[ParlTrack]

Proposal for a regulation
Article 4 – paragraph 2 – point a

(a) the retention of no less than 5% of the nominal value of each of the tranches sold or transferred to investors;, as it has been effective since its first introduction in CRR II.

2016/07/27
Committee: ECON

Othmar KARAS, Pablo ZALBA BIDEGAIN

Proposal for a regulation
Article 14 – paragraph 1 a (new)

1a. Where the originator, sponsor and SSPE use the service of a third party authorised pursuant to Article 14a to assess whether a securitisation complies with Articles 7 to 10 or Articles 11 to 13, the STS notification shall include a statement that the compliance with the STS criteria was confirmed by that authorised 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.

2016/07/27
Committee: ECON

Othmar KARAS, Pablo ZALBA BIDEGAIN

Proposal for a regulation
Article 14 a (new)

Article 14 a Third party verifying STS compliance 1. A third party referred to in Article 14(1a) shall be authorised by the competent authority to assess the compliance of securitisations with the STS criteria laid down in Articles 7 to 10 or Articles 11 to 13. The competent authority shall grant the authorisation if 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 neither a regulated entity as defined in Article 2(4) of Directive 2002/87/EC nor a credit rating agency as defined in Article 3(1) point (b) of Regulation (EC) No 1060/2009, and the performance of the third party's other activities shall not compromise the independence or integrity of its assessment; (c) the third party shall not provide any form of advisory, audit or equivalent service to the originator, sponsor or SSPE involved in the securitisations which the third party assesses; (d) 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; the management body of the third party includes at least one third, but no less than two, independent directors; (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 person whose services are placed at the disposal or under the control of the third party. To that end, the third party shall establish, maintain, enforce and document an effective internal control system governing the implementation of policies and procedures to identify and prevent potential conflicts of interest. Potential or existing conflicts of interest which have been identified shall be eliminated or mitigated and disclosed without delay. The third party shall establish, maintain, enforce and document adequate procedures and processes to ensure the independence of the assessment of STS compliance. The third party shall periodically monitor and review those policies and procedures in order to evaluate their effectiveness and assess whether it is necessary to update them; and (f) the third party can demonstrate that it has proper operational safeguards and internal processes that enable it to assess STS compliance. The competent authority shall withdraw the authorisation when it considers the third party to be materially non-compliant with the above conditions. 2. A third party authorised in accordance with paragraph 1 shall notify its competent authority without delay of any material changes to the information provided under that paragraph, or any other changes that could reasonably be considered to affect the assessment of its competent authority. The competent authority may charge cost- based fees to the third party referred to in paragraph 1, in order to cover necessary expenditure relating to the assessment of applications for authorisation and to the subsequent monitoring of the compliance with the conditions set out in paragraph 1. 3. ESMA shall develop draft regulatory technical standards specifying the information to be provided to the competent authorities in the application for the authorisation of a third party in accordance with paragraph 1. ESMA shall submit those draft regulatory technical standards to the Commission by [six months after entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

2016/07/27
Committee: ECON

Othmar KARAS, Pablo ZALBA BIDEGAIN

Proposal for a regulation
Article 17 – paragraph 1 – introductory part

1. ~~Without prejudice to the right for Member States to provide for and impose criminal sanctions pursuant to Article 19 of this Regulation,~~ Member States shall lay down rules establishing appropriate administrative sanctions and remedial measures applicable to situations where:

2016/07/27
Committee: ECON

Othmar KARAS, Pablo ZALBA BIDEGAIN

Proposal for a regulation
Article 17 – paragraph 1 – point a

(a) an originator, sponsor or original lender has failed to meet the requirements of Article 4 by their negligence or omission;

2016/07/27
Committee: ECON

Othmar KARAS, Pablo ZALBA BIDEGAIN

Proposal for a regulation
Article 17 – paragraph 1 – point b

(b) an originator, sponsor and SSPE have failed to meet the requirements of Article 5 by their negligence or omission;

2016/07/27
Committee: ECON

Othmar KARAS, Pablo ZALBA BIDEGAIN

Proposal for a regulation
Article 17 – paragraph 1 – point c – paragraph 1

when a securitisation is designated as STS and an originator, sponsor ~~and~~or SSPE have failed to meet the requirements of Articles 7 to 10 or Articles 11 to 13 of this Regulation .by their negligence or omission

2016/07/27
Committee: ECON

Othmar KARAS, Pablo ZALBA BIDEGAIN

Proposal for a regulation
Article 28 – paragraph 3

3. In respect of ~~securitisations~~different kinds of investments in securitisations such as buying, selling or holding made after ... [date of entry into force of this Regulation] 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.

2016/07/27
Committee: ECON

8 Amendments of Pablo ZALBA BIDEGAIN related to 2015/0226(COD)

ParlTrack - 2011-2024