57 Amendments of Sylvie GOULARD related to 2015/0226(COD)
Amendment 132 #
Proposal for a regulation
Recital 10
Recital 10
(10) It is essential that competent authorities work closely together to ensure a common and consistent understanding of the STS requirements throughout the Union and to address potential interpretation issues. In the light of this objective, the three ESAs should, in the framework of the Joint Committee of the European Supervisory Authorities within which a new securitisation committee shall be set up, coordinate their work and that of the competent authorities to ensure cross- sectoral consistency and assess practical issues which may arise with regards to STS securitisations. In doing so, the views of market participants should also be requested and taken into account to the extent possible. The outcome of these discussions should be made public on the websites of the ESAs so as to help originators, sponsors, SSPEs and investors assess STS securitisations before issuing or investing in such positions. Such a coordination mechanism would be particularly important in the period leading to the implementation of this Regulation.
Amendment 146 #
Proposal for a regulation
Recital 13
Recital 13
(13) The ability of investors to exercise due diligence and thus make an informed assessment of the creditworthiness of a given securitisation instrument depends on their access to information on those instruments.. Based on the existing acquis, it is important to create a comprehensive system under which investors will have access to all the relevant information over the entire life of the transactions and to reduce originators,’ and sponsors and SSPEs' reporting tasks and to facilitate investors' continuous; easy and free access to reliable information on securitisations.
Amendment 150 #
Proposal for a regulation
Recital 14
Recital 14
(14) Originators, and sponsors and SSPE's should make all materially relevant data on the credit quality and performance of underlying exposures available in the investor report, including data allowing investors to clearly identify delinquency and default of underlying debtors, debt restructuring, debt forgiveness, forbearance, repurchases, payment holidays, losses, charge offs, recoveries and other asset performance remedies in the pool of underlying exposures. Data on the cash flows generated by underlying exposures and by the liabilities of the securitisation issuance, including separate disclosure of the securitisation position’s income and disbursements, that is scheduled principal, scheduled interest, prepaid principal, past due interest and fees and charges and any data relating to the breach of any triggers implying changes in the priority of payments or replacement of any counterparties as well as data on the amount and form of credit enhancement available to each tranche should also be made available in the investor report. Although securitisations that are simple, transparent and standardised have in the past performed well, the satisfaction of any STS requirements does not mean that the securitisation position is free of risks, nor does it indicate anything about the credit quality underlying the securitisation. Instead, it should be understood to indicate that a prudent and diligent investor will be able to analyse the risks involved in the securitisation. There should be two types of STS requirements: one for long-term securitisations and one for short-term securitisations (ABCP), which should be subject to a large extent to similar requirements with specific adjustments to reflect the structural features of these two market segments. The functioning of these markets are different with ABCP programmes relying on a number of ABCP transactions consisting of short term exposures which need to be replaced once matured. In addition, STS criteria need also to reflect the specific role of the sponsor providing liquidity support to the ABCP conduits.
Amendment 154 #
Proposal for a regulation
Recital 18
Recital 18
(18) To ensure that investors perform robust due diligence and to facilitate the assessment of underlying risks, it is important that securitisation transactions are backed by pools of exposures that are homogenous in asset type, such as pools of residential loans, pools of commercial loans, leases and credit facilities to undertakings of the same category to finance capital expenditureproperty loans to individuals, property loans secured on commercial property, consumer loans made to individuals for personal, family or household consumption purposes, financial contracts for business operations, pools of auto loans and leases to borrowers or lessees or loans and pools of credit facilities to individuals for personal, family or household consumption purposthe purpose of financing the purchase of a motor vehicle (including loans, leases and hire purchase contracts), loans entered into with motor dealers to fund the purchase or retention of stock, loans to SMEs, loans to corporate entities (excluding SMEs), trade receivables and equipment leases (excluding leases of cars, vans, trucks and motorbikes).
