Verband der Automobilindustrie e.V.; Banken der Automobilwirtschaft; CCFA
We are missing a specification in respect of the definition of originator. To our knowledge it was intended to add a specification defining which entity should be qualified as originator under Regulation (EU) [XXX/201X]. Furthermore, it would be very helpful if EBA could add a clarification on the interaction between the qualification as originator in Regulation (EU) No 575/2013 and the qualification as originator under Regulation (EU) [XXX/201X].
We do not see any need for including such disclosure provisions into the draft technical standards as such disclosure is already market practice.
Yes, they are helpful for clarification purposes.
Yes, they are indeed useful. In particular, Article 12(3) of the draft technical standards is relevant for any collateral in connection with central bank financing or repo transactions. Once the retainer defaults under the secured funding transaction, the counterparty would probably enforce on the collateral by either collecting interest or redemption from the retained securitization positions or selling them into the market. So, the effect would probably be identical to what an insolvency administrator would do if the retainer became insolvent.
Not relevant for auto ABS.
Yes, they are.
No, we do not consider it necessary.
No, because the scope of application of the wording which is set out in Article 5(1)(a) of Commission Delegated Regulation (EU) No 625/2014 relating to revolving securitisations was already not clear and therefore impractical.
In our opinion it would be very difficult to give guidance on what constitutes a significantly lower performance. Such guidance would have to be given for each class of assets. Furthermore, such guidance would have to take into account that even the assets in one class of assets could be different as each portfolio is a unique composition of assets. If such guidance would not take into account these factors it would be impractical and causing difficulties in terms of interpretation.