in force 2021-04-09 MODIFIED+1,501 −392§
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: 2022-12-31
Paragraph 2 no longer sets out warnings, recommendations, or the follow-up communication duties, and instead ends after describing the ESRB's periodic report on financial stability implications of the securitisation market, with those warning, recommendation, and reporting-of-action elements moved into a new paragraph 4.
A new paragraph 3 has been added requiring the ESRB, in close cooperation with the ESAs, to publish by 31 December 2022 a report assessing the impact of STS on-balance-sheet securitisation on financial stability and related systemic risks, describing what the report must take into account and the data sources the ESRB is to use.
The new paragraph 4 restates the warning and recommendation mechanism under Article 16 of Regulation (EU) No 1092/2010 to cover risks referred to in both paragraphs 2 and 3, and revises the follow-up communication obligation so that it is the addressee of the recommendation, rather than the Commission, the ESAs and the Member States collectively, who must report actions taken within three months.
Cited: Art. 31, v2 · Art. 31, v1
text before / after
32017R2402 → 02017R2402-20210409
Article 31
Macroprudential oversight of the securitisation market
1. Within the limits of its mandate, the ESRB shall be responsible for the macroprudential oversight of the Union’s securitisation market.
2. In order to contribute to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system and taking into account macroeconomic developments, so as to avoid periods of widespread financial distress, the ESRB shall continuously monitor developments in the securitisation markets. Where the ESRB considers it necessary, or and at least every 3 three years, in order to highlight financial stability risks, the ESRB shall, in collaboration cooperation with the EBA, publish a report on the financial stability implications of the securitisation market. If material market in order to highlight financial stability risks.
3. Without prejudice to paragraph 2 of this Article and to the report referred to in Article 44, the ESRB shall, in close cooperation with the ESAs, publish by 31 December 2022 a report assessing the impact of the introduction of STS on-balance-sheet securitisations on financial stability, and any potential systemic risks, such as risks are observed, created by concentration and inter-connectedness among non-public credit protection sellers.
The ESRB report referred to in the first subparagraph shall take into account the specific features of synthetic securitisation, namely its typical bespoke and private character in financial markets, and examine whether the treatment of STS on-balance-sheet securitisation is conducive to overall risk reduction in the financial system and to better financing of the real economy.
When preparing its report, the ESRB shall use a variety of relevant data sources, such as:
(a) data collected by competent authorities in accordance with Article 7(1);
(b) the outcome of reviews carried out by competent authorities in accordance with Article 30(2); and
(c) data held in securitisation repositories in accordance with Article 10.
4. In accordance with Article 16 of Regulation (EU) No 1092/2010, the ESRB shall provide warnings and, where appropriate, issue recommendations for remedial action in response to those the risks pursuant referred to Article 16 in paragraphs 2 and 3 of Regulation (EU) No 1092/2010, this Article, including on the appropriateness of modifying the risk-retention levels, or the taking of other macroprudential measures, to measures.
Within three months of the Commission, date of transmission of the ESAs and to recommendation, the Member States. The Commission, addressee of the ESAs and the Member States recommendation shall, in accordance with Article 17 of Regulation (EU) No 1092/2010, communicate to the ESRB, European Parliament, the European Parliament Council, the Commission and the Council ESRB the actions undertaken it has taken in response to the recommendation and shall provide adequate justification for any inaction within three months of the date of transmission of the recommendation to the addressees. inaction.