Activities of Pervenche BERÈS related to 2015/0226(COD)
Plenary speeches (1)
Framework for simple, transparent and standardised securitisation - Prudential requirements for credit institutions and investment firms (debate) FR
Amendments (11)
Amendment 122 #
Proposal for a regulation
Recital 5
Recital 5
(5) Establishing a more risk-sensitive prudential framework for simple, transparent and standardised ("STS") securitisations as well as securitisations that include and support projects that contribute to the achievement of the UN's climate conference agreement COP 21 ("Sustainable STS") requires that the Union clearly defines what a STS securitisation is, since otherwise the more risk-sensitive regulatory treatment for credit institutions and insurance companies would be available for different types of securitisations in different Member States. This would lead to an un-level playing field and to regulatory arbitrage.
Amendment 191 #
Proposal for a regulation
Article 2 – paragraph 1 – point 5 a (new)
Article 2 – paragraph 1 – point 5 a (new)
(5 a) 'trustee' means a publicly licensed entity, independent from the sponsor and the originator, established in a Member State for the purpose of managing a SSPE, performing credit risk monitoring on behalf and in the best interest of investors while being also authorised to check compliance with sections 1 or 2 of Chapter 3 of this Regulation (STS criteria);
Amendment 199 #
Proposal for a regulation
Article 2 – paragraph 1 – point 9 a (new)
Article 2 – paragraph 1 – point 9 a (new)
(9 a) ‘ sustainable and responsible investment (SRI)’ means a long-term oriented investment approach which integrates Environmental Social and Governance (ESG) factors in the research, analysis and selection process of securities within an investment portfolio. It combines fundamental analysis and engagement with an evaluation of ESG factors in order to better capture long term returns for investors, and to benefit society by influencing the behaviour of companies.
Amendment 231 #
Proposal for a regulation
Article 3 – paragraph 3 – point b
Article 3 – paragraph 3 – point b
(b) when they are exposed to securitisations that are not designated as STS, regularly perform stress tests on the cash flows and collateral values supporting the underlying exposures that are commensurate with the nature, scale and complexity of the risk of the securitisation position;
Amendment 310 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. Originators, sponsors and SSPE's shall use the designation "STS" or a designation that refers directly or indirectly to these terms for their securitisation only where the securitisation meets all the requirements of Section 1 or Section 2 of this Regulation, and they have notified ESMA pursuant to Article 14 (1). and the trustee of the SSPE : a. is a legal person established in an EU Member State, b. is independent from the sponsor and originator or has established an organisation and procedures to ensure the prevention of conflicts of interest and of any undue influence on the sponsor and originator; c. has been authorised by a competent authority which assesses whether the trustee has the competence, particularly in terms of resources and expertise, to carry out the obligations of paragraph 2; and d. is responsible for the management of the SSPE and performs the controls of paragraph 2. 2. The trustee of the SSPE shall carry out the following checks on behalf of the investors: a. verify a sample of the underlying exposures prior to the issuance of the securities resulting from the securitisation in an independent manner, including verification that the data disclosed in respect of the underlying exposures is accurate, with a confidence level of 95%; b. control the eligibility of assets during the structuring of the vehicle and on an ongoing basis; c. monitor the credit quality and the value of the underlying exposures and, where applicable, flag a deterioration to or below a pre-determined threshold; d. verify the cash flows serviced from the assets and the investment payment waterfall on an ongoing basis; e. take all reasonable steps to avoid conflicts of interest and, where such conflicts cannot be avoided, identify, manage and monitor, and where applicable, disclose, those conflicts of interest in order to prevent them from adversely affecting the interests of investors; f. manage the risks, including operational risks if they are not explicitly provided for in the vehicle documentation (for example the replacement of an actor of the structure) or related to the changing risk of the underlying assets; and g. check that the securitisation meets all the requirements of section 1 or section 2 of this chapter of the regulation.
Amendment 317 #
Proposal for a regulation
Chapter 3 – section 1 – title
Chapter 3 – section 1 – title
Amendment 318 #
Proposal for a regulation
Article 7 – paragraph 1
Article 7 – paragraph 1
Securitisations, except ABCP securitisations, that meet the requirements set out in Articles 7a, 8, 9 and 10 of this Regulation shall be considered 'STS'. ESMA shall develop guidelines and recommendations on the harmonised interpretation and application of requirements laid down in these Articles.
Amendment 323 #
Proposal for a regulation
Article 7 – paragraph 1 a (new)
Article 7 – paragraph 1 a (new)
Sustainable STS securitisations shall comply with the same requirement as other STS securitisation but shall also be earmarked for sustainable and responsible investment projects or go directly into an underlying sustainable investment project which contribute to the achievement of the UN's climate conference agreement (COP21). These shall include energy efficiency projects, green infrastructure and environmentally innovative projects. Sustainable STS securitisations shall benefit of 25 % lower risk retention rate and 25% lower risk floor levels for securitisations in Articles 259, 260, 261, 263 and 264 of Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms.
Amendment 326 #
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article 7 a Fostering social and ecological transition The capital relief from STS securitisation should primarily contribute to the creation of new loans fostering social and ecological transition.
Amendment 359 #
Proposal for a regulation
Article 10 – paragraph 2
Article 10 – paragraph 2
Amendment 409 #
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. Originators, sponsors andThe trustee of the SSPE's shall jointly notify ESMA by means of the template referred to in paragraph 5 of this Article that the securitisation meets the requirements of Articles 7 to 10 or Articles 11 to 13 of this Regulation ('STS notification'). ESMA shall publish the STS notification on its official website pursuant to paragraph 4. TheyOriginators, sponsors and SSPE's shall also inform their competent authority. The originator, sponsor and SSPE of a securitisation shall designate amongst themselves one entity to be the first contact point for investors and competent authoritiesare jointly responsible for the ongoing compliance with the STS criteria.