Article 122a of the Capital Requirements Directive (CRD), added to the CRD on September 16, 2009, imposed a number of new requirements on EU credit institutions in relation to “securitizations.” In addition, Article 122a required the Committee of European Banking Supervisors to provide written guidelines to clarify and harmonize its application by different member states. These Guidelines were published on December 31, 2010, on the day before the requirements of Article 122a became effective (for new securitizations issued on and after January 1, 2011).

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