Common rules and new framework for securitisation [EU Legislation in Progress]

In autumn 2015, the European Commission proposed a regulation on securitisation, in the context of the Capital Markets Union initiative. The proposal followed a consultation with stakeholders and took into account initiatives at international (BCBS-IOSCO) and European levels (EBA). The proposal replaces existing rules relating to due diligence, risk retention, transparency and supervision with a uniform regime. It provides a framework to identify simple, transparent and standardised (STS) securitisations and to allow investors to analyse associated risks.

The proposal came as a package with a second proposal, to amend the Capital Requirements Regulation applicable to credit institutions and investment firms in respect of securitisation.

During the October II 2017 plenary session, the European Parliament voted on the compromise agreement struck with the Council in May 2017.

Regulation (EU) 2017/2402 was adopted and published in December 2017.

There is a separate briefing for the related legislative Proposal for a Regulation ... amending Regulation (EU) 575/2013 on prudential requirements for credit institutions and investment firms (COM (2015)473). Regulation (EU) 2017/2401 was adopted and published in December 2017.

• Primary Source

EUR-Lex: Regulation (EU) 2017/2402 ... laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 http://data.europa.eu/eli/reg/2017/2402/oj

EUR-Lex: Regulation (EU) 2017/2401 ... of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms http://data.europa.eu/eli/reg/2017/2401/oj

ESO: Background information: Proposal for a Regulation of the European Parliament and of the Council laying down common rules on securitisation and creating a European framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC, 2009/138/EC, 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 http://www.europeansources.info/record/proposal-for-a-regulation-of-the-european-parliament-and-of-the-council-laying-down-common-rules-on-securitisation-and-creating-a-european-framework-for-simple-transparent-and-standardised-securitisa/

EP: EPRS: Briefing: EU Legislation in Progress: Securitisation and capital requirements, July 2016 http://www.europarl.europa.eu/RegData/etudes/BRIE/2016/586625/EPRS_BRI(2016)586625_EN.pdf

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