Additional information - specific treatment of securitisations
Annex IX specifies an approach for securitisations with early amortisation triggered by excess spread. Where early amortisation is triggered by something other than excess spread, we will specify an appropriate treatment that approximates the treatment outlined in the CRD. Before this treatment becomes our general policy, we must consult the other EU Member States.
In our rules (BIPRU 9.13.18G) we have included a requirement for a firm wishing to adopt an approach for securitisations with early amortisation provisions triggered by something other than excess spread: The firm must apply to us for a waiver. If and when a waiver application is received, we shall inform other Member States of our proposed approach.