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L 302/112


Official Journal of


Sponsor and originator credit institutions shall apply

the same sound and well-defined criteria for credit-granting in accordance with the requirements of Annex V, point 3 to exposures to be securitised as they apply to exposures to be held on their book. To this end the same processes for approving and, where relevant, amending, renewing and re-financing credits shall be applied by the originator and sponsor credit institutions. Credit institutions shall also apply the same standards of analysis to participations or underwrit­ ings in securitisation issues purchased from third parties whether such participations or underwritings are to be held

on their trading or non-trading book.

Where the requirements referred to in the first subparagraph of this paragraph are not met, Article 95(1) shall not be applied by an originator credit institution and that originator credit institution shall not be allowed to exclude the securi­ tised exposures from the calculation of its capital require­ ments under this Directive.


Sponsor and originator credit institutions shall disclose

to investors the level of their commitment under paragraph 1 to maintain a net economic interest in the securitisation. Sponsor and originator credit institutions shall ensure that prospective investors have readily available access to all materially relevant data on the credit quality and perfor­ mance of the individual underlying exposures, cash flows and collateral supporting a securitisation exposure as well as such information that is necessary to conduct comprehensive and well informed stress tests on the cash flows and collateral val­ ues supporting the underlying exposures. For that purpose, materially relevant data shall be determined as at the date of the securitisation and where appropriate due to the nature of

the securitisation thereafter.


Paragraphs 1 to 7 shall apply to new securitisations

issued on or after 1 January 2011. Paragraphs 1 to 7 shall, after 31 December 2014, apply to existing securitisations where new underlying exposures are added or substituted after that date. Competent authorities may decide to suspend temporarily the requirements referred to in paragraphs 1

and 2 during periods of general market liquidity stress.

9. Competent information:






  • (a)

    by 31 December 2010, the general criteria and method­ ologies adopted to review the compliance with para­ graphs 1 to 7;

  • (b)

    without prejudice to the provisions laid down in Chap­ ter 1, Section 2, a summary description of the outcome of the supervisory review and description of the mea­ sures imposed in cases of non-compliance with para­ graphs 1 to 7 identified on an annual basis from 31 December 2011.

The requirement set out in this paragraph is subject to the second subparagraph of Article 144.

the European Union


10. shall

The Committee report annually to

of European Banking the Commission about

Supervisors the compli­

ance by competent authorities with this Article. The Commit­ tee of European Banking Supervisors shall elaborate guidelines for the convergence of supervisory practices with regard to this Article, including the measures taken in case of

breach of the obligations.’;






31. Article 129 is amended as follows:

(a) in paragraph 1 point (b) is replaced by the following:

‘(b) planning and coordination of supervisory activities in going-concern situations, including in relation to the activities referred to in Articles 123, 124, 136, in Chapter 5 and in Annex V, in cooperation with the competent authorities involved;

(c) planning and coordination of supervisory activities in cooperation with the competent authorities involved, and if necessary with central banks, in preparation for and during emergency situations, including adverse developments in credit institu­ tions or in financial markets using, where possible, existing defined channels of communication for facilitating crisis management.

The planning and coordination of supervisory activities referred to in point (c) includes exceptional measures referred to in Article 132(3)(b), the preparation of joint assessments, the implementation of contingency plans and communication to the public.’;

(b) the following paragraph is added:


The consolidating supervisor and the competent

authorities responsible for the supervision of subsidiar­ ies of an EU parent credit institution or an EU parent financial holding company in a Member State shall do everything within their power to reach a joint decision on the application of Articles 123 and 124 to determine the adequacy of the consolidated level of own funds held by the group with respect to its financial situation and risk profile and the required level of own funds for the application of Article 136(2) to each entity within the

banking group and on a consolidated basis.

The joint decision shall be reached within four months after submission by the consolidating supervisor of a report containing the risk assessment of the group in accordance with Articles 123 and 124 to the other rel­ evant competent authorities. The joint decision shall also duly consider the risk assessment of subsidiaries per­ formed by relevant competent authorities in accordance with Articles 123 and 124.

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