Updated 05/02/2025
In force since 07/11/2023

Initial Legal Act
References (7)
eba.europa.eu/activities/single-rulebook/regulatory-activities/securitisation-and-covered-bonds/regulatory-2
eba.europa.eu/regulatory-technical-standards-risk-retention
18/10/2023
Delegated Regulation 2023/2175 published in OJ
01/04/2022
EBA/RTS/2022/04
Final Draft published
30/06/2021
EBA/CP/2021/27
Consultation published
31/07/2018
EBA/RTS/2018/01
Final Draft published
15/12/2017
EBA/CP/2017/22
Consultation published
Search within this legal act
SECR ToolDelegated Regulation 2023/2175

Delegated Regulation 2023/2175

Commission Delegated Regulation (EU) 2023/2175 of 7 July 2023 on supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying in greater detail the risk retention requirements for originators, sponsors, original lenders, and servicers

RecitalsArticle 1 - DefinitionsArticle 2 - Retainers of a material net economic interestArticle 3 - Fulfilment of the retention requirement through a synthetic or contingent form of retentionArticle 4 - Retention equivalent to not less than 5 % of the nominal value of each of the tranches sold or transferred to investorsArticle 5 - Retention of the originator’s interest in a revolving securitisation or securitisation of revolving exposuresArticle 6 - Retention of randomly selected exposures equivalent to no less than 5 % of the nominal value of the securitised exposuresArticle 7 - Retention of the first loss trancheArticle 8 - Retention of a first loss exposure of not less than 5 % of every securitised exposureArticle 9 - Application of the retention options on traditional NPE securitisationsArticle 10 - Measurement of the level of retentionArticle 11 - Measurement of the material net economic interest to be retained for exposures in the form of drawn and undrawn amounts of credit facilitiesArticle 12 - Prohibition of hedging or selling the retained interest Q&AArticle 13 - Transactions for which the retention requirement does not apply, as referred to Article 6(6) of Regulation (EU) 2017/2402Article 14 - Retention on a consolidated basisArticle 15 - Requirements on the allocation of cash flows and losses to the retained interest and on fees payable to the retainerArticle 16 - Fulfilment of the retention requirement in securitisations of own issued debt instrumentsArticle 17 - Retention requirement in resecuritisationsArticle 18 - Assets transferred to the SSPEArticle 19 - Expertise requirement on the servicer of traditional NPE securitisationsArticle 20 - RepealArticle 21 - Entry into force