in force 2021-04-09 MODIFIED+2,373 −11§
Amended by Regulation (EU) 2021/557 32021R0557
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2019-11-27
The list of definitions is extended with nine new points, numbered (24) through (31), covering terms such as non-performing exposure, NPE securitisation, credit protection agreement, credit protection premium, credit protection payment, synthetic excess spread, sustainability factors and non-refundable purchase price discount.
The prior text ended after point (23) on securitisation repository and the related cross-reference to Regulation (EU) No 648/2012, whereas the later text keeps that same point (23) and cross-reference but continues on with the additional definitions.
Cited: Art. 2, v2 · Art. 2, v1
text before / after
32017R2402 → 02017R2402-20210409
Article 2
Definitions
For the purposes of this Regulation, the following definitions apply:
(1) securitisation means a transaction or scheme, whereby the credit risk associated with an exposure or a pool of exposures is tranched, having all of the following characteristics:
(a) payments in … 1,149 unchanged words … maintains the records of securitisations.
For the purpose of Article 10 of this Regulation, references in Articles 61, 64, 65, 66, 73, 78, 79 and 80 of Regulation (EU) No 648/2012 to trade repository shall be construed as references to securitisation repository. repository;
(24) non-performing exposure or NPE means an exposure that meets any of the conditions set out in Article 47a(3) of Regulation (EU) No 575/2013;
(25) NPE securitisation means a securitisation backed by a pool of non-performing exposures the nominal value of which makes up not less than 90 % of the entire pool’s nominal value at the time of origination and at any later time where assets are added to or removed from the underlying pool due to replenishment, restructuring or any other relevant reason;
(26) credit protection agreement means an agreement concluded between the originator and the investor to transfer the credit risk of securitised exposures from the originator to the investor by means of credit derivatives or guarantees, whereby the originator commits to pay an amount, known as a credit protection premium, to the investor and the investor commits to pay an amount, known as a credit protection payment, to the originator in the event that one of the contractually defined credit events occurs;
(27) credit protection premium means the amount the originator has committed to pay to the investor under the credit protection agreement for the credit protection promised by the investor;
(28) credit protection payment means the amount the investor has committed to pay to the originator under the credit protection agreement in the event that a credit event defined in the credit protection agreement occurs;
(29) synthetic excess spread means the amount that, according to the documentation of a synthetic securitisation, is contractually designated by the originator to absorb losses of the securitised exposures that might occur before the maturity date of the transaction;
(30) sustainability factors mean sustainability factors as defined in point (24) of Article 2 of Regulation (EU) 2019/2088 of the European Parliament and of the CouncilRegulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1).;
(31) non-refundable purchase price discount means the difference between the outstanding balance of the exposures in the underlying pool and the price at which those exposures are sold by the originator to the SSPE, where neither the originator nor the original lender are reimbursed for that difference.