European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) (Amendment) Regulations 2021.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) (Amendment) Regulations 2021.
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paragraphs: In these Regulations “Principal Regulations” means the European Union (General Framework for Securitisation and Specific Framework for Simple, Transparent and Standardised Securitisation) Regulations 2018 ( S.I. No. 656 of 2018 ).
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paragraphs: Regulation 2 of the Principal Regulations is amended by the substitution of the following definition for the definition of “Securitisation Regulation”:
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paragraphs: Regulation 24 of the Principal Regulations is amended in paragraph (1) by the substitution of the following subparagraph for subparagraph (d):
“(d) where the prescribed contravention is a contravention referred to in point (e) or (f), as the case may be, of the first subparagraph of Article 32.1 of the Securitisation Regulation, a temporary ban preventing the originator and sponsor from notifying under Article 27.1 of the Securitisation Regulation that a securitisation meets the requirements set out in Articles 19 to 22, Articles 23 to 26 or Articles 26a to 26e of the Securitisation Regulation;”.
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paragraphs: Regulation 27 of the Principal Regulations is amended in paragraph (2) –
(a) by the substitution of the following subparagraph for subparagraph (c):
“(c) where the contravention is a contravention referred to in point (h) of the first subparagraph of Article 32.1 of the Securitisation Regulation, a temporary withdrawal of the authorisation referred to in Article 28 of the Securitisation Regulation for the third party authorised to check the compliance of a securitisation with Articles 19 to 22, Articles 23 to 26 or Articles 26a to 26e of the Securitisation Regulation;”,
and
(b) by the substitution of the following subparagraph for subparagraph (e):
“(e) where the contravention is a contravention referred to in point (e) or (f), as the case may be, of the first subparagraph of Article 32.1 of the Securitisation Regulation, a temporary ban preventing the originator and sponsor from notifying under Article 27.1 of the Securitisation Regulation that a securitisation meets the requirements set out in Articles 19 to 22, Articles 23 to 26 or Articles 26a to 26e of the Securitisation Regulation;”.
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paragraphs: Section 28 of the Central Bank Act 1997 (No. 8 of 1997) is amended –
(a) in subsection (1) –
(i) by the substitution of the following definition for the definition of ‘retain on an ongoing basis a material net economic interest in the securitisation of not less than 5 per cent’:
“ ‘retain on an ongoing basis a material net economic interest in the securitisation of not less than 5 per cent’ shall be construed in accordance with Article 6 of the Securitisation Regulation;”,
(ii) by the substitution of the following definitions for the definitions of ‘securitisation’, ‘originator’, ‘sponsor’ and ‘original lender’:
“ ‘originator’, ‘sponsor’, ‘original lender’, ‘securitisation’, ‘NPE securitisation’, ‘servicer’ and ‘traditional securitisation’ have the meanings given to them respectively by Article 2 of the Securitisation Regulation;”,
and
(iii) by the insertion of the following definitions:
“ ‘exposure’ and “servicing” have the same meanings, respectively, as in the Securitisation Regulation;
‘Securitisation Regulation’ means Regulation (EU) 2017/24029 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation and amending Directives 2009/65/EC10 , 2009/138/EC11 and 2011/61/EU12 and Regulations (EC) No. 1060/200913 and (EU) No. 648/201214 as amended by Regulation (EU) 2021/557 of the European Parliament and of the Council of 31 March 202115 ,
‘traditional NPE securitisation’ shall be construed in accordance with the Securitisation Regulation;”,
and
(b) in subsection (2A), by the substitution of the following paragraph for paragraph (c):
“(c) either –
(i) the originator, sponsor or original lender of the securitisation, or
(ii) in the case of a traditional NPE securitisation, the servicer, where it can demonstrate that it has expertise in servicing exposures of a similar nature to those securitised and that it has well-documented and adequate policies, procedures and risk-management controls in place relating to the servicing of exposures as required by Article 6 of the Securitisation Regulation,
is required to retain on an ongoing basis a material net economic interest in the securitisation of not less than 5 per cent.”.