed by Irish law.
  • Acting as Irish counsel advising two leading banks on the establishment of the world’s first multi-bank trade finance ABS securitisation programme, including the issue of USD 1 billion in Notes listed on the Irish Stock Exchange.
  • Advising banks and borrowers on interest rate and currency hedging documentation linked to facility agreements.
  • Drafting bespoke legal opinions on the enforceability under Irish law of security, netting and set-off provisions in prime brokerage agreements for a number of investment banks.
Accolades

Richard Kelly is recommended.
Debt Capital Markets: European Legal 500 2020

Richard Kelly is named a next generation partner.
Debt Capital Markets: European Legal 500 2020

Richard Kelly is named a Highly Regarded Individual
IFLR 1000 2020

Richard Kelly is recommended.
European Legal 500 2020

“Richard Kelly is very responsive and helpful. He gives sound advice and is good to work with.”
Chambers Europe 2018

Richard Kelly is recommended for Capital Markets Debt.
Legal 500 2018

Education

Qualified as a solicitor in Ireland

Qualified as a solicitor in England and Wales (non-practising)

University College Dublin (BCL with French law)

Trinity College Dublin (LLM)

Securitisation Regulation Requirements to Enter Into Force

Sep 16, 2020, 23:06 PM
The European Securities and Markets Authority (“ESMA”), the EU’s securities markets regulator, confirms that the different elements of the new regime under the Securitisation Regulation (“SR”) will come into force on 23 September 2020.
Title : Securitisation Regulation Requirements to Enter Into Force
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Insight Type : Article
Insight Date : Sep 10, 2020, 12:10 PM

The European Securities and Markets Authority (“ESMA”), the EU’s securities markets regulator, confirms that the different elements of the new regime under the Securitisation Regulation (“SR”)  will come into force on 23 September 2020.

This follows the publication of seven technical standards implementing the SR in the Official Journal of the European Union. The publication of the technical standards triggers the following:

  • Opening of applications for entities to register as a Securitisation Repository (“Repository”); and
  • Entry into force of new disclosure templates.

Repositories

Repositories will centrally collect and maintain the records of securitisations and will be registered and supervised by ESMA. Those entities who wish to be registered as a Repository by ESMA can submit their applications from 23 September 2020.

Until ESMA has registered at least one Repository, information that should be made available by reporting entities to Repositories on public securitisations must continue to be made available via a website which meets certain requirements (pursuant to the fourth sub-paragraph of Article 7(2) of the SR).

Reporting Templates

ESMA reporting templates will now become mandatory for use in reporting from 23 September 2020. The securitisation technical standards (including those relating to disclosure requirements) were published in the Official Journal of the European Union on 3 September 2020. The reporting templates can be found in Annexes II to XV of Commission Implementing Regulation (EU) 2020/1225.

ESMA has published guidance on how to fill in the disclosure templates in its Q&A Document on Securitisation Topics. Stakeholders with questions which are not addressed in this document are invited to submit their question(s) to ESMA through its dedicated Q&A tool. XML schema and validation rules as well as reporting instructions for these templates are available on ESMA’s website.

There is no transitional period. Reporting entities should therefore have processes and systems in place to report under the new rules  from 23 September 2020.

For further information, please contact  Christian DonaghTurlough GalvinAlan KeatingRichard Kelly or your usual Matheson contact.

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