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Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (UK Securitisation Regulation) (Assimilated Law)RecitalsChapter 1 General provisions (arts. 1-4)Article 1 Subject matter and scopeArticle 2 DefinitionsArticle 3 Selling of securitisations to retail clientsArticle 4 Requirements for SSPEsChapter 2 Provisions applicable to all securitisations (arts. 5-9)Article 5 Due-diligence requirements for institutional investorsArticle 6 Risk retentionArticle 7 Transparency requirements for originators, sponsors and SSPEsArticle 8 Ban on resecuritisationArticle 9 Criteria for credit-grantingChapter 3 Conditions and procedures for registration of a securitisation repository (arts. 10-17)Article 10 Registration of a securitisation repositoryArticle 11 Notification and consultation with competent authorities prior to registration or extension of registrationArticle 12 Examination of the applicationArticle 13 Publication and notification of decisionsArticle 13a Withdrawal of registrationArticle 14 TribunalArticle 15 Enforcement provisions relating to securitisation repositoriesArticle 16 Supervisory feesArticle 17 Availability of data held in a securitisation repositoryChapter 4 Simple, transparent and standardised securitisation (arts. 18-28)Article 18 Use of the designation 'simple, transparent and standardised securitisation'Section 1 Requirements for simple, transparent and standardised non-ABCP securitisation (arts. 19-22)Article 19 Simple, transparent and standardised securitisationArticle 20 Requirements relating to simplicityArticle 21 Requirements relating to standardisationArticle 22 Requirements relating to transparencySection 2 Requirements for simple, transparent and standardised ABCP securitisation (arts. 23-26)Article 23 Simple, transparent and standardised ABCP securitisationArticle 24 Transaction-level requirementsArticle 25 Sponsor of an ABCP programmeArticle 26 Programme-level requirementsSection 3 STS notification (arts. 27-28)Article 27 STS notification requirementsArticle 28 Third party verifying STS complianceChapter 4A STS equivalent non-UK securitisations (art. 28A)Article 28A Designation of country or territory in relation to securitisationsChapter 5 Supervision (arts. 29-37)Article 29 Designation of competent authoritiesArticle 30 Powers of the competent authoritiesArticle 31 Macroprudential oversight of the securitisation marketArticle 32 Administrative sanctions and remedial measuresArticle 33 Exercise of the power to impose administrative sanctions and remedial measuresArticle 34 Criminal sanctionsArticle 35 Notification dutiesArticle 36 Cooperation between competent authorities and the ESAsArticle 37 Publication of administrative sanctionsChapter 6 Amendments (arts. 38-42)Article 38 Amendment to Directive 2009/65/ECArticle 39 Amendment to Directive 2009/138/ECArticle 40 Amendment to Regulation (EC) No 1060/2009Article 41 Amendment to Directive 2011/61/EUArticle 42 Amendment to Regulation (EU) No 648/2012Article 43 Transitional provisionsArticle 44 ReportsArticle 45 Synthetic securitisationsArticle 46 ReviewArticle 47 Exercise of the delegationArticle 48 Entry into forceDone at
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Version status: In force | Document consolidation status: Assimilated law updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 2 of 2

Article 23 Simple, transparent and standardised ABCP securitisation

1. An ABCP transaction shall be considered STS where it complies with the transaction-level requirements provided for in Article 24.

2. An ABCP programme shall be considered STS where it complies with the requirements provided for in Article 26 and the sponsor of the ABCP programme complies with the requirements provided for in Article 25.

For the purpose of this Section, a ‘seller’ means ‘originator’ or ‘original lender’.

3. [deleted]

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