EBA avvia un processo europeo di armonizzazione della disciplina dei Covered Bonds

Orrick, Herrington & Sutcliffe LLP

Il 20 dicembre 2016, la European Banking Authority ("EBA") ha pubblicato la propria relazione finale dal titolo "EBA report on covered bonds – Recommendations on harmonization of covered bond frameworks in the EU" (di seguito il "Report").

In risposta alle raccomandazioni della European Systemic Risk Board (ESRB), del dicembre 2012, e facendo seguito alla pubblicazione del proprio Report on EU covered bond frameworks and capital treatment*, l'EBA ha intrapreso una estesa analisi del quadro normativo e regolamentare dei covered bonds nei diversi Stati Membri, con particolare attenzione al livello di allineamento con le EBA best practices.

Inoltre, risulta importante ricordare che a marzo 2017 lo European Covered Bond Council (ECBC) è intervenuto per supportare le raccomandazioni proposte nel Report e ha offerto la sua collaborazione per implementare in maniera ancora più efficace il percorso di armonizzazione dei Covered Bonds.

Con il Report, l'EBA ha voluto:

  1. riassumere le attività di indagine normativa e regolamentare svolte a seguito della pubblicazione del proprio Report on EU covered bond frameworks and capital treatment (luglio 2014);
  2. formulare le quattro fondamentali raccomandazioni ("Raccomandazioni") con le quali si intende implementare un quadro normativo e regolamentare europeo comune in materia di Covered Bonds;
  3. fissare i tre passaggi chiave del complesso processo di attuazione delle Raccomandazioni e per ciascuno di essi definire le relative attività necessarie.

Le Raccomandazioni emanate dall'EBA sono le seguenti:

Raccomandazione n. 1 – "Approccio tripartito verso l'armonizzazione del quadro normativo europeo dei Covered Bonds".

Raccomandazione n. 2 – "Sviluppo di una direttiva sui Covered Bonds" (la "Direttiva").

Raccomandazione n. 3 – "Modifiche al Regolamento UE n. 575/2013" (cd. Capital Requirements Regulation, il "Regolamento CRR").

Raccomandazione n. 4 – "Convergenza volontaria delle normative nazionali che regolano i Covered Bonds".

Ruolo centrale del Documento è, quindi, riservato alle quattro Raccomandazioni che l'EBA ha inteso riassumere nell'ambito di un processo strutturato in tre passaggi fondamentali.

In considerazione di quanto brevemente accennato, di seguito si propone una sintesi dei tre passaggi essenziali del processo di armonizzazione della legislazione in materia di Covered Bonds, così come presentati dall'EBA.

STEP I: Sviluppo di una legislazione organica sui Covered Bonds

Il piano complessivo dell'EBA si propone di assumere come base di partenza le singole discipline nazionali per fornire un quadro definitorio e una regolamentazione più accurata dei Covered Bonds al fine di raggiungere un'ampia armonizzazione in ambito comunitario. Tale modello prevede lo sviluppo e l'implementazione di una legislazione quadro il cui obiettivo è fornire una disciplina organica e completa, soprattutto in termini di disciplina prudenziale, che sia generalmente applicabile in tutti gli Stati Membri, e che sostituisca la disciplina attualmente contenuta nell'art. 52, par. 4, della Direttiva 2009/65/UE (Undertakings for Collective Investment in Transferable Securities - UCITS)**.

Nello specifico, la legislazione comunitaria dovrebbe stabilire i requisiti di qualità strutturale dei Covered Bonds con specifico riferimento a:

  • la doppia garanzia offerta sia dall'emittente che dal portafoglio crediti di riferimento ("dual recourse"), la segregazione degli attivi costituiti a garanzia ("cover assets") e alle altre disposizioni mirate ad assicurare la cosiddetta bankruptcy remoteness del portafoglio delle garanzie sottostanti;
  • il principio di copertura (ovvero la garanzia di avere un patrimonio sufficiente per adempiere tutte le obbligazioni pendenti), la disciplina della mitigazione del rischio di liquidità e i requisiti degli strumenti derivati sul portafoglio;
  • il sistema di vigilanza e amministrazione relativamente ai requisiti per il monitoraggio del portafoglio degli attivi costituiti a garanzia dell'emissione, la vigilanza dell'emittente su base continuativa e la gestione del portafoglio in ipotesi di crisi dell'emittente (i.e. dichiarazione di insolvenza o risoluzione);
  • la trasparenza, vale a dire le previsioni in materia di portata e frequenza dell'obbligo di informativa;
  • le condizioni per i soft bullet e i conditional pass through covered bonds.

L'EBA raccomanda la successiva emanazione di una disciplina sui Covered Bonds che si occupi, in primis, di fornire una definizione unica ed organica dello strumento in questione. La definizione, ottenuta anche alla luce dell'esperienza degli operatori di mercato e del lavoro delle autorità competenti, dovrebbe:

  • indicare, tramite disciplina immediatamente applicabile, i requisiti e le caratteristiche minime che i Covered Bonds devono possedere in tutti gli Stati membri;
  • favorire il raggiungimento di un buon livello di armonizzazione;
  • distinguere i Covered Bonds rispetto ad altri strumenti finanziari che presentano caratteristiche simili;
  • sostituire tutte le precedenti definizioni, incluse ad esempio quelle contenute nella Direttiva UCITS.

