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

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.