Regulation on the application of the Guidelines on implicit support for securitisation transactions

THIS TEXT IS UNOFFICIAL TRANSLATION AND MAY NOT BE USED AS A BASIS FOR SOLVING ANY DISPUTE  Official Gazette of the Republic of Slovenia, No. 2/17 of 13 January 2017 (in force since 14 January 2017) Pursuant to the third paragraph of Article 13 of the Banking Act (Official Gazette of the Republic of Slovenia, Nos. 25/15, 44/16 [ZRPPB] and 77/16 [ZCKR]; hereinafter: the ZBan-2), and the first paragraph of Article 31 of the Bank of Slovenia Act (Official Gazette of the Republic of Slovenia, Nos. 72/06 [official consolidated version] and 59/11), the Governing Board of the Bank of Slovenia hereby issues the following REGULATION on the application of the Guidelines on implicit support for securitisation transactions
Article 1
(purpose and field of application)
(1) Pursuant to the first paragraph of Article 16 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331 of 15 December 2010, p 12; hereinafter: Regulation (EU) No 1093/2010), on 24 November 2016 the European Banking Authority issued the Guidelines on implicit support for securitisation transactions (hereinafter: the guidelines), which are published on its website. (2) The guidelines referred to in the first paragraph of this article specify what constitutes arm’s length conditions and when a transaction is not structured to provide support for securitisation by sponsor institutions or originator institutions beyond their contractual obligations in accordance with
Article 248 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26
June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176 of 27 June 2013, p 1; hereinafter: Regulation (EU) No 575/2013). The guidelines are without prejudice to the ongoing assessment of significant credit risk transfer during the life of the securitisation. (3) The guidelines shall apply to:
1. financial institutions as defined in Article 4(1) of Regulation (EU) No 1093/2010; and
2. competent authorities as defined in point (i) of Article 4(2) of Regulation (EU) No 1093/2010.
Article 2
(content of regulation and scope of application of guidelines) (1) By virtue of this regulation the Bank of Slovenia sets out the application of the guidelines to:
1. banks and savings banks that in accordance with the ZBan-2 have obtained an authorisation to
provide banking services in the Republic of Slovenia (hereinafter: banks); and
2. the Bank of Slovenia, when in accordance with the ZBan-2 in its role as the competent authority it
is exercising supervisory powers and tasks over banks referred to in point 1 of this paragraph. (2) Banks that are acting in the role of sponsor or originator in securitisation transactions in accordance with Article 248 of Regulation (EU) No 575/2013 shall take full account of the provisions of the guidelines in the parts addressed to banks.

THIS TEXT IS UNOFFICIAL TRANSLATION AND MAY NOT BE USED AS A BASIS FOR SOLVING ANY DISPUTE (3) In exercising its supervisory powers and tasks in accordance with the ZBan-2 and Regulation (EU) No 575/2013, the Bank of Slovenia shall take full account of the provisions of the guidelines in the parts relating to the exercise of the powers and tasks of the competent authority.
Article 3
(entry into force)
This regulation shall enter into force on the day after its publication in the Official Gazette of the Republic of Slovenia, and shall begin to be applied on 1 March 2017. Ljubljana, 10 January 2017 Boštjan Jazbec President, Governing Board of the Bank of Slovenia