Commission Delegated Regulation (EU) No 625/2014
of 13 March 2014
supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council by way of regulatory technical standards specifying the requirements for investor, sponsor, original lender and originator institutions relating to exposures to transferred credit risk
(Text with EEA relevance) (revoked)

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Regulation revoked (1.11.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pts. 1, 3 (with s. 1(4)); S.I. 2024/891, reg. 2(d)(i)

CHAPTER I DEFINITIONS AND EXPOSURE TO THE RISK OF A SECURITISATION

Article 1 Definitions
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CHAPTER II EXPOSURE TO THE CREDIT RISK OF A SECURITISATION POSITION

Article 2 Particular cases of exposure to the credit risk of a securitisation position
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CHAPTER III RETENTION OF NET ECONOMIC INTEREST

Article 3 Retainers of material net economic interest
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Article 4 Fulfilment of the retention requirement through a synthetic or contingent form of retention
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Article 5 Retention option (a): pro rata retention in each of the tranches sold or transferred to investors
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Article 6 Retention option (b): retention of the originator's interest for revolving exposures
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Article 7 Retention option (c): retention of randomly selected exposures
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Article 8 Retention option (d): retention of the first loss tranche
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Article 9 Retention option (e): retention of a first loss in every securitised exposure
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Article 10 Measurement of the level of retention
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Article 11 Measurement of retention for the undrawn amounts in exposures in the form of credit facilities
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Article 12 Prohibition of hedging or selling the retained interest
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Article 13 Exemptions to Article 405(1) of Regulation (EU) No 575/2013
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Article 14 Retention on a consolidated basis
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CHAPTER IV DUE DILIGENCE REQUIREMENTS FOR INSTITUTIONS BECOMING EXPOSED TO A SECURITISATION POSITION

Article 15 Outsourcing and other general considerations
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Article 16 Specification of risk characteristics and structural features
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Article 17 Frequency of review
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Article 18 Stress Tests
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Article 19 Exposures in the trading book and non-trading book
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Article 20 Positions in the correlation trading portfolio
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CHAPTER V REQUIREMENTS FOR ORIGINATORS, SPONSORS AND ORIGINAL LENDERS

Article 21 Policies for credit granting
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Article 22 Disclosure of the level of the commitment to maintain a net economic interest
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Article 23 Disclosure of materially relevant data
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CHAPTER VI FINAL PROVISIONS

Article 24 Entry into force
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