Amendment 161 #
Proposal for a regulation
Recital 21
Recital 21
(21) Where a securitisation no longer meets the STS requirements, the originator, and sponsor and SSPE should immediately notify ESMA. Moreover, where a competent authority has imposed administrative sanctions or remedial measures with regard to a securitisation notified as being STS, that competent authority should immediately notify ESMA for its indication on the STS notifications list allowing investors to be informed about such sanctions and about the reliability of STS notifications. It is therefore in the interest of originators, and sponsors and SSPE's to make well-considered notifications due to reputational consequences.
Amendment 163 #
Proposal for a regulation
Recital 22
Recital 22
(22) Investors should perform their own due diligence on investments commensurate with the risks involved but they should be able to rely on the STS notifications and on the information provided by the originator, and sponsor and SSPE on STS compliance. They should not, however, solely and mechanistically rely on such a notification, nor on the information provided by the originator and sponsor.
Amendment 165 #
Proposal for a regulation
Recital 23
Recital 23
(23) The involvement of third parties in helping to check compliance of a securitisation with the STS requirements may be useful for investors, originators, sponsors and SSPE's and could contribute to increase confidence in the market for STS securitisations. Originators and sponsors should also use the services of a third party authorised in accordance with this Regulation to assess whether their securitisation complies with the STS criteria. Such bodies must be subject to regulatory oversight. The notification to ESMA and the subsequent publication on ESMA's website should mention that STS compliance was confirmed by an authorised third-party. However, it is essential that investors make their own assessment, take responsibility for their investment decisions and do not mechanistically rely on such third parties.
Amendment 176 #
Proposal for a regulation
Recital 37
Recital 37
(37) For securitisation positions outstanding as of the date of entry into force of this Regulation, originators, sponsors and SSPEs may use the designation 'STS' provided that the securitisation complies with the STS requirements. Therefore, originators, sponsors and SSPEs should be able to submit an STS notification pursuant to Article 14 (1) of this Regulation to ESMA. Any subsequent modifications to the securitisation should be accepted provided that it meets all of the applicable STS requirements.
Amendment 188 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
(4) 're-securitisation' means securitisation where the risk associated with an underlying pool of exposures is tranched and at least one of the underlying exposures is a securitisation position;
Amendment 190 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
(5) 'sponsor' means a credit institution or investment firm as defined in Article 4(1) points (1) and (2) of Regulation (EU) No 2013/575 other than an originator that establishes and manages an asset-backed commercial paper programme or other securitisation transaction or scheme that purchases exposures from third-party entities. For the purpose of this definition, a sponsor shall also be considered to manage a securitisation transaction or scheme where that transaction or scheme involves day-to-day active portfolio management which is delegated to an entity authorised to perform such activity in accordance with Directive 2014/65/EU, Directive 2011/61/EU or Directive 2009/65/EC;
Amendment 203 #
Proposal for a regulation
Article 2 – paragraph 1 – point 11
Article 2 – paragraph 1 – point 11
(11) 'investor' means a person holding a securities resulting from a securitisasation position;
Amendment 207 #
Proposal for a regulation
Article 2 – paragraph 1 – point 18 a (new)
Article 2 – paragraph 1 – point 18 a (new)
(18 a) 'management company' means a company, the regular business of which is the management of the SSPE;
Amendment 208 #
Proposal for a regulation
Article 2 – paragraph 1 – point 18 a (new)
Article 2 – paragraph 1 – point 18 a (new)
(18 a) 'securitisation position' means a credit-risk exposure to a securitisation;
Amendment 215 #
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. An institutional investor shall verify before becoming exposed to a securitisation position that:
Amendment 222 #
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the originator, sponsor and SSPE, where applicable, make available the information required by Article 5 of this Regulation in accordance with the frequency and modalities provided in that Article;
Amendment 224 #
Proposal for a regulation
Article 3 – paragraph 2 – introductory part
Article 3 – paragraph 2 – introductory part
2. Before becoming exposed to a securitisation position, institutional investors shall also carry out a due diligence assessment commensurate with the risks involved including at least the following aspects:
Amendment 228 #
Proposal for a regulation
Article 3 – paragraph 3 – introductory part
Article 3 – paragraph 3 – introductory part
3. Institutional investors that are exposed to a securitisation position shall at least:
Amendment 234 #
Proposal for a regulation
Article 3 – paragraph 3 a (new)
Article 3 – paragraph 3 a (new)
3a. Where an institutional investor has given another institutional investor authority to make investment management decisions that might expose it to a securitisation position, the institutional investor may instruct that managing party to fulfil its obligations under this Article in respect of any exposure to a securitisation arising from those decisions. Member States shall ensure that where an institutional investor is instructed under this paragraph to fulfil the obligations of another institutional investor and fails to do so, any sanction that may be imposed for the purposes of Article 17 and 18 of this Regulation can be imposed on the managing institutional investor and not the institutional investor who is exposed to the securitisation.
