5 Amendments of Burkhard BALZ related to 2015/0226(COD)
Amendment 139 #
Proposal for a regulation
Recital 12
Recital 12
(12) It is important that the interests of originators, sponsors and original lenders that transform exposures into tradable securities and investors are aligned. To achieve this, the originator, sponsor or original lender should retain a significant interest in the underlying exposures of the securitisation. It is therefore important for the originators or the sponsors to retain a material net economic exposure to the underlying risks in question which is determined at a level of 5 %. More generally, securitisation transactions should not be structured in such a way so as to avoid the application of the retention requirement. That requirement should be applicable in all situations where the economic substance of a securitisation is applicable, whatever legal structures or instruments are used. There is no need for multiple applications of the retention requirement. For any given securitisation, it suffices that only the originator, the sponsor or the original lender is subject to the requirement. Similarly, where securitisation transactions contain other securitisations positions as underlying exposures, the retention requirement should be applied only to the securitisation which is subject to the investment. The STS notification indicate to investors that originators are retaining a material net economic exposure to the underlying risks. Certain exceptions should be made for cases when securitised exposures are fully, unconditionally and irrevocably guaranteed by in particular public authorities. In case support from public resources provided in the form of guarantees or by other means, any provisions in this Regulation are without prejudice to State aid rules.
Amendment 307 #
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Article 5 a Credit granting criteria 1. 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 re- financing credits shall be applied. Originators, sponsors and original lenders shall have effective systems in place to apply those criteria and processes in order to ensure that credit-granting is based on a thorough assessment of the obligor's creditworthiness taking appropriate account of factors relevant to verifying the prospect of the obligor to meet his obligations under the credit agreement. 2. Where an originator purchases a third party's exposures for its own account and then securitises them, that originator shall verify that the entity which was, directly or indirectly, involved in the original agreement which created the obligations or potential obligations to be securitised fulfils the requirements in accordance with the first paragraph.
Amendment 376 #
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 twofive years and none shall have a residual maturity of longer than threeseven 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/EU.
Amendment 388 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
1. All transactions within an ABCP programme shall fulfil the requirements of Article 12 of this Regulation, with the exception of single transactions amounting up to 15 % of the aggregate amount of the exposures underlying an ABCP programme.
Amendment 434 #
Proposal for a regulation
Article 15 – paragraph 4
Article 15 – paragraph 4
4. For entities not covered by the Union legislative acts referred to in paragraph 3, Member States shall designate one or more competent authority to ensure compliance with Articles 4 to 14 of this Regulation. Member States shall inform the Commission, ESMA, EBA and EIOPA and the competent authorities of other Member States of the designation of competent authorities pursuant to this paragraph. The obligation for designation shall not apply with regard to corporates selling exposures under an ABCP programme or another securitisation transaction or scheme.