10 Amendments of Jakob von WEIZSÄCKER related to 2015/0226(COD)
Amendment 238 #
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 not less than 520 %. 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 246 #
Proposal for a regulation
Article 4 – paragraph 2 – introductory part
Article 4 – paragraph 2 – introductory part
2. Only the following shall qualify as a retention of a material net economic interest of not less than 520 % within the meaning of paragraph 1:
Amendment 250 #
Proposal for a regulation
Article 4 – paragraph 2 – point a
Article 4 – paragraph 2 – point a
(a) the retention of no less than 520 % of the nominal value of each of the tranches sold or transferred to investors;
Amendment 254 #
Proposal for a regulation
Article 4 – paragraph 2 – point b
Article 4 – paragraph 2 – point b
(b) in the case of revolving securitisations or securitisations of revolving exposures, the retention of the originator's interest of no less than 520% of the nominal value of each of the securitised exposures;
Amendment 258 #
Proposal for a regulation
Article 4 – paragraph 2 – point c
Article 4 – paragraph 2 – point c
(c) the retention of randomly selected exposures, equivalent to no less than 520 % of the nominal value of the securitised exposures, where such non-securitised exposures would otherwise have been securitised in the securitisation, provided that the number of potentially securitised exposures is no less than 100 at origination;
Amendment 262 #
Proposal for a regulation
Article 4 – paragraph 2 – point d
Article 4 – paragraph 2 – point d
(d) the retention of the first loss tranche and, where such retention does not amount to 520 % of the nominal value of the securitised exposures, if necessary, other tranches having the same or a more severe risk profile than those transferred or sold to investors and not maturing any earlier than those transferred or sold to investors, so that the retention equals in total no less than 5% of the nominal value of the securitised exposures;
Amendment 267 #
Proposal for a regulation
Article 4 – paragraph 2 – point e
Article 4 – paragraph 2 – point e
(e) the retention of a first loss exposure of not less than 520 % of every securitised exposure in the securitisation.
Amendment 309 #
Proposal for a regulation
Article 5 a (new)
Article 5 a (new)
Article 5 a Ban on re-securitisation The underlying exposures used in a securitisation shall not include securitisations.
Amendment 351 #
Proposal for a regulation
Article 8 – paragraph 9 a (new)
Article 8 – paragraph 9 a (new)
9a. Synthetic securitisation shall not be considered to be 'STS'.
Amendment 415 #
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1a. Originators, sponsors and SSPE's shall not transfer the 'STS' certification of securitisations to third parties. Advice from a third party on the certification of a securitisation as 'STS' is permissible, but shall not alter in any way the liability of the issuer, nor that of the investor or the SSPE for the legal obligations following from this Regulation.