ESMA_QA_273

Status: ⏳ Pending / Forwarded to EC

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/273

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Regulatory Context

Regulation : SECR

Level 1 Regulation: Securitisation Regulation (EU) 2017/2402

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: Securitisation

Subject Matter: Clarification of securitisation characteristics

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Question

Submission Date: 16 June 2021

The “securitisation” is defined as a transaction having several characteristics one of which refers to characteristics listed in Article 147(8) of Regulation (EU) 575/2013. In 147(8) Regulation (EU) 575/2013 one of the characteristics, namely (b) specifies that “the contractual arrangements give the lender a substantial degree of control over the assets and the income that they generate”. Please clarify what is meant by “substantial degree of control over the assets and the income”? Are there any further explanations or clarifications on this matter or is there any practical experience available which could help to set clear criteria of what could be treated as “substantial degree of control” and what could not. Thank you

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ESMA Answer

No answer has been published yet for this question.

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This document was automatically extracted from the ESMA EMIR Q&A database.