Amendment 241 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
The originator, sponsor or the original lender of a securitisation shall retain on an ongoing basis a material net economic interest in the securitisation of not less than 5 %, which shall be measured at the origination and shall be determined by the notional value for off-balance sheet items. Where the originator, sponsor or the original lender have not agreed between them who will retain the material net economic interest, the originator shall retain the material net economic interest. There shall be no multiple applications of the retention requirements for any given securitisation. The material net economic interest shall be measured at the origination and shall be determined by the notional value for off-balance sheet items. The material net economic interest shall not be split amongst different types of retainers and not be subject to any credit risk mitigation or hedging.
Amendment 281 #
Proposal for a regulation
Article 5 – paragraph 1 – introductory part
Article 5 – paragraph 1 – introductory part
1. The originator, and sponsor and SSPE of a securitisation shall, in accordance with paragraph 2, make at least the following information available to holders of a securitisation position and to the competent authorities referred to in Article 15 of this Regulation.
Amendment 283 #
Proposal for a regulation
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) information on the exposures underlying the securitisation on a quarterly basis, or, in the case of ABCP, summary information on the underlying receivables or credit claims on a monthly basis;. Summary information on the underlying receivable or credit claims shall be general information at the program level regarding the types of exposures transferred to the ABCP conduit and other information relating to each category of exposures. It shall not be information relating to individual exposures. The originator, sponsor or SSPE may provide additional information beyond the requirements in this Article if they wish to do so, including in the case of ABCP.
Amendment 289 #
Proposal for a regulation
Article 5 – paragraph 1 – point e – point i
Article 5 – paragraph 1 – point e – point i
(i) all materially relevant data on the credit quality and performance of underlying exposures. In the case of ABCP this data may be general data by category of assets;
Amendment 295 #
Proposal for a regulation
Article 5 – paragraph 1 – point g – point v – paragraph 4 a (new)
Article 5 – paragraph 1 – point g – point v – paragraph 4 a (new)
Originators and sponsors should comply with the provisions in this article to the extent permissible under relevant national and Union law governing the processing of personal data and confidentiality of information.
Amendment 299 #
Proposal for a regulation
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. The originator, and sponsor and SSPE of a securitisation shall designate amongst themselves one entity to fulfil the information requirements pursuant to paragraph 1. The originator, and sponsor and SSPE shall ensure that the information is available free of charge to the holder of a securitisation position and competent authorities, in a timely and clear manner. The entity designated to fulfil the requirements set out in paragraph 1 shall make the information available by means of a website which shall;
Amendment 303 #
Proposal for a regulation
Article 5 – paragraph 3 – point a
Article 5 – paragraph 3 – point a
(a) the information that the originator, and sponsor and SSPE should provide to comply with their obligations under paragraph 1(a) and (d) and the format thereof by means of standardised templates;
Amendment 313 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
Originators, and 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).
