+Guidelines on the STS criteria for ABCP and non-ABCP securitisation (EBA/GL/2018/09)
---+1. Compliance and reporting obligations
------+Status of these guidelines
---------+1. This document contains guidelines issued pursuant to Article 16 of Regulation (EU) No 1093/2010 …
---------+2. Guidelines set the European Banking Association (EBA) view of appropriate supervisory practices …
------+Reporting requirements
---------+3. According to Article 16(3) of Regulation (EU) No 1093/2010, competent authorities must notify …
---------+4. Notifications will be published on the EBA website, in line with Article 16(3).
---+2. Subject matter, scope and definitions
------+Subject matter
---------+5. These guidelines specify the criteria relating to simplicity, standardisation and transparency …
------+Scope of application
---------+6. These guidelines apply in relation to the criteria of simplicity, standardisation and …
---------+7. Competent authorities should apply these guidelines in accordance with the scope of application …
------+Addressees
---------+8. These guidelines are addressed to the competent authorities referred to in Article 29(1) and (5) …
---+3. Implementation
------+Date of application
---------+9. These guidelines apply from 15.05.2019.
---+4. Criteria related to simplicity
------+10. For the purposes of Article 20(1) of Regulation (EU) 2017/2402 and in order to substantiate the …
------+11. The confirmation of the aspects referred to in paragraph 10 should be achieved by the provision …
------+12. The legal opinion referred to in paragraph 11 should be accessible and made available to any …
------+13. For the purposes of Article 20(5) of Regulation (EU) 2017/2402, the transaction documentation …
------+14. For the purposes of Article 20(5) of Regulation (EU) 2017/2402, the trigger of ‘insolvency of …
------+15. For the purposes of Article 20(7) of Regulation (EU) 2017/2402, active portfolio management …
------+16. The techniques of portfolio management that should not be considered active portfolio …
------+17. For the purposes of Article 20(7) of Regulation (EU) 2017/2402, the criteria should be …
------+18. For the purposes of Article 20(7) of Regulation (EU) 2017/2402, ‘meeting the eligibility …
------+19. Eligibility criteria to be applied to the underlying exposures in accordance with paragraph 18 …
------+20. For the purposes of Article 20(8) of Regulation (EU) 2017/2402, ‘obligations that are …
------+21. For the purposes of Article 20(8) of Regulation (EU) 2017/2402, exposures with defined periodic …
------+22. For the purposes of Article 20(10) of Regulation (EU) 2017/2402, exposures should be considered …
------+23. For the purposes of Article 20(10) of Regulation (EU) 2017/2402, the underwriting standards …
------+24. Compliance with this requirement should not require either the originator or the original …
------+25. For the purposes of Article 20(10) of Regulation (EU) 2017/2402, material changes to the …
------+26. Changes to such underwriting standards should be deemed material where they refer to either of …
------+27. The disclosure of all changes to underwriting standards should include an explanation of the …
------+28. With regard to trade receivables that are not originated in the form of a loan, reference to …
------+29. For the purposes of Article 20(10) of Regulation (EU) 2017/2402, the pool of underlying …
------+30. Residential loans that were underwritten but were not marketed on the premise that the loan …
------+31. For the purposes of Article 20(10) of Regulation (EU) 2017/2402, the ‘information’ provided …
------+32. Relevant information for general non-income-generating residential mortgages should normally be …
------+33. For the purposes of Article 20(10) of Regulation (EU) 2017/2402, the assessment of the …
------+34. For the purposes of determining whether an originator or original lender has expertise in …
------+35. An originator or original lender should be deemed to have the required expertise when either of …
------+36. For the purposes of demonstrating the number of years of professional experience, the relevant …
------+37. For the purposes of the first subparagraph of Article 20(11) of Regulation (EU) 2017/2402, the …
------+38. Where an originator or original lender is not an institution and is therefore not subject to …
------+39. For the purposes of Article 20(11) of Regulation (EU) 2017/2402, the circumstances specified in …
------+40. The prohibition of the selection and transfer to SSPE of underlying exposures ‘to a …
------+41. For the purposes of Article 20(11) of Regulation (EU) 2017/2402, the ‘best knowledge’ standard …
------+42. For the purposes of Article 20(11)(a) of Regulation (EU) 2017/2402, the requirement to exclude …
------+43. The requirement referred to in Article 20(11)(b) of Regulation (EU) 2017/2402 should be limited …
------+44. For the purposes of Article 20(11)(c) of Regulation (EU) 2017/2402, the exposures should not be …
