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No. 480/2026
27 April 2026

RULES

on securitisation.

Article 1. Scope.

These Rules apply to the further implementation of Act No. 71/2025 on securitisation, cf. Regulation of the European Parliament and of the Council (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No. 1060/2009 and (EU) No. 648/2012 (hereinafter the Securitisation Regulation), with regard to:

• the requirement for risk retention, pursuant to the seventh paragraph of Article 6 of the Securitisation Regulation;

• the information which the originator, sponsor and securitisation special purpose entity must provide in order to comply with their obligations pursuant to the first paragraph of Article 7, pursuant to the third paragraph of Article 7 of the Securitisation Regulation;

• the presentation of the information which the originator, sponsor and securitisation special purpose entity must provide in order to comply with their obligations pursuant to the first paragraph of Article 7, pursuant to the fourth paragraph of Article 7 of the Securitisation Regulation;

• the list of the legitimate purposes of resecuritisation pursuant to the third paragraph of Article 8, pursuant to the fifth paragraph of Article 8 of the Securitisation Regulation;

• the application for registration as a securitisation repository and the procedural rules which securitisation repositories must apply to verify the completeness and consistency of the information made available to them, pursuant to the seventh paragraph of Article 10 of the Securitisation Regulation;

• the presentation of the application for registration of a securitisation repository, pursuant to the eighth paragraph of Article 10 of the Securitisation Regulation;

• the provision of information by the originator, sponsor and securitisation special purpose entity and the availability of data held by a securitisation repository, pursuant to the second paragraph of Article 17 of the Securitisation Regulation;

• the standardised templates which the originator, sponsor or securitisation special purpose entity must use to provide information pursuant to the first paragraph of Article 17, pursuant to the third paragraph of Article 17 of the Securitisation Regulation;

• which underlying exposures pursuant to the eighth paragraph of Article 20 are considered homogeneous, pursuant to the fourteenth paragraph of Article 20 of the Securitisation Regulation;

• the content, methodologies and presentation of information pursuant to the fourth paragraph of Article 22, as regards sustainability indicators in relation to adverse impacts on the climate and other adverse environmental, social and governance-related impacts, pursuant to the sixth paragraph of Article 22 of the Securitisation Regulation;

• which underlying exposures pursuant to the fifteenth paragraph of Article 24 are considered homogeneous, pursuant to the twenty-first paragraph of Article 24 of the Securitisation Regulation;

• which underlying exposures pursuant to the eighth paragraph of Article 26b are considered homogeneous, pursuant to the thirteenth paragraph of Article 26b of the Securitisation Regulation;

• the description and, where applicable, the calibration of performance-related trigger events, pursuant to the fifth paragraph of Article 26c of the Securitisation Regulation;

• the content, methodologies and presentation of information pursuant to the fourth paragraph of Article 26d, as regards sustainability indicators in relation to adverse impacts on the climate and other adverse environmental, social and governance-related impacts, pursuant to the sixth paragraph of Article 26d of the Securitisation Regulation;

• the information to be provided in STS notifications and the template to be used for STS notifications, pursuant to the sixth and seventh paragraphs of Article 27 of the Securitisation Regulation;

• the information to be provided to the Financial Supervisory Authority in an application for authorisation of a third party, pursuant to the fourth paragraph of Article 28 of the Securitisation Regulation;

• the general obligation to cooperate, the exchange of information and the notification obligation as regards the Financial Supervisory Authority, the EFTA Surveillance Authority and the European system of financial supervision, pursuant to the eighth paragraph of Article 36 of the Securitisation Regulation.

Article 2. Implementation of regulations.

With these Rules, the following Commission Delegated Regulations (EU) enter into force in this country, with the adaptations resulting from the decision of the Joint EEA Committee No. 146/2024 , which is published in the EEA Supplement to the Official Journal of the European Union No. 72 of 3 October 2024, p. 50, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law:

Commission Delegated Regulation (EU) 2019/885 of 5 February 2019 supplementing Regulation of the European Parliament and of the Council (EU) 2017/2402 with regard to regulatory technical standards specifying the information to be provided to the competent authority in the application for authorisation of a third party assessing STS compliance. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 97-104.

Commission Delegated Regulation (EU) 2019/1851 of 28 May 2019 supplementing Regulation of the European Parliament and of the Council (EU) No. 2017/2402 with regard to regulatory technical standards on the homogeneity of the underlying exposures in securitisation. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 105-109.

Commission Delegated Regulation (EU) 2020/1224 of 16 October 2019 supplementing Regulation of the European Parliament and of the Council (EU) 2017/2402 with regard to regulatory technical standards specifying the information and the details of a securitisation to be made available by the originator, sponsor and securitisation special purpose entity. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 110-325.

