Circular CSSF 24/868 is a CSSF circular regarding amendments to Circular CSSF 19/719: Implementing the EBA Guidelines on the STS criteria for non-ABCP securitisation and the STS criteria for ABCP securitisation, published 9 December 2024.
\nRelevant for: Securitisation undertakings.
\nAmends Circular CSSF 19/719.
\nCircular CSSF 24/868 Regarding amendments to Circular CSSF 19/719 implementing the EBA Guidelines on the STS criteria for non-ABCP securitisation and the STS criteria for ABCP securitisation To all originators, original lenders, sponsors, securitisation special purpose entities, investors and third parties verifying simple, transparent and standardised (STS) compliance
\nLuxembourg, 9 December 2024 Ladies and Gentlemen, We inform you that the aforementioned Circular CSSF 19/719 has been amended to take into account the amendments provided for by the following guidelines of the European Banking Authority (EBA): Guidelines on the STS criteria for on-balance-sheet securitisation and amending Guidelines EBA/GL/2018/08 and EBA/GL/2018/09 on the STS criteria for ABCP and non-ABCP securitisation (EBA/GL/2024/05)
\nPlease find attached the amended version of the aforementioned Circular CSSF 19/719.
\nYours faithfully,
\nAnnex
\nCircular CSSF 19/719 implementing the EBA Guidelines on the STS criteria for non-ABCP securitisation and the STS criteria for ABCP securitisation (amended version)
\nCircular CSSF 19/719 as amended by Circular CSSF 24/868 Implementation of the EBA Guidelines on the STS criteria for nonABCP securitisation and the STS criteria for ABCP securitisation To all originators, original lenders, sponsors, securitisation special purpose entities, investors and third parties verifying simple, transparent and standardised (STS) compliance
\nLuxembourg, 15 May 2019 Ladies and Gentlemen, On 12 December 2018, the European Banking Authority (EBA) issued guidelines (EBA/GL/2018/08 and EBA/GL/2018/09) in accordance with Articles 19(2) and 23(3) of Regulation 2017/2402 1 (hereinafter the “Guidelines”) on the harmonised interpretation and application of the STS criteria (Simple, Transparent and Standardised) set out in Articles 20, 21 and 22 of Regulation 2017/2402 for non-ABCP securitisation (Asset Backed Commercial Papers) and of the STS criteria set out in Articles 24, 25 and 26 of Regulation (EU) 2017/2402 for ABCP securitisation. The main objective of the Guidelines is to provide a single point of consistent interpretation of the STS criteria and ensure a common understanding of them across the European Union by the originators, original lenders, sponsors, securitisation special purpose entities (SSPEs), investors, competent authorities and third parties verifying compliance with STS criteria in accordance with Article 28 of Regulation 2017/2402. The Guidelines will be applied on a cross-sectoral basis throughout the European Union with the aim of facilitating the adoption of the STS criteria, which is one of the prerequisites for the application of a more differentiated and risk-sensitive regulatory treatment of exposures to securitisations under the new securitisation framework. The Guidelines will enter into force on 15 May 2019. The Guidelines are annexed to this circular. They are also available on the EBA’s website at: Guidelines on the STS criteria for ABCP and non-ABCP securitisation | European Banking Authorityhttps://eba.europa.eu/documents/10180/2519490/Guidelines+on+STS+criteria+for+AB CP+securitisation%29.pdf Guidelines on the STS criteria for ABCP and non-ABCP securitisation | European Banking Authority https://eba.europa.eu/documents/10180/2519490/Guidelines+on+STS+criteria+for+nonABCP+securitisation.pdf On 27 May 2024, the EBA issued guidelines (EBA/GL/2024/05) in accordance with Article 26a(2) of Regulation 2017/2402 (hereinafter the “New Guidelines”) on the STS criteria for on-balance sheet securitisation and amending the Guidelines.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
"}