1. For the purposes of Article 135(2)(a) of Directive 2009/138/EC, the originator, sponsor or original lender shall retain, on an ongoing basis a material net economic interest which in any event shall not be less than 5 %, as specified in paragraph 2 of this Article, and shall explicitly disclose that commitment to the insurance or reinsurance undertaking in the documentation governing the investment.
2. Only the following retentions shall qualify as retentions of a material net economic interest of not less than 5 %:
(a) the retention of no less than 5 % of the nominal value of each of the tranches sold or transferred to investors;
(b) in the case of securitisations of revolving exposures within the meaning of Article 242(12) of Regulation (EU) No 575/2013, the retention of the originator's interest of no less than 5 % of the nominal value of the securitised exposures;
(c) the retention of randomly selected exposures, equivalent to no less than 5 % of the nominal value of the se