Commission Delegated Regulation (EU) 2020/1226 of 12 November 2019 supplementing Regulation of the European Parliament and of the Council (EU) 2017/2402 and on regulatory technical standards specifying the information to be provided in accordance with the STS notification requirements. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 326-355.

Commission Delegated Regulation (EU) 2020/1229 of 29 November 2019 supplementing Regulation of the European Parliament and of the Council (EU) 2017/2402 with regard to regulatory technical standards on operational standards for the data collection of securitisation repositories, the collection, comparison, access to and verification of completeness and consistency. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 356-365.

Commission Delegated Regulation (EU) 2020/1230 of 29 November 2019 supplementing Regulation of the European Parliament and of the Council (EU) 2017/2402 with regard to regulatory technical standards specifying the information to be included in an application for registration as a securitisation repository and the information in a simplified application for extension of registration of a trade repository. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 366-384.

Commission Delegated Regulation (EU) 2021/1415 of 5 May 2021 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards on cooperation, exchange of information and notification obligations between competent authorities and the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 385-397.

Commission Delegated Regulation (EU) 2023/2175 of 7 July 2023 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying in greater detail the risk retention requirements for originators, sponsors, original lenders and servicers. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 398-410.

Commission Implementing Regulation (EU) 2020/1228 of 29 November 2019 on implementing technical standards with regard to the format of applications for registration as a securitisation repository or for extension of registration of a trade repository pursuant to Regulation (EU) 2017/2402 of the European Parliament and of the Council. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 494-498.

Commission Implementing Regulation (EU) 2020/1225 of 29 October 2019 on implementing technical standards with regard to the format and standardised templates to be used by an originator, sponsor and securitisation special purpose entity to make information and details of a securitisation available. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17, 19 March 2026, pp. 411-478.

Commission Implementing Regulation (EU) 2020/1227 of 12 November 2019 on implementing technical standards with regard to templates for the provision of information in accordance with the STS notification requirements. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17, 19 March 2026, pp. 479-493.

Commission Implementing Regulation (EU) 2022/1929 of 31 March 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2020/1227 as regards the templates for the provision of information in accordance with the STS notification requirements for on-balance-sheet synthetic securitisations. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17, 19 March 2026, pp. 499-510.

With these rules, the following Commission Regulation (EU) shall enter into force in this country, with the adaptations resulting from Decision of the EEA Joint Committee No. 147/2024, which is published in the EEA Supplement to the Official Journal of the European Union No. 72 of 3 October 2024, p. 25, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated:

Commission Delegated Regulation (EU) 2022/1301 of 31 March 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2020/1226 as regards the information to be submitted in accordance with the STS notification requirements for on-balance-sheet synthetic securitisations. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17, 19 March 2026, pp. 511-552.

With these rules, the following Commission Regulation (EU) shall enter into force in this country, with the adaptations resulting from Decision of the EEA Joint Committee No. 216/2024, which is published in the EEA Supplement to the Official Journal of the European Union No. 92 of 19 December 2024, p. 60, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated:

Commission Delegated Regulation (EU) 2024/920 of 13 December 2023 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying in greater detail the performance-related trigger events and the criteria for the calibration of such events. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 556-561.

With these rules, the following Commission Regulation (EU) shall enter into force in this country, with the adaptations resulting from Decision of the EEA Joint Committee No. 244/2024, which is published in the EEA Supplement to the Official Journal of the European Union No. 9 of 20 February 2025, p. 25, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated:

Commission Delegated Regulation (EU) 2024/1700 of 5 March 2024 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying, for simple, transparent and standardised non-ABCP securitisations and for simple, transparent and standardised on-balance-sheet securitisations, the content, methodology and presentation of information relating to the principal adverse impacts of assets financed by underlying exposures on sustainability factors. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17 of 19 March 2026, pp. 562-569.

With these rules, the following Commission Regulation (EU) shall enter into force in this country, with the adaptations resulting from Decision of the EEA Joint Committee No. 148/2024, published in the EEA Supplement to the Official Journal of the European Union No. 72 of 3 October 2024, p. 50, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law:

Commission Delegated Regulation (EU) 2024/584 of 7 November 2023 amending the technical regulatory standards laid down in Delegated Regulation (EU) 2019/1851 as regards the homogeneity of underlying exposures in simple, transparent and standardised securitisation. The Regulation is published in the EEA Supplement to the Official Journal of the EU No. 17, 19 March 2026, pp. 553-555.

Article 3. Entry into force.

These rules, laid down pursuant to the authorisation in the second paragraph of Article 15 of the Act on Securitisation, No. 71/2025, enter into force immediately.

Central Bank of Iceland, 27 April 2026.
Björk Sigurgísladóttir
Deputy Governor of Financial Supervision.
Linda Kolbrún Björgvinsdóttir
Director.

Section B — Publication date: 12 May 2026