The EBA published its final GL on the criteria for a securitisation to be deemed simple, transparent and standardised (STS) with respect to the new EU securitisation for both non asset-backed commercial paper (ABCP) and ABCP securitisation. The criteria relate to the expertise of the originator and servicer, the underwriting of standards, exposures in default and credit impaired debtors, and predominant reliance on the sale of assets. The GL will apply from 15 May 2019; however, it is expected that the approach will be generally applied by all addresses as from the application date of the EU securitisation framework on 1 January 2019.

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