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April 10, 2018

EC adopted a Commission Delegated Regulation on simple, transparent, and standardized (STS) securitizations and asset-backed commercial papers (ABCPs), requirements for assets received as part of reverse repurchase agreements, and credit quality assessment methodologies. This regulation amends and supplements amending and supplementing the Money Market Funds Regulation or MMFR (EU Regulation 2017/1131). This regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from July 21, 2018, with the exception of Article 1, which shall apply from January 01, 2019.

Article 11(1) of MMFR allows MMFs to invest in securitizations or ABCPs. A specific incentive is in place to invest in STS securitizations or ABCPs. Since the STS Securitization Regulation (EU 2017/2402) already contains requirements for STS securitizations and ABCPs, MMFR needs to be amended to cross-refer to the provisions of STS Securitization Regulation that contain those requirements. Article 11(4) of the MMF Regulation empowers EC to cross-refer to the criteria identifying STS securitization and ABCPs in the corresponding provisions of Regulation (EU) 2017/24022). The STS Securitization Regulation had not been finalized before the MMF Regulation was adopted. EC is, therefore, empowered to put in a cross-reference to the adopted and published text. The date of application of this delegated regulation should be aligned with the date of application of MMFR to ensure that all rules and requirements apply to MMFs from the same date. The date of application of the amending provision cross-referring to the criteria for STS securitizations and ABCPS should be the same as the date of application of Regulation (EU) 2017/2402. 

 

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Keywords: Europe, EU, Banking, Securities, STS Securitization, ABCP, MMF Regulation, Regulation 2017/1131, EC

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