What changed between the draft committee report and the plenary report

Added:(e) the relevant members of the European System of Central Banks (ESCB), including the European Central Bank (ECB) in carrying out its tasks within a single supervisory mechanism under Regulation (EU) No 1024/2013;

Added:(f) the relevant authorities whose respective supervisory responsibilities and mandates cover transactions, markets, participants and assets which fall within the scope of this Regulation;

Added:(g) the resolution authorities designated under Article 3 of Directive 2014/59/EU of the European Parliament and the Council;

Added:(h) the Single Resolution Board established by Regulation (EU) No 806/2014 of the European Parliament and of the Council;

Added:(i) the authorities referred to in Article 29 of this Regulation;

Added:(j) the Commission, upon request;

Added:(k) in case of public securitisations, investors and potential investors.’

Added:(b) in paragraph 2, point (a) is deleted.

Added:(8) Article 20 is amended as follows:

Added:(-a) paragraph 1 is replaced by the following:

Added:‘1. The title to the underlying exposures shall be acquired by the SSPE or, in the case of securitisations of trade receivables where no SSPE is used, by the buyer of the underlying exposures, by means of a true sale or assignment or transfer with the same legal effect in a manner that is enforceable against the seller or any other third party. The transfer of the title to the SSPE or, in the case of securitisations of trade receivables where no SSPE is used, to the buyer of the underlying exposures, shall not be subject to severe clawback provisions in the event of the seller’s insolvency.

Added:The buyer of the underlying exposers for the purposes of this Article and Article 27 shall be a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013’;

Added:(-aa) in paragraph 2, point (b) is replaced by the following:

Added:‘(b) provisions where the SSPE or, in the case of securitisations of trade receivables where no SSPE is used, the buyer of the underlying exposures, can only prevent the invalidation referred to in point (a) if it can prove that it was not aware of the insolvency of the seller at the time of sale.’;

Added:(-ab) paragraph 7 is replaced by the following:

Added:‘7. The underlying exposures transferred from, or assigned by, the seller to the SSPE or, in the case of securitisations of trade receivables where no SSPE is used, to the buyer of the underlying exposures, shall meet predetermined, clear and documented eligibility criteria which do not allow for active portfolio management of those exposures on a discretionary basis. For the purposes of this paragraph, substitution of exposures that are in breach of representations and warranties shall not be considered active portfolio management. Exposures transferred to the SSPE or, in the case of securitisations of trade receivables where no SSPE is used, to the buyer of the underlying exposures, after the closing of the transaction shall meet the eligibility criteria applied to the initial underlying exposures.’;

Added:(a) in paragraph 8, the following subparagraph is added:

Added:‘A pool of underlying exposures shall be deemed to comply with the first sentence of the first subparagraph where all of the following conditions are met:

Added:(a) at least 70% of the exposures in the pool at origination consists of exposures to SMEs;

Added:(b) all of the exposures in the pool are to obligors established in Member States;

Added:(c) all of the exposures in the pool are underwritten in accordance with standards that apply similar approaches for assessing associated credit risk;

Added:(d) all of the exposures in the pool are serviced in accordance with similar procedures for monitoring, collecting and administering cash receivables;

Added:(e) the overall risk profile of the exposures remains consistent and comparable.’;

Added:(b) ▌paragraph 11 is amended as follows:

Added:(i) the introductory wording is replaced by the following:

Added:‘The underlying exposures shall be transferred to the SSPE or, in the case of securitisations of trade receivables where no SSPE is used, to the buyer of the underlying exposures, after selection without undue delay and shall not include, at the time of selection, exposures in default within the meaning of Article 178(1) of Regulation (EU) No 575/2013 or exposures to a credit-impaired debtor or guarantor, who, to the best of the originator´s or original lender´s knowledge:’;

Added:(ii) ▌ point (a) ▌ is replaced by the following:

Added:‘(a) has been declared insolvent or had a court grant his creditors a final non-appealable right of enforcement or material damages as a result of a missed payment within three years prior to the date of origination or has undergone a debt-restructuring process with regard to his non-peroforming exposures within three years prior to the date of transfer or assignment of the underlying exposures to the SSPE or, in the case of securitisations of trade receivables where no SSPE is used, to the buyer of the underlying exposures, except if:

Added:(i) a restructured underlying exposure has not presented new arrears since the date of the restructuring, which must have taken place at least one year prior to the date of transfer or assignment of the underlying exposures to the SSPE or, where relevant, to the buyer of the underlying exposures; and

