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No. 1252/2025
14 November 2025

RULES

on securitised risk exposures of financial undertakings.

Article 1. Scope.

These rules apply to financial undertakings that calculate own funds requirements for securitised risk exposures in accordance with Chapter 5, Part Three, Title II of Regulation (EU) No. 575/2013, cf. the Act on Financial Undertakings, No. 161/2002.

Article 2. Securitised risk exposures.

Financial undertakings that are required to calculate own funds requirements for securitised risk exposures shall perform the calculations in accordance with Regulation (EU) No. 602/2014, cf. Article 3.

The determination of KIRB in connection with the underlying risk of a securitisation shall be governed by Regulation (EU) 2024/1780, cf. Article 3.

Article 3. Implementation of regulations.

With reference to Article 2, the following Regulations (EU) shall apply in this country:

• Commission Implementing Regulation (EU) No. 602/2014 of 4 June 2014 laying down implementing technical standards to facilitate the convergence of supervisory practices with regard to the implementation of additional risk weights under Regulation (EU) No. 575/2013 of the European Parliament and of the Council, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 81/2019 of 29 March 2019, published in the EEA Supplement to the Official Journal of the European Union No. 44 of 2 July 2020, p. 65. The Regulation is published in the EEA Supplement to the Official Journal of the European Union No. 50 of 23 July 2020, pp. 339-341.

• Commission Delegated Regulation (EU) 2024/1780 of 13 March 2024 supplementing Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying further the conditions that allow institutions to calculate KIRB in relation to underlying exposures in securitisation transactions, which was incorporated into the EEA Agreement by Decision of the EEA Joint Committee No. 243/2024 of 25 October 2024, published in the EEA Supplement to the Official Journal of the European Union No. 9 of 20 February 2025, p. 24.

With reference to the authorisation in Article III of the transitional provisions of the Act on Financial Undertakings, No. 161/2002, the Central Bank of Iceland refers to the publication of the English version of Regulation (EU) 2024/1780 in the Official Journal of the European Union: https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32024R1780, published in OJ Series L, Subseries R, on 25 June 2024.

Article 4. Entry into force.

These rules, which are laid down under the authorisation in points 44 and 46 of the second paragraph of Article 117 b of the Act on Financial Undertakings, No. 161/2002, shall enter into force immediately. Upon their entry into force, Rules No. 960/2017 on technical standards regarding transferred credit risk due to securitisation shall be repealed.

Central Bank of Iceland, 14 November 2025.
Ásgeir Jónsson
Governor.
Gísli Óttarsson
Managing Director.

Series B — Publication date: 28 November 2025