Activities of Sander LOONES related to 2015/0226(COD)
Plenary speeches (1)
Framework for simple, transparent and standardised securitisation - Prudential requirements for credit institutions and investment firms (debate) NL
Amendments (5)
Amendment 142 #
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. To enhance market transparency in the Union, a data repository for underlying exposures in securitisations should be established. Similar non-mandatory initiatives already exist, which have led to the establishment of infrastructures such as the European DataWarehouse. The information required to be disclosed under that requirement should therefore be based on existing templates for disclosures to such infrastructures. If ESMA chooses to delegate the responsibility of managing such infrastructure, then the data repository should be established along the lines of the Global LEI Foundation (GLEIF), and could build further on the European DataWarehouse.
Amendment 311 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
Originators, sponsors and SSPE's shallmay only use the designation "STS" or "simple, transparent and standardised" or a designation that refers directly or indirectly to these terms for their securitisation only where: (a) the securitisation meets all the requirements of Section 1 or Section 2 of this RegulationChapter, and they have notified ESMA pursuant to Article 14 (1). (1); and (b) the relevant securitisation is included in the list referred to in Article 14(4). Where points (a) and (b) are satisfied, a securitisation shall be considered STS. The originator, sponsor and SSPE involved in a securitisation considered STS shall be established within the Union.
Amendment 331 #
Proposal for a regulation
Article 8 – paragraph 4
Article 8 – paragraph 4
4. The securitisation shall be backed by a pool of underlying exposures that are homogeneous in terms of asset type, currency and Member State legal system to which they are subject. Pools of residential loans, pools of business property loans, pools of corporate loans, leases and credit facilities of the same category, pools of auto loans and auto leases, and pools of credit facilities to individuals for personal, family or household consumption purposes shall be understood as being homogeneous in terms of asset type. The underlying exposures shall be contractually binding and enforceable obligations with full recourse to debtors, with defined periodic payment streams relating to rental, principal, interest payments, or related to any other right to receive income from assets warranting such payments. The underlying exposures shall not include transferable securities, as defined in Directive 2014/65/EU.
Amendment 428 #
Proposal for a regulation
Article 14 – paragraph 5 a (new)
Article 14 – paragraph 5 a (new)
5a. The originator, sponsor or SSPEs shall not legally transfer the STS certification of securitisations to a third party. They may consult a third party to determine whether or not a securitisation may be qualified as STS, but that advice shall not alter in any way the liability of the issuer, nor that of the investor for the legal obligations following from this Regulation.
Amendment 482 #
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
By [four... [three years after entry into force of this Regulation], the Commission shall present a report to the European Parliament and the Council on the functioning of this Regulation, accompanied, where appropriate, by a legislative proposal. That report shall take into consideration international developments in the area of securitisation and assess whether in the area of STS securitisations an equivalence regime could be introduced for third country originators, sponsors and SSPEs.