BAKGRUNN (fra kommisjonsforordningen)

(1) Commission Delegated Regulation (EU) 2019/1851 lays down uniform criteria to determine the homogeneity of underlying exposures in simple, transparent and standardised (STS) securitisations. 

(2) Regulation (EU) 2021/557 of the European Parliament and of the Council amended Regulation (EU) 2017/2402 to ensure that the Union securitisation framework provides for an additional tool to foster economic recovery in the aftermath of the COVID-19 crisis, inter alia by introducing the possibility for on-balance-sheet securitisations to be recognised as STS securitisations. 

(3) |Unlike traditional securitisations, securitised exposures in an on-balance-sheet securitisation always remain on the originator’s balance sheet. In order for the exposures in a securitisation to be deemed homogeneous in accordance with the homogeneity criterion referred to in Article 1, point (c), of Delegated Regulation (EU) 2019/1851, the securitised exposures should be subject to similar servicing procedures, including monitoring, collecting and administering cash receivables, irrespective of whether they remain on the originator’s balance sheet, as in the case of on-balancesheet securitisations, or on the SSPE’s balance sheet, as in the case of traditional securitisations. For this reason, the reference to ‘the asset side of the SSPE’ should be deleted in Article 1, point (c), of Delegated Regulation (EU) 2019/1851. 

(4) Where the underlying exposures share similar characteristics and the associated underlying risks of exposures to enterprises and exposures to individuals are assessed on the basis of common methodologies and parameters, those exposures should be grouped in the same asset type. 

(5) Originators or original lenders may assess the credit risk of auto loans and leases, and of credit card receivables granted to enterprises, using an approach more similar to that applied to exposures to individuals rather than corporate exposures. For that reason, it is necessary to amend the list of homogeneity factors related to the type of obligors for those asset types. 

(6) This Regulation should apply to securitisations issued on or after … [PO please insert date = the date of entry into force of this Regulation]. However, in order not to interfere with existing contracts concluded before the establishment of the amended homogeneity criteria, it is necessary to provide for a transitional regime for those contracts. 

(7) One of the main principles underlying the amendment of Regulation (EU) 2017/2402 by Regulation (EU) 2021/557 was to ensure a high degree of consistency between the STS requirements for on-balance-sheet STS securitisations and the already existing STS requirements for ABCP and non-ABCP securitisations. It follows that rules for determining the homogeneity of the underlying exposures in on-balance-sheet STS securitisations should be aligned as much as possible with the rules that already exist for ABCP and non-ABCP STS securitisations. To facilitate a comprehensive assessment of all rules for determining the homogeneity of underlying exposures, and to provide easy access to those rules to the parties subject to the corresponding obligations, it is necessary to combine the regulatory technical standards on homogeneity for non-ABCP, ABCP and on-balance-sheet STS securitisations in a single Regulation. 

(8) Delegated Regulation (EU) 2019/1851 should therefore be amended accordingly. 

(9) This Regulation is based on the draft regulatory technical standards developed in close cooperation with the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority and submitted to the Commission by the European Banking Authority. 

(10) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council,