21 Amendments of Werner LANGEN related to 2015/0226(COD)
Amendment 198 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9
Article 2 – paragraph 1 – point 9
(9) 'traditional securitisation' means a securitisation involving the economic transfer of the exposures being securitised. This shall be accomplished by the transfer of ownershiptransfer of the economic interest in the exposures being securitised through the legal transfer of ownership or assignment, transfer, trust or registration with comparable legal effect of the securitised exposures from the originator institution to an SSPE or through sub- participation by an SSPE. The securities issued do not represent payment obligations of the originator institution;
Amendment 297 #
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
1a. The originator, sponsor and SSPE of a securitisation shall only comply with this provision to the extent permissible under national and Union law governing the protection of confidentiality of in- formation and the processing of personal data and banking secrecy principles in order to avoid potential breaches of such legislation as well as any confidentiality obligation relating to customer, original lender or debtor in-formation, unless such confidential in-formation is anonymised or aggregated. In particular, with regard to the information referred to in point (b) the originator, sponsor and SSPE may pro-vide a summary of the concerned documentation. Competent authorities referred to in Article 15 shall be able to request the provision of such confidential information to them in order to fulfil their duties under this Regulation.
Amendment 305 #
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Article 5 a Originators, sponsors and original lenders shall apply to exposures to be securitised the same sound and well-defined criteria for credit-granting which they apply to non-securitised exposures. To this end the same clearly established processes for approving and, where relevant, amending, renewing and refinancing credits shall be applied. The underlying exposures are originated in accordance with sound and prudent credit granting criteria as required under Article 79 of Directive 2013/36/EU. The requirement of sentence 3 can be fulfilled by an internal rating or scoring procedure that is used by the originator to support the credit granting process and that is regularly validated.
Amendment 327 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. The underlying exposures shall be acquired by a SSPE by means of a sale or assignment in a manner that is enforceable against the seller or any other third party including in the event of the seller's insolvency. The transfer of the underlying exposures to the SSPE shall not be subject to any severe clawback provisions in the event of the seller's insolvency. Where the transfer of the underlying exposures is performed by means of an assignment and perfected at a later stage than at the closing of the transaction, the triggers to effect such perfection should, at a minimum, incorporate the following events:
Amendment 328 #
Proposal for a regulation
Article 8 – paragraph 2
Article 8 – paragraph 2
2. The seller shall provide representations and warranties that, to the best of its knowledge, the underlying exposures included in the securitisation areshall not be encumbered or otherwise in a condition that can be foreseen to adversely affect the enforceability of the sale or assignby or on behalf of the SSPE, unless such risk of affection is appropriately mitigated by the provision of reserves or additional credit enhancement.
Amendment 329 #
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The securitisation shall be backed by a pool of underlying exposures that are homogeneous in terms of asset typewhich consist exclusively of one of the following asset types: (a) residential loans; (b) commercial loans, trade receivables, leases and credit facilities to undertakings of the same category to finance capital expenditures or business operations; (c) auto loans and leases to borrowers or lessees; (d) loans, credit card receivables and pools of credit facilities to individuals for personal, family or household consumption purposes; or (e) any other asset type that can be regarded as homogenous regarding its obligor type and type of underlying credit risk. The underlying exposures shall be contractually binding and enforceable obligations: (i) with full recourse to debtors, with defined periodic payment streams the instalments of which may differ in their amounts relating to rental, principal, interest payments,; or (ii) related to any other right to receive income from assets warranting such payments. The underlying exposures shall not include transferab, including proceeds from the sale of the assets, se-curing the underlying exposures, after or at termination of the loan or le asecurities, as defined in Directive 2014/65/EU. contracts, subject to the limitations set forth in paragraph 9.
Amendment 337 #
Proposal for a regulation
Article 8 – paragraph 7 – introductory part
Article 8 – paragraph 7 – introductory part
7. The underlying exposures, at the time of selection, that are transferred to the SSPE without undue delay, shall not include exposures in default within the meaning of Article 178(1) of Regulation (EU) No 575/2013 or exposures to a credit- impaired debtor or guarantor, who, to the best knowledge of the originator or original lender:
Amendment 338 #
Proposal for a regulation
Article 8 – paragraph 7 – point a
Article 8 – paragraph 7 – point a
Amendment 342 #
Proposal for a regulation
Article 8 – paragraph 7 – point b
Article 8 – paragraph 7 – point b
Amendment 345 #
Proposal for a regulation
Article 8 – paragraph 7 – point c
Article 8 – paragraph 7 – point c
(c) has a credit assessment or a credit score indicating that the risk of contractually agreed payments not be made is significantly higher than for the average debtor for this type of loans in the relevant jurisdiction. show evidence of impairment according to the applicable accounting practices requiring the allowance of specific provisions or whose exposures to be transferred to the SSPE are delinquent indicating potentially significant risk of default. By derogation from the first subparagraph, the originator or original lender may in the case of retail exposures apply the requirements under this paragraph, at the level of an individual contract to determine credit-impairment if the option for retail exposures pursuant to the second subparagraph of Article 178(1) of Regulation (EU) No 575/2013 is applied. The credit risk of the securitised portfolio is not significantly increased at the time of selection com-pared to similar exposures held by the originator which are not securitised. The requirement can be fulfilled by a random selection of exposures from a target portfolio that (i) are not in default within the meaning of Article 178(1) of Regulation (EU) No 575/2013 or credit impaired pursuant to paragraph 7 of this Article, (ii) fulfil the criterion in paragraph 8 of this Article, (iii) are originated according to the first sentence of paragraph 6 of this Article.
