S.I. No. 561/2021 - European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) (Amendment) Regulations 2021
Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 29th October, 2021. | ||
I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving effect to Regulation (EU) 2021/557 of the European Parliament and of the Council of 31 March 20211 amending Regulation (EU) 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation to help the recovery from the COVID-19 crisis, hereby make the following regulations: | ||
1. These Regulations may be cited as European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) (Amendment) Regulations 2021. | ||
2. In these Regulations “Principal Regulations” means the European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) Regulations 2018 ( S.I. No. 656 of 2018 ). | ||
3. Regulation 2 of the Principal Regulations is amended by the substitution of the following definition for the definition of “Securitisation Regulation”: | ||
“ ‘Securitisation Regulation’ means Regulation (EU) 2017/24022 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC3 , 2009/138/EC4 and 2011/61/EU5 and Regulations (EC) No. 1060/20096 and (EU) No. 648/20127 as amended by Regulation (EU) 2021/557 of the European Parliament and of the Council of 31 March 20218 ;”. | ||
4. Regulation 24 of the Principal Regulations is amended in paragraph (1) by the substitution of the following subparagraph for subparagraph (d): | ||
“(d) where the prescribed contravention is a contravention referred to in point (e) or (f), as the case may be, of the first subparagraph of Article 32.1 of the Securitisation Regulation, a temporary ban preventing the originator and sponsor from notifying under Article 27.1 of the Securitisation Regulation that a securitisation meets the requirements set out in Articles 19 to 22, Articles 23 to 26 or Articles 26a to 26e of the Securitisation Regulation;”. | ||
5. Regulation 27 of the Principal Regulations is amended in paragraph (2) – | ||
(a) by the substitution of the following subparagraph for subparagraph (c): | ||
“(c) where the contravention is a contravention referred to in point (h) of the first subparagraph of Article 32.1 of the Securitisation Regulation, a temporary withdrawal of the authorisation referred to in Article 28 of the Securitisation Regulation for the third party authorised to check the compliance of a securitisation with Articles 19 to 22, Articles 23 to 26 or Articles 26a to 26e of the Securitisation Regulation;”, | ||
and | ||
(b) by the substitution of the following subparagraph for subparagraph (e): | ||
“(e) where the contravention is a contravention referred to in point (e) or (f), as the case may be, of the first subparagraph of Article 32.1 of the Securitisation Regulation, a temporary ban preventing the originator and sponsor from notifying under Article 27.1 of the Securitisation Regulation that a securitisation meets the requirements set out in Articles 19 to 22, Articles 23 to 26 or Articles 26a to 26e of the Securitisation Regulation;”. | ||
6. Section 28 of the Central Bank Act 1997 (No. 8 of 1997) is amended – | ||
(a) in subsection (1) – | ||
(i) by the substitution of the following definition for the definition of ‘retain on an ongoing basis a material net economic interest in the securitisation of not less than 5 per cent’: | ||
“ ‘retain on an ongoing basis a material net economic interest in the securitisation of not less than 5 per cent’ shall be construed in accordance with Article 6 of the Securitisation Regulation;”, | ||
(ii) by the substitution of the following definitions for the definitions of ‘securitisation’, ‘originator’, ‘sponsor’ and ‘original lender’: | ||
“ ‘originator’, ‘sponsor’, ‘original lender’, ‘securitisation’, ‘NPE securitisation’, ‘servicer’ and ‘traditional securitisation’ have the meanings given to them respectively by Article 2 of the Securitisation Regulation;”, | ||
and | ||
(iii) by the insertion of the following definitions: | ||
“ ‘exposure’ and “servicing” have the same meanings, respectively, as in the Securitisation Regulation; | ||
‘Securitisation Regulation’ means Regulation (EU) 2017/24029 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC10 , 2009/138/EC11 and 2011/61/EU12 and Regulations (EC) No. 1060/200913 and (EU) No. 648/201214 as amended by Regulation (EU) 2021/557 of the European Parliament and of the Council of 31 March 202115 , | ||
‘traditional NPE securitisation’ shall be construed in accordance with the Securitisation Regulation;”, | ||
and | ||
(b) in subsection (2A), by the substitution of the following paragraph for paragraph (c): | ||
“(c) either – | ||
(i) the originator, sponsor or original lender of the securitisation, or | ||
(ii) in the case of a traditional NPE securitisation, the servicer, where it can demonstrate that it has expertise in servicing exposures of a similar nature to those securitised and that it has well-documented and adequate policies, procedures and risk-management controls in place relating to the servicing of exposures as required by Article 6 of the Securitisation Regulation, | ||
is required to retain on an ongoing basis a material net economic interest in the securitisation of not less than 5 per cent.”. | ||
| ||
GIVEN under my Official Seal, | ||
18 October, 2021. | ||
PASCHAL DONOHOE, | ||
Minister for Finance. | ||
2 OJ No. L347, 28.12.2017, p. 35 3 OJ No. L302, 17.11.2009, p. 32 4 OJ No. L335, 17.12.2009, p. 1 6 OJ No. L302, 17.11.2009, p. 1 7 OJ No. L201, 27.7.2012, p. 1 9 OJ No. L347, 28.12.2017, p. 35 10 OJ No. L302, 17.11.2009, p. 32 11 OJ No. L335, 17.12.2009, p. 1 12 OJ No. L174, 1.7.2011, p. 1 13 OJ No. L302, 17.11.2009, p. 1 |
