Article 13 | Delegated Regulation 2023/2175 | judict

Updated 05/02/2025

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SECR Tool Delegated Regulation 2023/2175

Article 13

Article 13 - Delegated Regulation 2023/2175

Article 13

Transactions for which the retention requirement does not apply, as referred to Article 6(6) of Regulation (EU) 2017/2402

Transactions for which the retention requirement does not apply, as referred to in Article 6(6) of Regulation (EU) 2017/2402, shall include securitisation positions in the correlation trading portfolio which are either reference instruments as referred to in Article 338(1), point (b), of Regulation (EU) No 575/2013 or which are eligible for inclusion in the correlation trading portfolio.

Table of contents

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