Added:(ii) the information provided by the originator, sponsor or SSPE explicitly sets out the proportion of restructured underlying exposures, the time and details of the restructuring, and their performance since the date of the restructuring;’;

Added:(ba) in paragraph 14, the first subparagraph is replaced by the following:

Added:‘The EBA, in close cooperation with ESMA and EIOPA, shall develop draft regulatory technical standards further specifying which of the underlying exposures referred to in paragraph 8, first, second and third subparagraphs, are deemed to be homogeneous.’;

Added:(9) Article 22 is amended as follows:

Added:(-a) paragraph 1 is replaced by the following:

Added:‘1. The originator and the sponsor shall make available robust data on static and dynamic historical default and loss performance, such as delinquency and default data, ▌for substantially similar exposures to those being securitised, and the sources of those data and the basis for claiming similarity, to potential investors before pricing. Where the sponsor does not have access to such data, it shall obtain access thereto from the seller. The quality of the data shall be such as to enable potential institutional investors to conduct a prudent stress test analysis. Those data shall cover a period of five years, except for data relating to trade receivables and other short-term receivables, for which the historical period shall be no shorter than three years, unless the EBA confirms a shorter period for duly justified reasons.’;

Added:(-ab) in paragraph 2, the following subparagraph is added:

Added:‘In the case of a securitisation where information is disclosed on an aggregated basis in accordance with Article 7(1), the external verification shall focus on the accuracy of the aggregation process and the consistency of the aggregated data with the underlying internal records of the originator.’;

Added:(a) in paragraph 4, the first subparagraph is replaced by the following:

Added:‘In case of a securitisation where the underlying exposures are residential loans or auto loans or leases, the originator and sponsor shall publish the available information related to the environmental performance of the assets financed by such residential loans or auto loans or leases.’;

Added:(b) paragraph 5 is replaced by the following:

Added:‘5. The originator and the sponsor shall be responsible for compliance with Article 7. In case of a public securitisation, the information required by Article 7(1), first subparagraph, point (a), shall be made available to potential investors before pricing upon request. In case of a public securitisation, the information required by Article 7(1), first subparagraph, points (b) to (d), shall be made available before pricing at least in draft or initial form. The final documentation shall be made available to investors at the latest 15 days after closing of the transaction.’;

Added:(10) Article 24 is amended as follows:

Added:(a) in paragraph 9, in point (a), point (ii) is replaced by the following:

Added:‘(ii) the information provided by the originator, sponsor and SSPE explicitly sets out the proportion of restructured underlying exposures, the time and details of the restructuring, and their performance since the date of the restructuring;’;

Added:(aa) paragraph 14 is replaced by the following:

Added:‘14. The originator and the sponsor shall make available robust data on static and dynamic historical default and loss performance, such as delinquency and default data, for substantially similar exposures to those being securitised, and the sources of those data and the basis for claiming similarity, to potential investors before pricing. Where the sponsor does not have access to such data, it shall obtain access thereto from the seller. The quality of the data shall be such as to enable potential institutional investors to conduct a prudent stress test analysis. Those data shall cover a period of five years, except for data relating to trade receivables and other short-term receivables, for which the historical period shall be no shorter than three years, unless the EBA confirms a shorter period for duly justified reasons.’;

Added:(b) in paragraph 15 the following subparagraph is added:

Added:‘A pool of underlying exposures shall be deemed to comply with the first sentence of the first subparagraph where all of the following conditions are met:

Added:(a) at least 70% of the exposures in the pool at origination consists of exposures to SMEs;

Added:(b) all of the exposures in the pool are to obligors established in Member States;

Added:(c) all of the exposures in the pool are underwritten in accordance with standards that apply similar approaches for assessing associated credit risk;

Added:(d) all of the exposures in the pool are serviced in accordance with similar procedures for monitoring, collecting and administering cash receivables;

Added:(e) the overall risk profile of the exposures remains consistent and comparable’.’;

Added:(ba) in paragraph 21, the first subparagraph is replaced by the following:

Added:‘The EBA, in close cooperation with ESMA and EIOPA, shall develop draft regulatory technical standards further specifying which of the underlying exposures referred to in paragraph 15, first to fourth subparagraphs, are deemed to be homogeneous.’;

Added:(11) Article 26b is amended as follows:

Added:(a) in paragraph 7, in the fourth subparagraph, the following points (e) and (f) are added:

Added:‘(e) has been the object of Union restrictive measures or of proven fraudulent practices;

Added:‘(f) has been subject to changes in the national legal framework that would affect the enforceability of the claims of the underlying exposures.’;

Added:(b) ▌ paragraph 8 is amended as follows: