Simple, Transparent and Standardised Securitisation (STS Securitisation) as a Specific Type of Securitisation under the Regulation 2017/2402

Przemysław Katner

Abstract


The securitisation market worth trillions of dollars collapsed during the financial crisis of 2007–2009 and for many years its volume remained quite low in the European Union, i.a. due to lack of confidence in securitisation products. The purpose of this article is to draw attention to simple, transparent and standardised securitisation (STS securitisation), almost unnoticed in Polish doctrine, being a specific type of securitisation that has appeared lately and develops in the European Union, including Poland, as a way to revive the securitisation. In the course of considerations, after a brief presentation of securitisation, its development and collapse, attention is turned to the Regulation (EU) 2017/2402 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/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) no. 1060/2009 and (EU) no. 648/2012 (OJ EU L 347/35) and the premises it contains that must be met so that the securitisation could be designated as “STS” or “simple, transparent and standardised”. The remarks are especially focused on requirements of due diligence, transparency, risk-retention, simplicity and standardisation. The article ends with conclusions on the effectiveness of the adopted solutions in the economic sphere as well as with respect to the unification of securitisation law in the Member States and the restoration of credibility for securitisation in the European Union.


Keywords


securitisation; STS securitisation; Regulation (EU) 2017/2402; requirements of due diligence

References


LITERATURE

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LEGAL ACTS

Act of 21 July 2006 on Financial Market Supervision (consolidated text Journal of Laws 2020, item 180 as amended).

Commission delegated Regulation (EU) 2019/1851 of 28 May 2019 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards on the homogeneity of the underlying exposures in securitisation (OJ EU L 285/1).

Regulation (EU) no. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) no. 648/2012 (OJ EU L 176/1).

Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) no. 575/2013 on prudential requirements for credit institutions and investment firms (OJ EU L 347/1).

Regulation (EU) 2017/2402 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/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) no. 1060/2009 and (EU) no. 648/2012 (OJ EU L 347/35).

CASE LAW

Resolution of the Supreme Court of 29 November 2007, III CZP 101/07, OSNC 2008, no. 11, item 129.

Resolution of the Supreme Court of 7 October 2009, III CZP 65/09, OSNC 2010, no. 4, item 51.




DOI: http://dx.doi.org/10.17951/sil.2020.29.5.103-116
Data publikacji: 2020-12-31 13:57:40
Data złożenia artykułu: 2020-06-18 10:42:26


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