EBA欧洲银行-Guidelines-on-STS-criteria-for-non-ABCP-securitisation-_MT_27页_469kb

Summary of EBA/GL/2018/09: Guidelines on STS Criteria for Non-ABCP Securitizations

1. Compliance and Reporting Obligations

• Status of Guidelines: These guidelines are issued under Article 16 of Regulation (EU) No 1093/2010 and are binding on competent authorities and financial institutions. They must be incorporated into supervisory practices.
• Applicability: The guidelines apply to non-ABCP securitizations and are directed at competent authorities and other stakeholders under the scope of Regulation (EU) 2017/2402.
• Reporting Requirements:
  • Competent authorities must notify the EBA of their compliance or non-compliance with these guidelines.
  • Notifications must be submitted via the EBA’s online form to compliance@eba.europa.eu with the reference "EBA/GL/201x/xx".
  • Any changes in compliance status must be reported to the EBA.
  • Notifications will be published on the EBA’s website in compliance with Article 16(3) of Regulation (EU) No 1093/2010.

2. Scope, Application, and Definitions

• Scope of Application: The guidelines cover the criteria related to simplicity, standardization, and transparency for non-ABCP securitizations.
• Applicable Articles: They are based on Articles 20, 21, and 22 of Regulation (EU) 2017/2402, focusing on the legal framework for securitization and the application of EU law in specific contexts.
• Intended Recipients: The guidelines are addressed to competent authorities and other stakeholders as defined by Regulation (EU) 2017/2402.

3. Implementation

• Date of Application: The guidelines apply from 15 May 2019.

4. Criteria for Simplicity

4.1 True Sale, Assignment, and Transfer by the Same Legal Entity

• Requirements:
  • Confirmation that the true sale, assignment, or transfer is legally effective and separates underlying assets from the originator’s obligations.
  • Legal opinion must be obtained from a qualified external legal consultant.
  • The legal opinion must be accessible and include details on any relevant third parties.
  • The legal opinion must be provided for all securitizations and include details on the legal framework and processes.

4.2 Eligibility Criteria for Underlying Assets

• Asset Eligibility:
  • Underlying assets must be eligible and meet the criteria outlined in Articles 20(7) and 24(15) of Regulation (EU) 2017/2402.
  • The eligibility criteria must be applied consistently and reflect the risk profile of the underlying assets.
  • The asset eligibility must be documented and include a detailed description of the assets.

4.3 Standards for Underwriting and Expertise

• Expertise Requirements:
  • The originator and original borrower must have expert underwriting capabilities.
  • Relevant expertise must be demonstrated through the qualifications, experience, and training of personnel.
  • Experience and qualifications must be considered in the context of the originator's governance structure and regulatory framework.
  • For prudent entities, regulatory authorizations and permissions relevant to the underwriting of similar securitizations must be considered.

4.4 Credit Risk Mitigation and Collateral

• Credit Risk Mitigation:
  • Credit risk mitigation must be applied in accordance with Article 20(11) of Regulation (EU) 2017/2402.
  • The guidelines clarify the application of the definition of default under Article 178(1) of Regulation (EU) 575/2013.
  • The originator and original borrower must apply the same credit risk mitigation standards as those used for similar securitizations.
  • The credit risk mitigation must be consistent with the risk mitigation applied to the underlying assets.

4.5 Eligibility of Underlying Assets in Case of Default

• Eligibility Criteria:
  • Underlying assets must meet the criteria for credit risk mitigation, including those related to the borrower or guarantor.
  • Assets must not include those with weakened credit, unless they are part of a debt restructuring process.
  • The criteria must be applied in accordance with the relevant regulatory and supervisory requirements.

4.6 Minimum Payment Requirements

• Scope of Application: The guidelines apply to securitizations where the underlying assets are subject to minimum payment requirements.
• Minimum Payment Standards: Payments must be made in accordance with the "minimum payment" criteria, which include principal, interest, and any other form of payment.

4.7 Predominant Dependency on Asset Collateral

• Dependency on Collateral: The guidelines require that securitizations do not have a predominant dependency on the collateral provided by the underlying assets.
• Implementation: The originator must ensure that the securitization is not primarily dependent on the collateral provided by the underlying assets, and that the collateral is sufficient to cover the obligations.

Key Information

• The guidelines are part of the European Banking Authority's supervisory framework for securitizations.
• They are based on Regulation (EU) 2017/2402 and aim to ensure that securitizations are simple, standardized, and transparent.
• Competent authorities are required to report compliance with the guidelines to the EBA.
• The guidelines apply from 15 May 2019 and cover a range of topics including true sale, asset eligibility, credit risk mitigation, and payment requirements.
• The guidelines emphasize the importance of legal opinion, expert underwriting, and the use of standardized criteria for the eligibility of underlying assets.