Article 18 of Regulation (EU) 2017/2402 (SecReg) requires that “the originator, sponsor and SSPE involved in a securitisation considered STS shall be established in the Union”.

It is unclear whether this provision could be deemed to be fulfilled in the case of originators, sponsors and SSPEs established in an EEA country, instead of an EU member country.

Similarly, it is unclear whether it could be deemed to be fulfilled in the case of an originator, which is an EU branch of a subsidiary established in an EEA State pertaining to a banking group established in the EU.

According to EBA Q&A 233, since Regulation EU No 575/2013 (CRR) and Directive 2013/36/EU (CRD) are texts with EEA relevance, the term "Member State" for the purpose of the CRR and the CRD includes EEA countries as a matter of principle.

Additionally, the EU Commission published the following list containing several Implementing and Delegated acts, mandated in the Securitisation Regulation, which are also with EEA relevance.