Article 122A of the CRD provides new requirements to be fulfilled by credit institutions when acting in a particular capacity, such as originator or sponsor, and also when investing in securitisations. These include retention on an ongoing basis of a material net economic interest of not less than 5%, due diligence and disclosure. Following the amendments made to the CRD relating to securitisations, CEBS is required to issue guidelines ensuring convergence of supervisory practices with regard to the application of Article 122A. In particular, guidance is required on the implementation of the retention clause by the originator, the sponsor or original lender and on the due diligence and risk management practices that credit institutions are asked to carry out when investing in securitisation positions. CEBS expects members to adopt the guidelines into their national supervisory framework and apply them from 1st January 2011 when the new Directive's provisions come into force.