3. Where the competent authority has imposed administrative sanctions in accordance with Article 32, it shall notify ESMA thereof immediately. A specific securitisation committee shall be established within the framework of the Joint Committee of the European Supervisory Authorities, within which competent authorities shall closely cooperate, in order to carry out their duties pursuant to Articles 30 to 34. The outcome of decentralized repositories supervised by the ESMA is similar to the arrangements under Article 9 of EMIR, which requires all derivatives trades to be reported to an ESMA-supervised trade repository. Waivers will often be required to avoid defaults and, in the longer term, amendment of covenant packages or equity cures for certain CMBS or whole-business transactions may be needed. (33)  Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10). In such a case, the originator or sponsor shall verify that those entities fulfil the relevant obligations set out in Articles 18 to 27. That obligation shall not apply with regard to those entities that are merely selling exposures under an ABCP programme or another securitisation transaction or scheme and are not actively originating exposures for the primary purpose of securitising them on a regular basis. no provisions shall require automatic liquidation of the underlying exposures at market value. By way of derogation from the second subparagraph, pools of auto loans, auto leases and equipment lease transactions shall have a remaining weighted average life of not more than three and a half years, and none of the underlying exposures shall have a residual maturity of more than six years. Paragraph 5 of this Article shall not apply with regard to those entities that are merely selling exposures under an ABCP programme or other securitisation transaction or scheme and are not actively originating exposures for the primary purpose of securitising them on a regular basis. In addition, STS criteria should reflect the specific role of the sponsor providing liquidity support to the ABCP programme, in particular for fully supported ABCP programmes. Personal data contained in the publication shall only be kept on the official website of the competent authority for the period which is necessary in accordance with the applicable data protection rules. Where ESMA adopts a decision as referred to in Article 12 or withdraws the registration as referred to in Article 15(1), it shall notify the securitisation repository within five working days with a fully reasoned explanation for its decision. Where no securitisation repository is registered in accordance with Article 10, the entity designated to fulfil the requirements set out in paragraph 1 of this Article shall make the information available by means of a website that: includes a well-functioning data quality control system; is subject to appropriate governance standards and to maintenance and operation of an adequate organisational structure that ensures the continuity and orderly functioning of the website; is subject to appropriate systems, controls and procedures that identify all relevant sources of operational risk; includes systems that ensure the protection and integrity of the information received and the prompt recording of the information; and. For the purposes of this Article, an entity shall not be considered to be an originator where the entity has been established or operates for the sole purpose of securitising exposures. On 26 November 2019, Commission Delegated Regulation (EU) 2019/1851, regarding homogeneity and underlying exposures in securitisation, came into effect. the information required by points (b) to (e) of the first subparagraph of Article 7(1), at least in draft or initial form. For the purposes of this Article, the following shall be deemed to be legitimate purposes: the facilitation of the winding-up of a credit institution, an investment firm or a financial institution; ensuring the viability as a going concern of a credit institution, an investment firm or a financial institution in order to avoid its winding-up; or. no longer meets the conditions under which it was registered. Where the provisions referred to in the first paragraph apply to legal persons, Member States shall confer on competent authorities the power to apply the administrative sanctions and remedial measures set out in paragraph 2, subject to the conditions provided for in national law, to members of the management body, and to other individuals who under national law are responsible for the infringement. All ABCP transactions within an ABCP programme shall fulfil the requirements of Article 24(1) to (8) and (12) to (20). any securitisation, to be used for legitimate purposes as set out in paragraph 3, the securities of which were issued on or following 1 January 2019. The entity designated in accordance with the first subparagraph shall make the information for a securitisation transaction available by means of a securitisation repository. The competent authority shall regularly review the arrangements, processes and mechanisms that originators, sponsors, SSPEs and original lenders have implemented in order to comply with this Regulation. 2. 5. Although the CLO market regularly sees sponsors and originators retaining in excess of 5 percent and sometimes in excess of 50 percent, an increase would nonetheless have created barriers to entry and may ultimately have been detrimental to the CLO market. ESMA, in close cooperation with the EBA and EIOPA, shall develop draft regulatory technical standards to specify the information that the originator, sponsor and SSPE shall provide in order to comply with their obligations under points (a) and (e) of the first subparagraph of paragraph 1 taking into account the usefulness of information for the holder of the securitisation position, whether the securitisation position is of a short-term nature and, in the case of an ABCP transaction, whether it is fully supported by a sponsor; ESMA shall submit those draft regulatory technical standards to the Commission by 18 January 2019. They are important because they allow parties to enter into securitisation transactions without disclosing sensitive commercial information on the transaction (e.g. The entity responsible for reporting the information, and the securitisation repository where the information is made available shall be indicated in the documentation regarding the securitisation. Transactions which feature non-sequential priority of payments shall include triggers relating to the performance of the underlying exposures resulting in the priority of payments reverting to sequential payments in order of seniority. 4. To be eligible to be registered under this Article, a securitisation repository shall be a legal person established in the Union, apply procedures to verify the completeness and consistency of the information made available to it under Article 7(1) of this Regulation, and meet the requirements provided for in Articles 78, 79 and 80(1) to (3), (5) and (6) of Regulation (EU) No 648/2012. the proportionality of the publication of such decisions with regard to measures which are deemed to be of a minor nature. Securitisation market participants should carefully assess whether any events or anticipated future measures in relation to securitisations to which they are a party will require disclosure as a “significant event” under the EU Securitisation Regulation. Securitisation - Regulation 2017/2402. 3. A pool of underlying exposures shall only comprise one asset type. The repayment of the holders of the securitisation positions whose underlying exposures are secured by assets the value of which is guaranteed or fully mitigated by a repurchase obligation by the seller of the assets securing the underlying exposures or by another third party shall not be considered to depend on the sale of assets securing those underlying exposures.

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