3 changes recorded across 3 versions, newest first.
Amended by Regulation (EU) 2019/2033 32019R2033 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2019/876 32019R0876 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2021/558 32021R0558 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2020/873 32020R0873 on EUR-Lex (external, EUR-Lex)
Applies from: no date changed
Explanation, written by a model and checked against the cited text
The definition list now includes a new point 20 defining synthetic excess spread by reference to point 29 of Article 2 of Regulation (EU) 2017/2402, which was absent before.
Point 19 on promotional entity ends with a semicolon in the earlier version but is followed by the new point 20 and a closing full stop in the later version, reflecting the added definition rather than a change to its own wording.
Cited: Art. 242, v2 (external, EUR-Lex) · Art. 242, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 28 December 2020 02013R0575-20201228 → this version, in force 28 June 2021 02013R0575-20210629
Article 242
Definitions
For the purposes of this Chapter, the following definitions apply:
(1) clean-up call option means a contractual option that entitles the originator to call the securitisation positions before all of the securitised exposures have been repaid, either by repurchasing the … 593 unchanged words … or entity and maintain its viability throughout its lifetime, or that at least 90 % of its original capital or funding or the promotional loan it grants is directly or indirectly guaranteed by the Member State’s central, regional or local government. government;
(20) synthetic excess spread means a synthetic excess spread as defined in point (29) of Article 2 of Regulation (EU) 2017/2402.
Amended by Regulation (EU) 2017/2401 32017R2401 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2019/876 32019R0876 on EUR-Lex (external, EUR-Lex)
Applies from: no date changed
Not in every listWhat this means
Found in the text, but not every source lists it — the text comparison found this change; the EU's own amendment metadata does not list it. The source that does not name it is the EU's own amendment metadata. Both are shown; neither is overruled.
Explanation, written by a model and checked against the cited text
The definitions list has been substantially rewritten: the earlier version's standalone definitions of excess spread, KIRB, ratings based method, supervisory formula method, revolving securitisation and second-loss reference in the first-loss tranche definition are removed, while several remaining terms such as liquidity facility, asset-backed commercial paper programme, traditional securitisation, synthetic securitisation, revolving exposure, early amortisation provision and first loss tranche are redefined by cross-reference to specific points of Article 2 of Regulation (EU) 2017/2402.
New defined terms not present before are added, including credit-enhancing interest-only strip, senior securitisation position, IRB pool, mixed pool, overcollateralisation, simple transparent and standardised securitisation, asset-backed commercial paper transaction, mezzanine securitisation position and promotional entity.
The clean-up call option definition is reworded to describe distinct repurchase and credit-protection-termination mechanics for traditional and synthetic securitisations respectively, replacing the single repurchase-or-extinguish formulation used previously.
Cited: Art. 242, v1 (external, EUR-Lex) · Art. 242, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, on this version's page
no amending act named
Applies from: no date changed
Explanation, written by a model and checked against the cited text
In point (9), the defined term is rephrased from "asset-backed commercial paper (ABCP) programme" to "asset-backed commercial paper programme or ABCP programme", with the same definition following.
In point (14), the phrase "a securitisations of revolving exposures" is corrected to "a securitisation of revolving exposures".
Cited: Art. 242, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, on this version's page