securitisation

as defined in Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12…, Article 2, point (1) (Definitions)

(1)

‘securitisation’ means a transaction or scheme, whereby the credit risk associated with an exposure or a pool of exposures is tranched, having all of the following characteristics:

(a)	payments in the transaction or scheme are dependent upon the performance of the exposure or of the pool of exposures;

(b)	the subordination of tranches determines the distribution of losses during the ongoing life of the transaction or scheme;

(c)	the transaction or scheme does not create exposures which possess all of the characteristics listed in Article 147(8) of Regulation (EU) No 575/2013.

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Also defined in

Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European Green Bonds and… 32023R2631, Article 2, point (18)
securitisation as defined in Article 2, point (1), of Regulation (EU) 2017/2402
CRR 32013R0575, Article 4(1), point (61)
a transaction or scheme, whereby the credit risk associated with an exposure or pool of exposures is tranched, having both of the following characteristics: (a) payments in the transaction or scheme are dependent upon the performance of the exposure or pool of exposures; (b) the subordination of…
Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit… 32013L0036, Article 3(1), point (50)
securitisation as defined in point (61) of Article 4(1) of Regulation (EU) No 575/2013
Regulation (EC) No 24/2009 of the European Central Bank of 19 December 2008 concerning statistics on the assets and… 32009R0024, Article 1, point (2)
a transaction or scheme whereby an asset or pool of assets is transferred to an entity that is separate from the originator and is created for or serves the purpose of the securitisation and/or the credit risk of an asset or pool of assets, or part thereof, is transferred to the investors in the…
Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and… 32006L0048, Article 4, point (36)
a transaction or scheme, whereby the credit risk associated with an exposure or pool of exposures is tranched, having the following characteristics: (a) payments in the transaction or scheme are dependent upon the performance of the exposure or pool of exposures; and (b) the subordination of…