Article 43a
Transitional provisions for STS on-balance-sheet securitisations
1.
In respect of synthetic securitisations for which the credit protection agreement has become effective before 9 April 2021, originators and SSPEs may use the designation ‘STS’ or ‘simple, transparent and standardised’, or a designation that refers directly or indirectly to those terms, only where the requirements set out in Article 18 and the conditions set out in paragraph 3 of this Article are complied with at the time of the notification referred to in Article 27(1).
2.
Until the date of application of the regulatory technical standards referred to in Article 27(6), originators shall, for the purposes of the obligation set out in Article 27(1), make the necessary information available to ESMA in writing.
3.
Securitisations the initial securitisation positions of which were created before 9 April 2021 shall be considered to be STS provided that:
(a)
they met, at the time of the creation of the initial securitisation positions, the requirements set out in Articles 26b(1) to (5), (7) to (9) and (11) and (12), Articles 26c(1) and (3), Article 26e(1), the first subparagraph of Article 26e(2), the third and fourth subparagraph of Article 26e(3), and Articles 26e(6) to (9); and
(b)
they meet, as of the time of notification pursuant to Article 27(1), the requirements set out in Articles 26b(6) and (10), Articles 26c(2) and (4) to (10), Articles 26d(1) to (5) and the second to seventh subparagraph of Article 26e(2), the first, second and fifth subparagraph of Article 26e(3) and Articles 26e(4) and (5).
4.
For the purposes of point (b) of paragraph 3 of this Article, the following shall apply:
(a)
in Article 26d(2), ‘prior to the closing of the transaction’ shall be deemed to read ‘prior to notification under Article 27(1)’;
(b)
in Article 26d(3), ‘before the pricing of the securitisation’ shall be deemed to read ‘prior to notification under Article 27(1)’;
(c)
in Article 26d(5):
(i)
in the second sentence, ‘before pricing’ shall be deemed to read ‘prior to notification under Article 27(1)’;
(ii)
in the third sentence, ‘before pricing at least in draft or initial form’ shall be deemed to read ‘prior to notification under Article 27(1)’;
(iii)
the requirement set out in the fourth sentence shall not apply;
(iv)
references to compliance with Article 7 shall be construed as if Article 7 applied to those securitisations notwithstanding Article 43(1).