in force 2021-04-09 INSERTED+2,158 −0§
Amended by Regulation (EU) 2021/557 32021R0557
applies from: unknown (an inserted provision states its own application date only in prose)
A new Article 45a has been inserted, requiring EBA, working closely with ESMA and EIOPA, to publish by 1 November 2021 a report examining the development of a specific sustainable securitisation framework, covering disclosure and due diligence requirements, sustainability-factor content and methodology, alignment with existing sustainable-finance regulations, and possible effects on financial stability and market growth.
The new article also directs EBA to draw on transparency requirements from Regulation (EU) 2019/2088 and seek input from the European Environment Agency and the Joint Research Centre, and directs the Commission to submit a further report to the European Parliament and Council, alongside the Article 46 review, possibly accompanied by a legislative proposal.
Cited: Art. 45a, v2
text before / after
inserted text (02017R2402-20210409)
Article 45a Development of a sustainable securitisation framework 1. By 1 November 2021, EBA, in close cooperation with ESMA and EIOPA, shall publish a report on developing a specific sustainable securitisation framework for the purpose of integrating sustainability-related transparency requirements into this Regulation. That report shall duly assess in particular: (a) the implementation of proportionate disclosure and due diligence requirements relating to potential positive and adverse impacts of the assets financed by the underlying exposures on sustainability factors; (b) the content, methodologies and presentation of information in respect of sustainability factors in relation to positive and adverse impacts on environmental, social and governance-related matters; (c) how to establish a specific sustainable securitisation framework that mirrors or draws upon financial products covered under Articles 8 and 9 of Regulation (EU) 2019/2088 and takes into account, where appropriate, Regulation (EU) 2020/852 of the European Parliament and of the CouncilRegulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJ L 198, 22.6.2020, p. 13).; (d) possible effects of a sustainable securitisation framework on financial stability, the scaling up of the Union securitisation market and of bank lending capacity. 2. In drafting the report referred to in paragraph 1 of this Article, EBA shall where relevant, mirror or draw upon the transparency requirements set out in Articles 3, 4, 7, 8 and 9 of Regulation (EU) 2019/2088 and seek input from the European Environment Agency and the Joint Research Centre of the European Commission. 3. In conjunction with the review report under Article 46, the Commission shall, based on the EBA report referred to in paragraph 1 of this Article, submit a report to the European Parliament and to the Council on the creation of a specific sustainable securitisation framework. The Commission’s report shall, where appropriate, be accompanied by a legislative proposal.