Question ID:
Legal Act:
Regulation (EU) No 575/2013 (CRR)
Securitisation and Covered Bonds
244 and 268
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations:
Not applicable
Disclose name of institution / entity:
Type of submitter:
Competent authority
Subject Matter:
Treatment of multi-seller securitisations in CRR

It is not clear from the provisions of the CRR how to treat multi-seller securitisations. 

Multi-seller securitisations are those securitisations where there is more than one originator. That is, the underlying pool of the transaction comes from more than one single entity and the originators retaining the securitisation positions are exposed to the risk of the joined portfolio and not only to the risk of the portfolio they have transferred to the SSPE. 

In those cases: Should  each originator be considered as such and consider that the significant credit risk associated with its securitised exposures has been transferred to third parties in accordance with Article 244(1)(a), and therefore originators should treat their retained securitisation positions as a positions subject to the securitisation framework? Or should all the originators be considered as investors in the securitisation due to the fact that the proportion of the assets that each originator has transferred to the SSPE represents a minimum share of the overall portfolio in the SSPE?


Would that treatment also apply in those cases where the originators retain all the asset backed securities issued in the securitisation (liquidity purpose securitisation)?


Would the originators be considered as such for the purpose of the overall cap under Article 268?


Should any dominant entity contributing with a majority of assets in the pool be subject to the general SRT rules and the rest of originators be considered as investors? Which percentage should be considered to trigger such a dominant position?

Background on the question:

The treatment of this kind of securitisation is not sufficiently clear in the CRR.

Date of submission:
Question under review
Answer prepared by:
Answer prepared by the European Commission because it is a matter of interpretation of Union law.