Amendment 314 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
Amendment 315 #
Proposal for a regulation
Article 6 – paragraph 1 b (new)
Article 6 – paragraph 1 b (new)
1b. Without prejudice to other conditions of general application laid down by national law, the competent authorities shall not grant authorisation to a management company unless the following conditions are met: (a) the persons who effectively conduct the business of a management company are of sufficiently good repute and are sufficiently experienced; (b) the application for authorisation is accompanied by a programme of activity setting out, at least, the organisational structure of the management company; and (c) the head office and the registered office of the management company are located in the same Member State.
Amendment 316 #
Proposal for a regulation
Article 6 – paragraph 1 c (new)
Article 6 – paragraph 1 c (new)
1c. ESMA shall develop draft regulatory technical standards specifying the role and the authorisation conditions of the management company. 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.
Amendment 320 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
Securitisations, except ABCP securitisations, that meet the requirements in Article 7(a) or the requirements in Articles 8, 9 and 10 of this Regulation shall be considered 'STS'.
Amendment 324 #
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
Securitisations, excluding ABCP programmes and transactions, sold to investors after 1 January 2011 and before the date of entry into force of this Regulation will, from the time they are the subject of a notification pursuant to Article 14(1), be considered "STS" provided that: (a) they met at the time of issuance, the requirements set out in Article 8(1) to (5) and (7) to (9) and Article 9(1) and (3); (b) they meet, from the time of the Article 14(1) notification, the requirements set out in Article 8(2), (6), Article 9(2), (4) to (8) and Article 10(1) to (4).
Amendment 325 #
Proposal for a regulation
Article 7 – paragraph 1 b (new)
Article 7 – paragraph 1 b (new)
(1) Upon notification by a national competent authority or ESMA to the relevant originator or sponsor of a securitisation that was the subject of notification in accordance with Article 14(1) that the notifying entity is not satisfied that such a securitisation continues to meet the STS requirements, the originator or sponsor shall have two months from the date of such a notification to remedy the situation to the satisfaction of the notifying authority and shall make investors aware of the notification. (2) During the two month period following a notification by a national competent authority or ESMA in accordance with Article 7(1b)(1) the securitisation that was the subject of such notification shall not lose its STS- compliant status. (3) If, within two months of the notification referred to in Article 7(1b) (1), the situation has been remedied to the satisfaction of the relevant competent authority, then such a securitisation shall continue to be deemed STS-compliant. (4) Notwithstanding the provisions in Article 7(1b) (2) and 7(1b) (3), if the competent authority deems that the retention of STS-compliant status would put at risk the integrity of the STS label, or financial stability, it is authorised to remove the STS status of the securitisation. (5) The provisions of this article shall not limit the rights to impose any sanctions envisaged in Articles 17 and 18.
Amendment 330 #
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 type. Residential property loans to individuals, property loans secured on commercial property, consumer loans made to individuals for personal, family or household consumption purposes, financial contracts for the purpose of financing the purchase of a motor vehicle (including loans, leases and hire purchase contracts), loans entered into with motor dealers to fund the purchase or retention of stock, loans to SMEs, loans to corporate entities (excluding SMEs), trade receivables and equipment leases (excluding leases of cars, vans, trucks and motorbikes) should be understood as being homogeneous. A pool of underlying exposures shall only comprise one asset type. The underlying exposures shall be contractually binding and enforceable obligations with full recourse to debtors, with defined periodic payment streams relating to rental, principal, interest payments, 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 358 #
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
1. The originator, and sponsor, and SSPE shall provide access to data on static and dynamic historical default and loss performance, such as delinquency and default data, for substantially similar exposures to those being securitised to the investor before investing. Those data shall cover a period no shorter than seven years for non-retail exposures and five years for retail exposures. The basis for claiming similarity shall be disclosed.
