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18 December 2018

ESA(欧州金融監督機構)、カバードボンドに適用されるEMIR(欧州市場インフラ規則)上の特例措置を証券化商品に適用する際のSTS(シンプルで透明性が高く標準化された)基準案を公表


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The European Supervisory Authorities Authority published two joint draft Regulatory Technical Standards to amend the RTS on the clearing obligation and risk mitigation techniques for non-cleared OTC derivatives.


These standards provide a specific treatment for simple, transparent and standardised (STS) securitisation to ensure a level playing field with covered bonds.

They are required for the proper implementation of the European Market Infrastructure Regulation (EMIR) and will amend the current regulation on the clearing obligation and risk mitigation techniques on OTC derivatives not cleared by central counterparties (CCPs). 

In particular, the draft RTS on risk mitigation techniques amend the existing RTS by extending the special treatment currently associated with covered bonds to STS securitisations.

The treatment, which allows no exchange of initial margin and only collection of variation margin, is applicable only where a STS securitisation structure meets a specific set of conditions equivalent to the ones required for covered bonds issuers to be able to benefit from that same treatment.

Press release

Joint RTS_amending delegated regulation on risk-mitigation techniques for OTC_derivate contracts

Joint RTS amending the EMIR_clearing obligation



© EBA


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