On January 1st 2019 the new EU Securitisation Regulation (EU Reg. 2402/17) began to apply and is going to be completed within 2019
The Regulation sets out the rules for all securitization transactions and creates a framework for simple, transparent and standardized securitization
The Regulation is both complex and far-reaching, and contemplates serious consequences for failure to comply and applies to originators, sponsors, original lenders and issuers
The Regulation aims to two main targets:
• repeal the main securitisation provisions in sectoral legislation applicable to banks (the CRR), insurers (Solvency II) and fund managers (the AIFMD Regime) and recast those provisions in a new, harmonised securitisation regime applicable to all institutional investors
• introduce a concept of "simple, transparent and standardised" (STS) securitisation that receive more benign regulatory treatment than other securitisations
The disclosure requirements of the Regulation will also be reflected in the ECB eligibility requirements for the acceptance of ABSs as collateral in the Eurosystem’s liquidity-providing operations
In order to facilitate the understanding of the STS Framework Regulation a new website www.stsframework.com has been edited by 130 Finance
|ASSET CLASS||DEAL NAME||ORIGINATOR||ISSUER||DATE|
|Personal Loan||Sunrise SPV Z80 2019||Agos Ducato S.p.A.
||Sunrise SPV Z80 S.r.l.||2019-10-30|
|Covered Bond||Popolare Alto Adige - Eur. 3,000,000,000 Programme - Series 1 - 2019||Banca Popolare dell’Alto Adige S.p.A.
||Banca Popolare dell’Alto Adige S.p.A.||2019-10-28|
|SME||Fucino SME S.r.l.||Banca del Fucino S.p.A.
||Fucino SME S.r.l.||2019-10-22|
|NPL GACS||Prisma SPV S.r.l.||Unicredit S.p.A.
||Prisma SPV S.r.l.||2019-10-18|
|SME||Civitas SPV 2019||Banca Popolare di Cividale S.C.p.A.
||Civitas SPV S.r.l.||2019-10-17|
|2019-11-11||Italian Covered Bond Market - October 2019||130 Finance|
|2019-11-06||Italian Securitisation Market - October 2019||130 Finance|
|2019-09-19||Italian True Sales Data Snapshot Q3 2019 August, Interim Update||130 Finance|
|2019-08-08||Italian SPV Issue 2/2019 - June 2019 - Full Report||130 Finance|
|2019-09-30||Single Rulebook Q&A - Question ID 2018_4368 “What are the obligations of an originator who purchases third party's exposures and subsequently securitises them, in order to meet the requirements set out in Article 9 of the Securitisation Regulation?”||EBA - European Banking Authority|
|2019-08-09||Consultation Paper - Draft guidelines on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche in accordance with point (a) of article 257(1) of Regulation (EU) n° 575/2013”||EBA - European Banking Authority|
|2019-07-11||ITALIAN SECURITISATION GUIDE - Regulatory Framework||130 Finance|
|2019-06-24||Draft RTS on authorisation of firms providing STS verification services||ESMA - European Securities and Market Authority|