Rachpal Thind

Sidley Austin

Rachpal's clients turn to her for advice on complex UK and EU regulatory and compliance matters, in particular those relating to cross-border issues. She has for many years counseled overseas banks, investment management firms, insurance companies and consumer credit firms on UK authorization and licensing requirements, as well as on EU/UK anti-money laundering and financial sanctions compliance matters. When clients interact with regulatory agencies, Rachpal provides technical and strategic support on regulatory investigations and breaches.

Rachpal also has extensive experience of advising arrangers, issuers, originators, investment managers and investors on the regulatory aspects of structured finance and capital market transactions covering the Securitization Regulation, regulatory capital requirements, marketing and listing requirements, and market conduct issues within the context of the Market Abuse Regulation.

Recent representative matters include advising:

The lenders on Sotheby's art loans structured facility. The transaction was named "Structured Finance and Securitization Deal of the Year" at the IFLR Americas Awards 2021.
Zenith (a portfolio company of Bridgepoint) on securitization risk retention requirements in relation to its vehicle lease Asset-Backed Commercial Paper and Asset-Backed Lending structures (ongoing)
Partners Group, a leading global private markets firm, on expanding the shareholder base of International Schools Partnership, a leading international group of K-12 schools.
Great Hill Partners in connection with its investment in BigChange, the leading mobile workforce management technology company for the service and transport sectors.
Massachusetts Mutual Life Insurance Company on its acquisition of a shareholding in Rothesay Life.
TowerBrook Capital Partners on the acquisition of CarTrawler.
A European bank as its primary counsel on securitization risk retention requirements under the EU Securitization Regulation within the context of its U.S. transactions.

Rachpal's practice also encompasses advising purchasers and sellers of regulated loan portfolios on EU and UK regulatory requirements relating to residential and buy-to-let mortgages, personal secured and unsecured loans, consumer hire goods and services, and credit cards. She has also assisted banks and finance and leasing companies on the development of new products and advising on preparing customer documentation in compliance with the Consumer Credit Act 1974 and the Financial Conduct Authority’s mortgage and consumer credit conduct of business rules.

Rachpal is recognized in The Legal 500 UK 2017 for Financial Services, with sources noting that she “provides ‘very thorough advice’ to clients.”

Practice Areas

Panel

Contributing Author

Qualified Year

2002

Membership

London Chair of the firm’s Committee on the Evaluation and Compensation of Associates
Member of the firm’s Diversity Committee
Member of the firm’s Committee on Retention and Promotion of Women
A member of the global advisory board of the Women in Law Empowerment Forum

Education

Warwick University (LL.M., 1998)
Warwick University (LL.B., 1997)

3 Contributions by Rachpal Thind

PRACTICE NOTES

Consumer buy-to-let lending: UK framework under the Mortgage Credit Directive Order 2015—scope, FCA registration, conduct, reporting, complaints, and FSMA 2023 revocation framework

Scope of this Practice Note This Practice Note explains the regulatory framework for consumer buy-to-let (CBTL) lending under the Mortgage Credit Directive Order 2015, SI 2015/910 (MCD Order 2015), which implemented the EU Mortgage Credit Directive (Directive 2014/17/EU) (the EU MCD) within the UK regime before the UK decided to leave the EU. The MCD Order 2015 was issued on 25 March 2015 and became fully operative on 21 March 2016, the deadline by which all Member States were required to implement the EU MCD. For a flowchart indicating whether CBTL registration obligations apply, see: Registration requirements for CBTL mortgages—flowchart. For an outline of the UK’s implementation of the EU MCD, see Practice Note: Mortgage Credit Directive—UK implementation and the post-Brexit regime. For an overview of the EU MCD framework, see Practice Note: EU Mortgage Credit Directive—essentials. Status of the MCD Order 2015 The Financial Services and Markets Act 2023 (FSMA 2023) introduced a framework for revoking assimilated EU law and replacing it with rules developed under the Financial Services and Markets Act 2000 (FSMA 2000) model of financial services regulation. Under this framework, financial services regulators will become responsible for setting many of...

Financial Services

PRACTICE NOTES

EU/EEA passporting for mortgage credit intermediaries (MCD): freedom of services/establishment, notification, host/home supervision, and enforcement; limits for non-credit institution creditors and appointed representatives

This Practice Note outlines passporting entitlements and related notification obligations for credit intermediaries under the Mortgage Credit Directive (Directive 2014/17/EU) (MCD) in the setting of cross-border activity across the EU/EEA. It explains the MCD framework governing the freedom to provide services and the freedom of establishment, alongside the connected notification, supervisory and enforcement arrangements. References to ‘Member State’ are to EU Member States and, where appropriate, EEA States that have implemented the MCD. Key points are as follows: The MCD (Directive 2014/17/EU) creates an EU/EEA regime for regulating and supervising creditors and credit intermediaries in respect of certain consumer mortgage credit agreements, covering authorisation, conduct of business and consumer information duties. Subject to exceptions, the MCD applies to credit agreements (i) secured by a mortgage (or equivalent security) on residential immovable property (or a related right) and (ii) concluded for the purpose of acquiring or retaining property rights in land or in an existing or projected building. The MCD confers passporting rights on EEA-authorised credit intermediaries (including independently authorised intermediaries and certain tied credit intermediaries) to operate in other Member States under freedom of establishment (branch) and freedom to provide services...

EU Law

FLOWCHARTS

Flowchart: firm registration for UK consumer buy-to-let (CBTL) mortgage regulated activities under the Mortgage Credit Directive Order 2015

Purpose of the CBTL flowchart The aim of this flowchart is to support firms in deciding whether they are required to register to carry on regulated activities in connection with consumer buy-to-let (CBTL) mortgages under the Mortgage Credit Directive Order 2015, SI 2015/910 (MCD Order 2015). That Order transposed the EU Mortgage Credit Directive (Directive 2014/17/EU) (the EU MCD) into the UK regulatory framework ahead of the UK’s decision to leave the EU. It should also be read alongside Practice Note: Regulation of consumer buy-to-let lending in the UK. The CBTL flowchart...