Featured Product

    EC Adopts STS Securitization and ABCP Regulation Amending MMFR

    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. 

     

    Related Links

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

    Related Articles
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    IAIS Statement on Monitoring Period of Insurance Capital Standard

    IAIS published a statement from its Secretary General Jonathan Dixon on the Insurance Capital Standard (ICS) monitoring period.

    February 21, 2020 WebPage Regulatory News
    News

    EC Consults on Review of Non-Financial Reporting Directive

    EC is launched a consultation on the review of the Non-Financial Reporting Directive or NFRD (Directive 2014/95/EU, as part of its strategy to strengthen sustainable investment in Europe.

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Standards for Supervisory Reporting Under PEPP Rule

    EIOPA is consulting on the implementing technical standards for supervisory reporting and cooperation, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation (Regulation 2019/1238).

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Publishes Statement on Adverse Interest Rate Environment

    EIOPA published a supervisory statement on the impact of the ultra-low or negative interest rate environment on the insurance sector in EU.

    February 20, 2020 WebPage Regulatory News
    News

    ECB Report on Transfer of Liquidity from EONIA Products to €STR

    ECB published a report on the transfer of liquidity from the cash and derivatives products of the Euro Overnight Index Average (EONIA) to the Euro Short-Term Rate (€STR).

    February 19, 2020 WebPage Regulatory News
    News

    ESRB Publishes Report on Systemic Cyberattacks

    ESRB published a report that explores systemic implications of cyber incidents, such as cyberattacks.

    February 19, 2020 WebPage Regulatory News
    News

    FSB Chair Sets Out Key Deliverables for G20 Presidency of Saudi Arabia

    FSB published a letter from the Chair Randal K. Quarles to the G20 finance ministers and Central Bank governors ahead of the meetings in Riyadh on February 22-23.

    February 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4720