[ParlTrack]

Proposal for a regulation
Recital 4

(4) Securitisation is an important element of well-functioning financial markets. Soundly structured securitisation is an important channel for diversifying funding sources and allocating risk more efficiently within the Union financial system. It allows for a broader distribution of financial sector risk and can help to free up originator's balance sheets to allow for further lending to the real economy. Overall, it can improve efficiencies in the financial system and provide additional investment opportunities. Securitisation can create a bridge between credit institutions and capital markets with an indirect benefit for businesses and citizens (through, for example, less expensive loans and business financing, credits for immovable property and credit cards).

2016/07/27
Committee: ECON

Jonás FERNÁNDEZ

Proposal for a regulation
Recital 5

(5) Establishing a more risk-sensitive prudential framework for simple, transparent and standardised ("STS") securitisations requires that the Union clearly defines what a STS securitisation is, since otherwise the more risk-sensitive regulatory treatment for credit institutions and insurance companies would be available for different types of securitisations in different Member States. This would lead to an un-level playing field and to regulatory arbitrage, and it is important to ensure that Europe has a STS single market to simplify cross- border transactions.

2016/07/27
Committee: ECON

Jonás FERNÁNDEZ

Proposal for a regulation
Article 1 – paragraph 2 a (new)

2a. Potential intra-European buyers may not be excluded from securitisations on the basis of nationality or residence.

2016/07/27
Committee: ECON

Jonás FERNÁNDEZ

Proposal for a regulation
Article 5 – paragraph 1 – point a a (new)

(a a) The originator, sponsor and SSPE of a securitisation shall, in accordance with paragraph 2, make the information described in points (a) to (h) of paragraph 1 available to ESMA. Furthermore, they shall transmit any other information needed to calculate Kirb for any type of investors. The transmission of that information shall be at the same time as to holders of a securitisation position and to the competent authorities referred to in Article 15. ESMA shall publish the information on underlying loans described in point (a) of paragraph 1 in an anonymised way on a dedicated webpage, taking into account differences between private and public transactions, data protection rules and legitimate privacy and trade secret concerns. That dedicated webpage shall be known as the 'European Securitisation Data Repository'. ESMA shall charge the originator, sponsor and SSPE of a securitisation for the costs of setting up and maintaining the European Securitisation Data Repository. ESMA may delegate that obligation to a third party, provided that the third party in question complies with applicable safeguards regarding data ownership, access to information and procurement rules. The European Securitisation Data Repository shall periodically publish industry-level aggregate data on market participation levels, data on risk transfers between financial institutions, including cross-border risk transfers, and any other developments that may be considers as raising systemic risks. The European Securitisation Data Repository shall be established by ... [one year after the date of application of this Regulation], in cooperation with the competent authorities designated under Article 15 and after consultation with industry representatives. Any exchange or transmission of personal data, pursuant to the application of this paragraph, shall be undertaken in accordance with the rules on transfer of personal data as laid down in Regulation (EU) 2016/679 of the European Parliament and of the Council (the Data Protection Regulation)

2016/07/27
Committee: ECON

Paul TANG, Jonás FERNÁNDEZ

Proposal for a regulation
Article 16 a (new)

Article 16 a Macro-prudential oversight The European Systemic Risk Board shall provide the macro-prudential oversight for the European securitisation market and will take measures to adjust to market circumstances, to prevent asset bubbles from developing and to prevent markets from closing down. To adjust to market circumstances the European Systemic Risk Board will propose to the competent authorities the following measures: - Adjusting of the level of retention rate in Article 4 of this Regulation, while taking into account specificities of market segments and guarantees applicable on the securitised assets; - Adjusting the risk floor levels for securitisations in Articles 259, 260, 261, 263 and 264 of Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms; - Adjusting the Leverage Ratio, Liquidity Coverage Ratio, Net Stable Funding Ratio for credit institutions and investment firms active in the securitisation market.

2016/07/27
Committee: ECON

5 Amendments of Jonás FERNÁNDEZ related to 2015/0226(COD)

ParlTrack - 2011-2024