[ParlTrack]

Proposal for a regulation
Article 3 – paragraph 3 – point b

(b) regularly perform stress tests on the cash flows and collateral values supporting the underlying exposures that are commensurate with the nature, scale and complexity of the risk of the securitisation position; this requirement shall however not apply when investors are exposed to STS securitisations;

2016/07/27
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Article 4 a (new)

Article 4 a 1. An independent and authorised manager shall manage the SSPE in the interest of investors. 2. An application for authorisation as an SSPE manager shall be made to the competent authority which shall verify: (a) the independence of the manager from the sponsor and originator or the effectiveness of the organisation to limit conflicts of interest; and (b) the competence of the manager to carry out the obligations set out in paragraph 3. 3. The manager referred to in paragraph 1 shall be responsible for the following : (a) controlling the eligibility and the quality of assets throughout the life of the securitisation; (b) verifying a sample of the underlying exposures as required in Article 10(2); (c) verifying the cash flows serviced from the assets and the investment payment waterfall on an ongoing basis; (d) avoiding conflicts of interest or manage and disclose those conflicts in the interest of investors; (e) managing the risks, including operational risks; and (f) where the securitisation is STS, ensuring that the securitisation meets all the requirements of section 1 or section 2 of this Chapter. 4. ESMA shall develop draft regulatory technical standards specifying the role of the SPPE manager. ESMA shall submit those draft regulatory technical standards to the Commission by 6 months after the entry into force of this Regulation. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

2016/07/27
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Article 6 – paragraph 1

1. Originators, sponsors and SSPE's shall use the designation "STS" or a designation that refers directly or indirectly to these terms for their securitisation only where the securitisation meets all the requirements of Section 1 or Section 2 of this Regulation, and they have notified ESMA pursuant to Article 14 (1), and the requirements aforementioned have been assessed by a third party authorised by ESMA. 2. ESMA shall develop draft regulatory technical standards specifying conditions that should be met by the third party to be authorised to assess criteria laid down in Articles 7 to 10 or Articles 11 to 13. ESMA shall submit those draft regulatory technical standards to the Commission by 6 months after the entry into force of this Regulation. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

2016/07/27
Committee: ECON

Alain LAMASSOURE, Alain CADEC

Proposal for a regulation
Article 10 a (new)

Article 10 a ESMA shall develop guidelines addressed to originators, original lenders, sponsors, SSPEs and third parties in charge of assessing the compliance with STS criteria on a harmonised interpretation and application of requirements laid down in Articles 8, 9 and 10.

2016/07/27
Committee: ECON

4 Amendments of Alain CADEC related to 2015/0226(COD)

ParlTrack - 2011-2024