Article 13 | Delegated Regulation 625/2014 | judict

Updated 05/02/2025

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No longer in force since 06/11/2023

Version from: 28/10/2015

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CRR Tool Delegated Regulation 625/2014

Article 13

Article 13 - Delegated Regulation 625/2014

Article 13

Exemptions to Article 405(1) of Regulation (EU) No 575/2013

The transactions referred to in Article 405(4) of Regulation (EU) No 575/2013 shall include securitisation positions in the correlation trading portfolio which are reference instruments satisfying the criterion in Article 338(1)(b) of Regulation (EU) No 575/2013 or are eligible for inclusion in the correlation trading portfolio.

Table of contents

CHAPTER I - DEFINITIONS AND EXPOSURE TO THE RISK OF A SECURITISATION (Article 1)

CHAPTER II - EXPOSURE TO THE CREDIT RISK OF A SECURITISATION POSITION (Article 2)

CHAPTER III - RETENTION OF NET ECONOMIC INTEREST (Article 3-14)Article 3 - Retainers of material net economic interest Article 4 - Fulfilment of the retention requirement through a synthetic or contingent form of retention Article 5 - Retention option (a): pro rata retention in each of the tranches sold or transferred to investors Q&A Article 6 - Retention option (b): retention of the originator's interest for revolving exposures Article 7 - Retention option (c): retention of randomly selected exposures Article 8 - Retention option (d): retention of the first loss tranche Article 9 - Retention option (e): retention of a first loss in every securitised exposure Article 10 - Measurement of the level of retention Article 11 - Measurement of retention for the undrawn amounts in exposures in the form of credit facilities Article 12 - Prohibition of hedging or selling the retained interest Article 13 - Exemptions to Article 405(1) of Regulation (EU) No 575/2013 Article 14 - Retention on a consolidated basis

CHAPTER IV - DUE DILIGENCE REQUIREMENTS FOR INSTITUTIONS BECOMING EXPOSED TO A SECURITISATION POSITION (Article 15-20)

CHAPTER V - REQUIREMENTS FOR ORIGINATORS, SPONSORS AND ORIGINAL LENDERS (Article 21-23)

CHAPTER VI - FINAL PROVISIONS (Article 24)