Regulatory Alerts2011-07-04 | NBB_2011_03Added · Updated
Communication NBB_2011_03/ Information concerning the implementation of Article VII.35 of the regulation on own funds
Credit institutions active in securitization must submit a report by September 30, 2011, detailing their compliance measures with Article VII.35 of the own funds regulation, which mandates a minimum 5% economic interest retention for originators and sponsors and imposes due diligence and transparency obligations on investors and originators. The document outlines specific requirements regarding governance, internal controls, stress testing, and risk management procedures to align with European Directive 2009/111/EC. Institutions that have not yet implemented these rules must explain the reasons for the delay and agree on an implementation schedule with the National Bank of Belgium's supervisory services.
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