As also stated in the EBA Q&A 233, Regulation EU No 575/2013 (CRR) and Directive 2013/36/EU (CRD) are texts with EEA relevance so that the term 'Member State' for the purpose of the CRR and the CRD include EEA countries as a matter of principle.

Even though the Securitisation Regulation is a text with EEA relevance, EEA European Free Trade Association (EFTA) countries would be considered as part of the Union for the purposes of SECR only after formally incorporating the SECR.

Considering the above, pending incorporation of the SECR into the EEA agreement, an originator established in an EEA country could not qualify for STS because, at the time the answer to this Q&A was drafted, the term ‘established in the Union’ does not include the EEA countries.

According to the information available on the EFTA website at the time the answer to this Q&A was drafted, the term ‘established in the Union’ does not include the EEA countries the SECR was still in the incorporation process. An EU legal act needs to have been incorporated in the EEA agreement and to have entered into force in all three EEA EFTA states to be considered in force in the EEA. The Securitisation Regulation was incorporated on 1 August, 2025 (see https://www.efta.int/eea-lex/32017r2402). Therefore, the term ‘established in the Union’ includes the EEA countries as of that date.

Disclaimer: This answer clarifies provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation, nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.