On 20 April 2018, the European Banking Authority (EBA) published:
- consultation paper on guidelines on STS criteria for non-asset-backed commercial paper (ABCP) securitisation. The draft guidelines have been developed in accordance with Article 19(2) of the Securitisation Regulation which requests the EBA to provide a harmonised interpretation and application of the criteria on simplicity, transparency and standardisation (STS) applicable to non-ABCP securitisation, as set out in Articles 20, 21 and 22 of the Regulation; and
- consultation paper on guidelines on STS criteria for ABCP securitisation. The draft guidelines have been developed in accordance with Article 23(3) of the Securitisation Regulation which requests the EBA to provide a harmonised interpretation and application of the transaction-level and programme-level criteria applicable to ABCP securitisation, as set out in Articles 24 and 26 of the Regulation.
A public hearing on both draft guidelines will take place at the EBA’s premises on 11 June 2018.
The deadline for comments on both consultation papers is 20 July 2018.
Following their finalisation, both guidelines will be translated into the official EU languages and published on the EBA website.