Further to release by the European Banking Authority (EBA) in December 2013 of a draft of the Delegated Regulation required under the Capital Requirements Directive IV and Regulation (CRD IV / CRR) relating to the securitisation risk-retention provisions contained in (what is now) Articles 405-409 of CRR in December 2013 (see Editions 8 and 5 of this Briefing), the European Commission has now released the final version of the Delegated Regulation (together with a set of eight other key Delegated Regulations required under CRR setting out detailed implementing measures for specific aspects of the legislation, although none of the others relate specifically to securitisation). The final Delegated Regulation supplementing CRR by way of Regulatory Technical Standards specifying the requirements for investor, sponsor and original lenders and originator institutions relating to exposures to transferred credit risk do not differ significantly from the draft version submitted to the Commission by the EBA, but some key additions, clarifications and changes have been made, which are noted in our Feature piece which sets out a more detailed summary of the final Delegated Regulation. The Delegated Regulation(s) will not be finalised until they are published in the Official Journal of the EU, and they are expected to take effect 20 days after that date. We outlined the securitisation aspects of the UK rules implementing CRD IV / CRR in Edition 8 of this Briefing. 

Useful links

European Commission: Delegated Regulation supplementing CRR by way of Regulatory Technical Standards specifying the requirements for investor, sponsor, original lenders and originator institutions relating to exposures to transferred credit risk European Commission: Announcing the publication of 9 RTS