5 Amendments of Brian HAYES related to 2015/0226(COD)
Amendment 143 #
Proposal for a regulation
Recital 13
Recital 13
(13) The ability of investors to exercise due diligence and thus make an informed assessment of the creditworthiness of a given securitisation instrument depends on their access to information on those instruments.. Based on the existing acquis, it is important to create a comprehensive system under which investors will have access to all the relevant information over the entire life of the transactions and to reduce originators, sponsors and SSPEs reporting tasks and to facilitate investors' continuous; easy and free access to reliable information on securitisations. ESMA should establish a European data repository on securitisations which is aligned with all relevant existing data repositories, specifically the European Data Warehouse in the ECB. Along with this data repository, ESMA should publish and keep up-to-date on its website a list of the competent authorities that Member States empower with the necessary supervisory, investigative and sanctioning powers.
Amendment 242 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 1
Article 4 – paragraph 1 – subparagraph 1
The originator, sponsor or the original lender of a securitisation shall retain on an ongoing basis a material net economic interest in the securitisation of noat less thanast 5 %. Where the originator, sponsor or the original lender have not agreed between them who will retain the material net economic interest, the originator shall retain the material net economic interest. There shall be no multiple applications of the retention requirements for any given securitisation. The material net economic interest shall be measured at the origination and shall be determined by the notional value for off-balance sheet items. The material net economic interest shall not be split amongst different types of retainers and not be subject to any credit risk mitigation or hedging.
Amendment 416 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. A third party may be authorised to assess whether a securitisation complies with Articles 7 to 10 or Articles 11 to 13. In the case of third party authorisation, the STS notification shall include a statement that the compliance with the STS criteria was confirmed by that third party. The notification shall include the name of the authorised third party, its place of establishment and the name of the competent authority that authorised it.
Amendment 417 #
Proposal for a regulation
Article 14 – paragraph 1 b (new)
Article 14 – paragraph 1 b (new)
1b. A third party referred to in Article 14 (1)(a) shall be authorised by ESMA to assess the compliance of securitisations with the STS criteria laid down in Articles 7 to 10 or Articles 11 to 13 of this Regulation. ESMA shall grant authorisation provided the following conditions are met: (a) the third party only charges non- discriminatory and cost-based fees to the originators, sponsors or SSPEs involved in the securitisations which the third party assesses without differentiating fees depending on, or correlated to, the results of its assessment; (b) the third party is established for the sole purpose of assessing the compliance with STS criteria; (c) the members of the management body of the third party have professional qualifications, knowledge and experience that are adequate for the task of the third party and they are of good repute and integrity; (d) the management body of the third party includes a majority of independent directors representing experts and investors in the STS securitisation market; (e) the third party takes all necessary steps to ensure that the verification of STS compliance is not affected by any existing or potential conflicts of interest or business relationship involving the third party, its shareholders or members, managers, employees or any other natural persons whose services are placed at the disposal or under the control of the third party.
Amendment 472 #
Proposal for a regulation
Article 28 – paragraph 3
Article 28 – paragraph 3
3. In respect of securitisations which fulfil the STS criteria, and the securities of which were issued on or after 1 January 2011 and to securitisations issued before that date, where new underlying exposures have been added or substituted after 31 December 2014, Article 3 of this Regulation shall apply.