2. For traditional securitisations, only the following call options granted to originator …

For traditional securitisations, only the following call options granted to originator institutions should not be considered detrimental to achieving effective transfer of credit risk by competent authorities, provided these call options do not grant an originator institution the right to repurchase from the transferee the previously transferred exposure to realise their benefits or oblige the originator institution to re-assume transferred credit risk:

• a. regulatory call options or tax call options that are only exercisable if there are changes of the legal or regulatory framework that have an impact on the content of the contractual relationship of the respective securitisation transaction or that affect the distribution of economic benefits derived from the respective securitisation transaction by any of the parties in the transaction;
• b. clean-up calls meeting the conditions referred to in Article 243(5)(f) of the CRR.

For synthetic transactions, any call options fulfilling the criteria set out in paragraph 5(2)(a) or 5(2)(b) do not need to be considered by competent authorities.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA -

  EN: Guidelines and other publications of the European Banking Authority (EBA), https://www.eba.europa.eu/. © European Banking Authority. Reproduction is authorised provided the source is acknowledged (EBA legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the versions published by the EBA are authoritative.

  DE: Leitlinien und weitere Veröffentlichungen der Europäischen Bankenaufsichtsbehörde (EBA), https://www.eba.europa.eu/. © European Banking Authority. Wiedergabe mit Quellenangabe gestattet (Rechtlicher Hinweis der EBA). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Maßgeblich sind allein die von der EBA veröffentlichten Fassungen.