Regulations and legal texts

Regulation

Regulations and legal texts

Level 1 to 3 Regulation at a glance

The Securitisation Regulation as a level 1 regulation of the EU is directly applicable in all EU member states without the need for transposition into national law.

In order to achieve a clear and uniform application of the new regulation throughout Europe, the Securitisation Regulation requires the ESMA and EBA to issue numerous Level 2 regulations in the form of RTS and ITS (Regulatory and Implementing Technical Standards, RTS and ITS) as well as guidelines (Level 3 regulation).
In particular, the extensive STS criteria need to be specified in terms of how they are to be interpreted and how compliance with the STS criteria can be demonstrated and, if necessary, verified by an independent third-party verifier.

In addition, the three European supervisory authorities EBA, ESMA and EIOPA coordinate their work and that of the competent national authorities within the framework of the Joint Committee of European Supervisory Authorities (Joint Committee). In this way, they clarify practical issues related to the Securitisation Regulation in general and STS securitisations in particular and ensure consistency in regulation.

All documents on the Securitisation Regulation

 

  • All applicable Level 1, 2 and 3 regulations as well as relevant Q&A and opinions of the supervisory authorities

Level regulationTypeDocument/Topic/ReferencePublished onValid fromEnglishGerman
1RegulationSecuritisation Regulation - currently valid consolidated version of (EU) 2017/2402 and (EU) 2021/557  PDFPDF
2RTS (ESMA)Third party verifier (Art. 28 (4))05.02.201918.06.2019PDFPDF
2RTS (EBA)Homogeneity (Art. 20 (14), Art. 24 (21))28.05.201926.11.2019PDFPDF
2RTS (ESMA)Disclosure / Details on information (Art. 7 (3), Art. 17 (2))16.10.201923.09.2020PDFPDF
2RTS (ESMA)STS Notification / Details on information (Art. 27 (6))12.11.201923.09.2020PDFPDF
2RTS (ESMA)Securitisation repository - operational standards (Art. 10 (7), Art. 17 (2))29.11.201923.09.2020PDFPDF
2RTS (ESMA)Securitisation repository - registration (Art. 10 (7))29.11.201923.09.2020PDFPDF
2ITS (ESMA)STS Notification - Template (Art. 27 (7))12.11.201923.09.2020PDFPDF
2ITS (ESMA)Securitisation repository - application format (Art. 10 (8))29.11.201923.09.2020PDFPDF
2ITS (ESMA)Disclosure, Format and Templates (Art. 7 (4), Art. 17 (3))29.10.201923.09.2020PDFPDF
2RTSSpecification of cooperation between CAs and ESAs (Art. 36 (8))05.05.202119.09.2021PDFPDF
2RTS (EBA)Risk retention (Art. 6 (7))07.07.202307.11.2023PDFPDF
2RTS (EBA)New RTS Homogeneity (Art. 20 (14), Art. 24 (21), additionally Art. 26b (13) -Final Draft)14.02.2023OpenPDF 
2RTS (ESAs)STS – Disclosure on Sustainability indicators (Art. 22 (4), Art. 26d (4) - Final Draft)24.04.2023OpenPDF 
2RTS (EBA)Calibration of performance-related triggers (Art. 26c (5) - Final Draft)19.09.2022OpenPDF 
2RTS (ESMA)Supplement to STS notification - synthetic securitisations (Art. 27 (6) - Draft)07.10.2021OpenPDF 
2ITS (ESMA)Supplement to STS notification - synthetic securitisations (Art. 27 (6) - Draft)07.10.2021OpenPDF 
2RTSProhibition of re-securitisations ((Art. 8 (5))open (intended, not mandatory)(intended, not mandatory)
2Delegated RegulationTypes of costs (Art. 16 (2))open (intended, not mandatory)(intended, not mandatory)
3Guidelines (EBA)Non-ABCP STS criteria12.12.201815.05.2019PDFPDF
3Guidelines (EBA)ABCP STS criteria12.12.201815.05.2019PDFPDF
3Guidelines (EBA)On-Balance-sheet securitisations STS criteria (Draft)21.04.2023OpenPDF 
3Q&A (ESMA)On the Securitisation Regulation19.11.2021 PDF 
3Q&A (Joint Committee)On the Securitisation Regulation17.02.2023 PDF 
3Opinion (Joint Committee)Jurisdictional scope25.03.2021 PDF 

 

  • The most important Level 1 and Level 2 regulations from the area of capital market regulation

Level regulationTypeDocument/TopicPublished onValid fromEnglishGerman
1RegulationCRR - currently valid consolidated version  PDFPDF
2Delegated RegulationLCR - Delegated Regulation (EU) 2015/61 - currently valid consolidated version  PDFPDF
2Delegated RegulationSolvency II - Delegated Regulation (EU) 2015/35- currently valid consolidated version  PDFPDF
1RegulationMMF - Regulation (EU) 2017/113114.06.201720.07.2021/21.07.2018PDFPDF
2Delegated RegulationMMF - STS Supplement - Delegated Regulation (EU) 2018/99010.04.201821.07.2018/01.01.2019PDFPDF