Securitisation Regulation: Difference between revisions
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The Securitisation Regulation legislative package | 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. | ||
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 | 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) | ||
Regulation, or "CRR"), insurers (Solvency II) and fund managers (the Alternative Investment Fund Managers Directive (AIFMD) | regime). | ||
regime) | |||
It also | 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. | |||
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
- Capital Requirements Regulation
- CDO
- CMBS
- Covered bond
- Factoring
- Issuer
- Originator
- Prospectus
- Prospectus Regulation
- Securitisation
- Securitisation special purpose vehicle
- Securitisation swap
- Security
- Significant Risk Transfer
- Solvency II
- Sponsor
- SSPE
- Sukuk
- UCITS
- Whole business securitisation