Amendment 361 #
Proposal for a regulation
Article 10 – paragraph 3
Article 10 – paragraph 3
3. The originator or sponsor shall providmake available a liability cash flow model to investors, both before the pricing of the securitisation and on an ongoing basis.
Amendment 364 #
Proposal for a regulation
Article 10 – paragraph 4
Article 10 – paragraph 4
4. The originator, and sponsor and SSPE shall be jointly responsible for compliance with Article 5 of this Regulation and shall makebe responsible for ensuring that all information required by Article 5(1) (a) is made available to potential investors before pricing. The originator, and sponsor and SSPE shall makeshall be responsible for ensuring that the information required by Article 5 (1) (b) to (e) is made available before pricing at least in draft or initial form, where permissible under Article 3 of Directive 2003/71/EC. The originator, and sponsor and SSPE shall makeshall be responsible for ensuring that the final documentation is made available to investors at the latest 15 days after closing of the transaction.
Amendment 378 #
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 twohree years and none shall have a residual maturity of longer than threesix 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 403 #
Proposal for a regulation
Article 13 – paragraph 8
Article 13 – paragraph 8
8. The originator, and sponsor and SSPE shall be jointly responsible for compliance at ABCP programme level with Article 5 of this Regulation and shall makeensure that all information required by Article 5(1) (a) is made available to potential investors before pricing. The originator, and sponsor and SSPE shall makeshall ensure that the information required by Article 5 (1) (b) to (e) is made available before pricing at least in draft or initial form, where permissible under Article 3 of Directive 2003/71/EC. The originator, and sponsor and SSPE shall makeshall ensure that the final documentation is made available to investors at the latest 15 days after closing of the transaction
Amendment 410 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Originators, and sponsors and SSPE's shall jointly notify ESMA by means of the template referred to in paragraph 5 of this Article that the securitisation meets the requirements of Articles 7 to 10 or Articles 11 to 13 of this Regulation ('STS notification'). ESMA shall publish the STS notification on its official website pursuant to paragraph 4. They shall also inform their competent authority. The originator, and sponsor and SSPE of a securitisation shall designate amongst themselves one entity to be the first contact point for investors and competent authorities.
Amendment 414 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. The originator and sponsor shall use the service of a third party authorized in accordance with Article 14a to assess whether a securitisation complies with the criteria in Articles 7-10 or 11-13, the STS notification shall include a statement that the compliance with the STS criteria was confirmed by that third party. The notification shall include the name of the authorised third party, its place of establishment and the name of the competent authority that authorised it.
Amendment 421 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. The originator, and sponsor and SSPE shall immediately notify ESMA and their competent authority when a securitisation no longer meets the requirements of either Articles 7 to 10 or Articles 11 to 13 of this Regulation.
Amendment 425 #
Proposal for a regulation
Article 14 – paragraph 4
Article 14 – paragraph 4
4. ESMA shall maintain a list of all securitisations for which the originators, and sponsors and SSPEs have notified that they meet the requirements of Articles 7 to 10 or Articles 11 to 13 of this Regulation on its official website. ESMA shall update the list where the securitisations are no longer considered to be STS following a decision of competent authorities or a notification by the originator, or sponsor or SSPE. Where the competent authority has imposed administrative sanctions or remedial measures in accordance with Article 17, it shall immediately notify ESMA thereof. ESMA shall immediately indicate on the list that a competent authority has imposed administrative sanctions or remedial measures in relation to the securitisation concerned.
Amendment 427 #
Proposal for a regulation
Article 14 – paragraph 5 – subparagraph 1
Article 14 – paragraph 5 – subparagraph 1
ESMA, in close cooperation with EBA and EIOPA, shall develop draft regulatory technical standards that specify the information that the originator, and sponsor and SSPEmust provide to comply with their obligations under paragraph 1, and shall provide the format by means of standardised templates.
