CMU Newsflash: Securitisation rules published in the Official Journal

​The final texts of Securitisation Regulation (EU) 2017/2402 and CRR Amendment Regulation (EU) 2017/2401 have been published in the Official Journal of the EU (OJ).

The second half of December 2017 saw a flurry of activity in relation to regulations applicable to securitisations. On 28 December 2017, the following documents were published in the Official Journal:

  • The Securitisation Regulation - Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012.
  • The CRR Amendment Regulation - Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms.

Both regulations will enter into force on 17 January 2018 (that is, the twentieth day following publication in the OJ) and will apply from 01 January 2019.

The development of secondary level legislation, supplementing the terms of the Securitisation Regulation is also well underway.

EBA consultations

On 15 December 2017, the European Banking Authority (EBA) published two consultation papers on draft regulatory technical standards (RTS) on:

Each consultation launched by the EBA will run until 15 March 2018. The EBA has also organised a public hearing on both consultation papers on 19 February 2018.

ESMA consultations

On 19 December 2017, the European Securities and Markets Authority (ESMA) published three consultation papers on draft RTS on:

The ESMA consultations will run until 19 March 2018.

Once the consultations close, ESMA and EBA will review all comments and publish final reports containing the final version of each RTS, which will then be sent to the European Commission for adoption. Each RTS will become law once published in the Official Journal of the EU.

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