------+45. The requirement in the previous paragraph should be considered to have been met where either of …
------+46. For the purposes of Article 20(12) of Regulation (EU) 2017/2402, further advances in terms of …
------+47. For the purposes of Article 20(12) of Regulation (EU) 2017/2402, the payment referred to in the …
------+48. For the purposes of Article 20(13) of Regulation (EU) 2017/2402, transactions where all of the …
------+49. Where there are no underlying exposures in the securitisation that depend on the sale of assets …
------+50. The exemption referred to in the second subparagraph of Article 20(13) of Regulation (EU) …
---+5. Criteria related to standardisation
------+51. For the purposes of Article 21(2) of Regulation (EU) 2017/2402 in order for the interest-rate …
------+52. Where the appropriate mitigation of interest-rate and currency risks is carried out through …
------+53. Where the mitigation of interest-rate and currency risks referred to in Article 21(2) of …
------+54. The measures referred to in paragraphs 52 and 53, as well as the reasoning supporting the …
------+55. For the purpose of Article 21(2) of Regulation (EU) 2017/2402, exposures in the pool of …
------+56. For the purposes of Article 21(2) of Regulation (EU) 2017/2402, common standards in …
------+57. For the purposes of Article 21(3) of Regulation (EU) 2017/2402, interest rates that should be …
------+58. For the purposes of Article 21(3) of Regulation (EU) 2017/2402, a formula should be considered …
------+59. For the purposes of Article 21(4)(a) of Regulation (EU) 2017/2402, a list of ‘exceptional …
------+60. Given the nature of ‘exceptional circumstances’ and in order to allow some flexibility with …
------+61. For the purposes of Article 21(4)(a) of Regulation (EU) 2017/2402, the amount of cash to be …
------+62. For the purposes of Article 21(4)(a) of Regulation (EU) 2017/2402, it should be permissible to …
------+63. The requirements in Article 21(4)(b) of Regulation (EU) 2017/2402 should be understood as …
------+64. For the purposes of Article 21(4)(b) of Regulation (EU) 2017/2402, non-sequential payments of …
------+65. For the purposes of Article 21(4)(d) of Regulation (EU) 2017/2402, the investors’ decision to …
------+66. For the purposes of Article 21(5) of Regulation (EU) 2017/2402, the triggers related to the …
------+67. For the purposes of Article 21(6)(b) of Regulation (EU) 2017/2402, an insolvency-related event …
------+68. For the purposes of determining whether a servicer has expertise in servicing exposures of a …
------+69. A servicer should be deemed to have the required expertise where either of the following …
------+70. For the purpose of demonstrating the number of years of professional experience, the relevant …
------+71. For the purposes of Article 21(8) of Regulation (EU) 2017/2402, interpretation of the term …
------+72. For the purposes of Article 21(8) of Regulation (EU) 2017/2402, the servicer should be …
------+73. For the purposes of Article 21(10) of Regulation (EU) 2017/2402, provisions of the transaction …
------+74. For the purposes of Article 21(10) of Regulation (EU) 2017/2402, where mandatory statutory …
---+6. Criteria related to transparency
------+75. For the purposes of Article 22(1) of Regulation (EU) 2017/2402, where the seller cannot provide …
------+76. For the purposes of Article 22(1) of Regulation (EU) 2017/2402, the term ‘substantially similar …
------+77. The substantially similar exposures should not be limited to exposures held on the balance …
------+78. For the purposes of Article 22(2) of Regulation (EU) 2017/2402, the underlying exposures that …
------+79. For the purposes of Article 22(2) of Regulation (EU) 2017/2402, an appropriate and independent …
------+80. For the purposes of Article 22(2) of Regulation (EU) 2017/2402, the verification to be carried …
------+81. For the purposes of Article 22(2) of Regulation (EU) 2017/2402, confirmation that this …
------+82. For the purposes of Article 22(3) of Regulation (EU) 2017/2402, the representation of the …
------+83. For the purposes of Article 22(3) of Regulation (EU) 2017/2402, where the liability cash flow …
------+84. This requirement should be applicable only if the information on the energy performance …
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English -
European Union -
Financial Industry -
Guidelines on the STS criteria for ABCP and non-ABCP securitisation (EBA/GL/2018/09)
Guidelines on the STS criteria for ABCP and non-ABCP securitisation (EBA/GL/2018/09) https://www.eba.europa.eu/activities/single-rulebook/regulatory-activities/securitisation-and-covered-bonds/guidelines-sts-criteria-abcp-and-non-abcp-securitisation – PDF
1. Overview
1.1 References
1.2 Identified Requirements
1.3 Related Standards
2. Identified Requirements
Requirements
| Source |
Requirement |
3. Related Standards
Standards
| Source |
Requirement |
- EBA - Published by the European Banking Authority at https://www.eba.europa.eu/
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