Amendment 349 #
Proposal for a regulation
Article 8 – paragraph 9
Article 8 – paragraph 9
9. The repayment of the holders of the securitisation positions shall not depend, substantially,have been structured to depend, predominantly, on the sale of assets securing the underlying exposures. Underlying exposures that are secured by assets the value of which is guaranteed or fully mitigated by a repurchase obligation by the seller of the assets securing the underlying exposures or by another third party do not depend on the sale of assets securing the underlying exposures. This shall not prevent such assets from being subsequently rolled-over or refinanced.
Amendment 355 #
Proposal for a regulation
Article 9 – paragraph 6 – point b
Article 9 – paragraph 6 – point b
(b) the processes and responsibilities necessary to ensure that a default or insolvency of the servicer does not result in a termination of servicing , such as a contractual replacement provision which enables the replacement of the servicer in case of default or insolvency;
Amendment 357 #
Proposal for a regulation
Article 9 – paragraph 7
Article 9 – paragraph 7
7. The transaction documentation shall include definitions, remedies and actions relating to delinquency and default of debtors, debt restructuring, debt forgiveness, forbearance, payment holidays, losses, charge offs, recoveries and other asset performance remedies in clear and consistent terms. TChat documentation shall clearly specify the payment priority, triggers,nges in such terms and processes changes in payment priority following trigger events a be made provided that those changes weill as the obligation to report such events. Any change innot materially adversely affect the repayment priority shall be reported at the time of its occurrenceof the securitisation positions.
Amendment 362 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
Amendment 377 #
Proposal for a regulation
Article 12 – paragraph 2
Article 12 – paragraph 2
2. Transactions within an ABCP programme shall be backed by a pool of underlying exposures that are homogeneous in terms of asset type and shall have a remaining weighted average life of no more than two years and none shall have a residual maturity of longer than three years. The underlying exposures shall not include loans secured by residential or commercial mortgages or fully guaranteed residential loans, as referred to in paragraph 1(e) of Article 129 of Regulation (EU) No 575/2013. The underlying exposures shall contain contractually binding and enforceable obligations with full recourse to debtors with defined payment streams relating to rental, principal, interest, or related to any other right to receive income from assets warranting such payments. The underlying exposures shall not include transferable securities, as defined in Directive 2014/65/EUs set out in Article 8 (4) and shall have a remaining expected weighted average life of no more than four years.
Amendment 400 #
Proposal for a regulation
Article 13 – paragraph 8
Article 13 – paragraph 8
Amendment 411 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. Originators or sponsors may file a letter of enquiry with their competent authority to obtain a binding confirmation of conformity based on the opinion of the originator and, if relevant, the sponsor that the securitisation complies with certain or all criteria relating to simplicity in Article 8 and to standardisation in Article 9. In the case of an ABCP programme sponsors may file a request with the competent authority to obtain a binding confirmation of conformity based on the opinion of the sponsor that the ABCP programme complies with certain or all criteria of Article 12.
Amendment 440 #
Proposal for a regulation
Article 16 a (new)
Article 16 a (new)
Article 16 a The competent authority of the originator or sponsor is empowered to provide the confirmation requested under Article 14(2) that the securitisation complies with certain or all criteria of Articles 8 and 9. In the case of an ABCP programme the competent authority of the sponsor is empowered to provide the confirmation requested under Article 14(2) that the ABCP programme complies with certain or all criteria of Article 12. Such confirmation shall be legally binding upon any supervisory authority in the European Union.
Amendment 444 #
Proposal for a regulation
Article 17 – paragraph 1 – point b
Article 17 – paragraph 1 – point b
(b) an originator, or sponsor and SSPE have failed to meet the requirements of Article 5;
Amendment 450 #
Proposal for a regulation
Article 17 – paragraph 1 – point c – paragraph 2
Article 17 – paragraph 1 – point c – paragraph 2
Member States shall also ensure that administrative sanctions and/or remedial measures are effectively implemented. Such administrative sanctions and/or remedial measures shall, however, not be addressed to the SSPE or otherwise be prejudicial to investors of the relevant securitisation transaction.
Amendment 462 #
Proposal for a regulation
Article 21 – paragraph 5
Article 21 – paragraph 5
5. Upon reception of the information referred to in paragraph 3, the competent authority shall take any necessary action to address the infringement identified and notify the other competent authorities concerned, in particular those of the originator, the sponsor, SSPE and the competent authorities of the holder of a securitisation position, when known. In case of disagreement between the competent authorities, the matter may be referred to ESMA and the procedure of Article 19 and, where applicable, Article 20 of Regulation (EU) No 1095/2010 shall apply except for matters where a binding confirmation by the competent authority referred to in paragraph 4 of Article 16 has already been given.