Amendment 429 #
Proposal for a regulation
Article 14 a (new)
Article 14 a (new)
Amendment 435 #
Proposal for a regulation
Article 16 – paragraph 2
Article 16 – paragraph 2
2. The competent authority shall regularly review the arrangements, process and mechanisms implemented by originators, sponsors, SSPE's and original lenders to comply with this Regulation.
Amendment 437 #
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. Competent authorities shall ensurequire that risks arising from securitisation transactions, including reputational risks, are evaluated and addressed through appropriate policies and procedures of originators, sponsors, SSPE's and original lenders.
Amendment 445 #
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 447 #
Proposal for a regulation
Article 17 – paragraph 1 – point c – paragraph 1
Article 17 – paragraph 1 – point c – paragraph 1
an originator, or sponsor and SSPE have failed to meet the requirements of Articles 7 to 10 or Articles 11 to 13 of this Regulation .
Amendment 448 #
Proposal for a regulation
Article 17 – paragraph 1 – point c – paragraph 1 a (new)
Article 17 – paragraph 1 – point c – paragraph 1 a (new)
an originator or sponsor, in contravention of Article 6 of this Regulation, uses the designation 'STS' for their securitisation, other than while the securitisation meets all the requirements of either Articles 7 to 10 or Articles 11 to 13 of this Regulation;
Amendment 449 #
Proposal for a regulation
Article 17 – paragraph 1 – point c – paragraph 1 b (new)
Article 17 – paragraph 1 – point c – paragraph 1 b (new)
an originator or sponsor makes a misleading notification pursuant to Article 14(1) of this Regulation.
Amendment 459 #
Proposal for a regulation
Article 21 – paragraph 1 a (new)
Article 21 – paragraph 1 a (new)
1a. A specific Securitisation committee within the framework of the joint- committee of the European Supervisory Authorities shall be set up, within which competent authorities shall closely coordinate, in order to carry out their duties pursuant to Articles 16 to 19 of this Regulation.
Amendment 460 #
Proposal for a regulation
Article 21 – paragraph 3
Article 21 – paragraph 3
3. Where a competent authority finds that this Regulation has been infringed or has reason to believe so, it shall inform the competent supervisorauthority of the originator, sponsor, original lender, SSPE or investor of its findings in a sufficient detailed manner. The competent authorities concerned shall closely coordinate their supervision andin order to ensure consistent decisions and the competent authority finding the infringement should notify ESMA.
Amendment 461 #
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. Where the infringement referred to in paragraph 3 concerns, in particular, an incorrect or misleading notification pursuant to Article 14 (1) of this Regulation, the competent authority finding that infringement shall also notify without delay ESMA, EBA and EIOPA of its findings.
Amendment 463 #
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.
Amendment 469 #
Proposal for a regulation
Article 28 – paragraph 2
Article 28 – paragraph 2
2. In respect of securitisation positions outstanding as of ... [date of entry into force of this Regulation], originators, and sponsors and SSPEs may use the designation 'STS' or a designation that refers directly or indirectly to these terms only where the requirements set out in Article 6 of this Regulation are complied with.
Amendment 473 #
Proposal for a regulation
Article 28 – paragraph 6
Article 28 – paragraph 6
6. Until the moment that the regulatory technical standards to be adopted by the Commission pursuant to Article 5 (3) of this Regulation are of application, originators, and sponsors and SSPE's shall, for the purposes of the obligations set out in points (a) and (e) of Article 5 (1) of this Regulation, make the information mentioned by Annexes I to VIII of Commission Delegated Regulation (EU) No 2015/3 available to the website referred to in Article 5 (2).
Amendment 481 #
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
By [four... [three years after entry into force of this Regulation] the Commission shall present a report to the European Parliament and the Council on the functioning of this Regulation, accompanied, where appropriate, by a legislative proposal. The report shall take into consideration international developments in the area of securitisation, notably initiatives on simple, transparent and comparable securitisations, and assess whether an equivalence regime in the area of STS securitisations could be introduced for third country originators, sponsors and SSPEs.