Schengen Area and Securitisation Regulation: Difference between pages

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''European Union (EU)''.
''European Union (EU).''


Collective term for the 26 European countries - 22 EU member states, plus four other countries - which have open borders between them.
The EU Securitisation Regulation (EU) 2017/2402 applies generally to securitisations issued on or after 1 January 2019.




The 22 participating EU member states are:
The Securitisation Regulation legislative package  introduced severe penalties (including fines of up to 10% of annual net turnover on a consolidated basis) for non-compliance applied to issuers, original lenders, originators and sponsors.


:Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain and Sweden.
It repeals the main securitisation provisions in existing separate legislation for banks (the Capital Requirements Regulation, or "CRR"), insurers (Solvency II) and fund managers (the Alternative Investment Fund Managers Directive (AIFMD)
regime).  


The other four members of the Schengen Area are:
It replaced them with a harmonised securitisation regime applicable to all institutional investors including UCITS and pension funds.


:Iceland, Liechtenstein, Norway and Switzerland.


The Securitisation Regulation also introduced a concept of "simple, transparent and standardised" (or "STS") securitisations that are regulated more lightly than other securitisations.


====Four EU member states expected to join Schengen====
The following EU member states are expected to join the Schengen Area in due course:


:Bulgaria, Croatia, Cyprus and Romania.
== See also ==
 
* [[Capital Requirements Regulation]]
 
* [[CDO]]
====Two EU member states opted out of Schengen====
* [[CMBS]]
Ireland and the United Kingdom (UK) have opted out of the Schengen arrangements.
* [[Covered bond]]
 
* [[Factoring]]
A referendum held in the UK in June 2016 resulted in a vote in favour of the UK leaving the European Union itself.
* [[Issuer]]
 
* [[Originator]]
 
* [[Prospectus]]
====Origins====
* [[Prospectus Regulation]]
The originating Schengen Agreement was signed in 1985 in the Luxembourg village of Schengen, by five countries:
* [[Securitisation]]
 
* [[Securitisation special purpose vehicle]]
:Belgium, France, Germany, Luxembourg and the Netherlands.
* [[Securitisation swap]]
* [[Security]]
* [[Significant Risk Transfer]]
* [[Solvency II]]
* [[Sponsor]]
* [[SSPE]]
* [[Sukuk]]
* [[UCITS]]
* [[Whole business securitisation]]




==Other links==
[https://www.treasurers.org/system/files/The_EU_Securitisation_Regulation___do_I_need_to_worry_6040565.pdf The EU Securitisation Regulation – Do I need to worry?]


== See also ==
[[Category:Accounting,_tax_and_regulation]]
* [[Brexit]]
[[Category:Intercompany_funding]]
* [[European Free Trade Association]]
[[Category:Long_term_funding]]
* [[European Economic Area]]
[[Category:Financial_products_and_markets]]
* [[European Union]]
__NOTOC__

Revision as of 07:38, 28 August 2019

European Union (EU).

The EU Securitisation Regulation (EU) 2017/2402 applies generally to securitisations issued on or after 1 January 2019.


The Securitisation Regulation legislative package introduced severe penalties (including fines of up to 10% of annual net turnover on a consolidated basis) for non-compliance applied to issuers, original lenders, originators and sponsors.

It repeals the main securitisation provisions in existing separate legislation for banks (the Capital Requirements Regulation, or "CRR"), insurers (Solvency II) and fund managers (the Alternative Investment Fund Managers Directive (AIFMD) regime).

It replaced them with a harmonised securitisation regime applicable to all institutional investors including UCITS and pension funds.


The Securitisation Regulation also introduced a concept of "simple, transparent and standardised" (or "STS") securitisations that are regulated more lightly than other securitisations.


See also


Other links

The EU Securitisation Regulation – Do I need to worry?

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