European Commission 13 March 2014, Commission Delegated Regulation (EU) No 625/2014 of 13 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council by way of regulatory technical standards specifying the requirements for investor, sponsor, original lenders and originator institutions relating to exposures to transferred credit risk Text with EEA relevance

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European Union · · · Cited by 53 · 13-03-2014

CHAPTER I. DEFINITIONS AND EXPOSURE TO THE RISK OF A SECURITISATION
Article 1. Definitions
CHAPTER II. EXPOSURE TO THE CREDIT RISK OF A SECURITISATION POSITION
Article 2. Particular cases of exposure to the credit risk of a securitisation position
CHAPTER III. RETENTION OF NET ECONOMIC INTEREST
Article 3. Retainers of material net economic interest
Article 4. Fulfilment of the retention requirement through a synthetic or contingent form of retention
Article 5. Retention option (a): pro rata retention in each of the tranches sold or transferred to investors
Article 6. Retention option (b): retention of the originator's interest for revolving exposures
Article 7. Retention option (c): retention of randomly selected exposures
Article 8. Retention option (d): retention of the first loss tranche
Article 9. Retention option (e): retention of a first loss in every securitised exposure
Article 10. Measurement of the level of retention
Article 11. Measurement of retention for the undrawn amounts in exposures in the form of credit facilities
Article 12. Prohibition of hedging or selling the retained interest
Article 13. Exemptions to Article 405(1) of Regulation (EU) No 575/2013
Article 14. Retention on a consolidated basis
CHAPTER IV. DUE DILIGENCE REQUIREMENTS FOR INSTITUTIONS BECOMING EXPOSED TO A SECURITISATION POSITION
Article 15. Outsourcing and other general considerations
Article 16. Specification of risk characteristics and structural features
Article 17. Frequency of review
Article 18. Stress Tests
Article 19. Exposures in the trading book and non-trading book
Article 20. Positions in the correlation trading portfolio
CHAPTER V. REQUIREMENTS FOR ORIGINATORS, SPONSORS AND ORIGINAL LENDERS
Article 21. Policies for credit granting
Article 22. Disclosure of the level of the commitment to maintain a net economic interest
Article 23. Disclosure of materially relevant data
CHAPTER VI. FINAL PROVISIONS
Article 24. Entry into force

13.6.2014

Official Journal of the European Union

L 174/16

COMMISSION DELEGATED REGULATION (EU) No 625/2014

of 13 March 2014

supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council by way of regulatory technical standards specifying the requirements for investor, sponsor, original lenders and originator institutions relating to exposures to

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