Article 1
Scope
1. This Regulation shall apply to the sales and transfers by credit institutions established in the Union of credit agreements that are classified as non-performing exposures in accordance with Article 47a of Regulation (EU) No 575/2013 of the European Parliament and of the Council (11) that those credit institutions hold in their banking book, rather than in their trading book as defined in Article 4(1), point (86), of Regulation (EU) No 575/2013, and, that meet the time criteria set out in Article 16(7) of Directive (EU) 2021/2167.
2. This Regulation shall not apply to the following:
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(a) |
sales of non-performing credit agreements as part of sales of branches, sales of business lines or sales of clients’ portfolios which are not limited to non-performing credit agreements and transfers of non-performing credit agreements as part of an ongoing restructuring operation of the selling credit institution within insolvency, resolution or liquidation proceedings; |
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(b) |
sales or transfers of non-performing credit agreements through securitisation, where Regulation (EU) 2017/2402 applies and the provision of the related information is governed by Delegated Regulation (EU) 2020/1224 and Implementing Regulation (EU) 2020/1225; |
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(c) |
sales or transfers of non-performing credit agreements pursuant to credit default swap, total return swap and other derivative contracts, contracts of insurance and sub-participation contracts; |
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(d) |
sales or transfers of non-performing credit agreements pursuant to a financial collateral arrangement as defined in Article 2(1), point (a), of Directive 2002/47/EC of the European Parliament and of the Council (12) or a transaction that would be a securities financing transaction as defined in Article 4(1), point (139) of Regulation (EU) No 575/2013. |
(11) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
(12) Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p. 43).