+63. A servicer should be deemed to have the required expertise where either of the following …

63. A servicer should be deemed to have the required expertise where either of the following …

A servicer should be deemed to have the required expertise where either of the following applies:

  • a. the business of the entity, or of the consolidated group to which the entity belongs for accounting or prudential purposes, has included the servicing of exposures of a similar nature to those securitised for at least five years;
  • b. where the requirement referred to in point (a) is not met, it complies with all of the following:
i.at least two of the members of its management body have relevant professional experience in the servicing of exposures of a similar nature to those securitised, at a personal level, of at least five years;
ii.senior staff, other than members of the management body, who are responsible for managing the entity’s servicing of exposures of a similar nature to those securitised, have relevant professional experience in the servicing of exposures of a similar nature to those securitised, at a personal level, of at least five years;
iii.the servicing function of the entity is backed by a back-up servicer compliant with point (a).

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards
  • EBA - Published by the European Banking Authority at https://www.eba.europa.eu/