La Direttiva andrebbe, pertanto, a costituire la nuova cornice legislativa europea di riferimento, assicurando uno sviluppo del medesimo quadro normativo in tutti gli Stati Membri in maniera uniforme e avendo cura, allo stesso tempo, di garantire a ciascuno Stato un buon margine di flessibilità per salvaguardare le proprie specifiche esigenze.

STEP II: Modifica ed integrazione del Regolamento sui Requisiti di Capitale

Il secondo step del processo prevede la modifica del Regolamento CRR con un intervento diretto nel testo dello stesso Regolamento CRR attraverso degli emendamenti specifici nelle sezioni che avrebbero un impatto sui Covered Bonds.

L'attuale versione del Regolamento CRR, infatti, si occupa di disciplinare i Covered Bonds principalmente con riferimento a tre aspetti:

  • ai criteri per gli investitori in termini di gestione del rischio preferenziale ponderato (ovvero i requisiti di idoneità per ottenere una garanzia e quelli di comunicazione informativa per l'emittente);
  • alla gestione del trattamento prudenziale dei Covered Bonds;
  • ai criteri di valutazione degli immobili posti a garanzia dei mutui del Covered Bond.

Le proposte di modifica del Regolamento CRR dovrebbero prevedere, soprattutto per quanto riguarda il trattamento prudenziale dei Covered Bonds, un allineamento con la definizione e la struttura che saranno definite dalla citata emananda Direttiva. L'EBA ha preso in considerazione nella propria analisi una revisione delle previsioni contenute nell'art. 129 del CRR, ed in particolare:

  • attività ammissibili (eligible assets): l'EBA ritiene che il novero attuale delle attività ammissibili a garanzia di un covered bond, non dovrebbe essere ampliato. I finanziamenti alle piccole e medie imprese e i finanziamenti infrastrutturali non dovrebbero essere inclusi tra gli eligible assets; inoltre, dovrebbe essere intrapresa un'analisi d'impatto sui prestiti garantiti al settore navale (ship loans), attualmente inclusi nell'art. 129 CRR quali attivi ammissibili. L'EBA, in più, raccomanda di non estendere la deroga relativa all'inclusione di RMBS e CMBS oltre dicembre 2017;
  • limiti agli attivi in sostituzione: si raccomanda la modifica del CRR al fine di prevedere le regole di composizione degli attivi sostitutivi e i limiti entro i quali si possa prevedere la sostituzione (tale limite dovrebbe essere fissato nel 15% della copertura minima richiesta);
  • limiti di LTV: gli attuali limiti di LTV sono ritenuti soddisfacenti, tuttavia il CRR dovrebbe specificare che si tratta di soft limits e che questi dovrebbero essere applicati per tutta la vita del programma;
  • overcollateralisation: l'EBA raccomanda che la overcollateralisation minima sia prevista al 5%; i limiti previsti per le esposizioni ai sensi dell'art. 129 CRR dovrebbero continuare ad applicarsi, ma dovrebbe chiarirsi che non si applicano alla overcollateralisation volontaria;
  • il miglioramento della disciplina concernente l'informativa dello stesso emittente in modo che la diffusione di informazioni trasparenti diventi un requisito standard per tutti i Covered Bonds regolamentati, piuttosto che una condizione specifica per l'ottenimento di un fattore di ponderazione prudenziale preferenziale.

STEP III: Convergenza volontaria degli Stati Membri

La terza ed ultima fase sembra essere meno vincolante delle precedenti ed in ogni caso dipenderà dalle attività in concreto esercitate dai singoli Stati Membri. Infatti, in tale contesto l'EBA ribadisce che un ulteriore momento di armonizzazione dovrebbe essere costituito dalla convergenza volontaria tra le strutture nazionali dei singoli Stati Membri su aspetti di impatto ritenuto non di primaria rilevanza (ad es. con riferimento ai portafogli di attivi costituiti con attività sottostanti omogenee o a debitori situati in giurisdizioni non appartenenti allo Spazio Economico Europeo).

E' opinione dell'EBA che, in una prospettiva di lungo periodo, tale uniformazione spontanea e non vincolante potrebbe costituire la base per procedere ad una revisione della disciplina che permetta di raggiungere un maggiore livello di omogeneità nei diversi Stati Membri.

Infine, di seguito si riporta lo schema, secondo il programma di armonizzazione raccomandato dall'EBA, relativamente a quanto si è avuto modo fin qui di rappresentare.

STEP I:

Development of a covered bond framework (directive

STEP II:

Amendments to the CRR (related to preferential risk weight treatment)

STEP III:

Voluntary convergence

Establishment of the base-line definition of the covered bond for EU financial regulation

Replacement of the covered bond-related provisions in UCITS Directive

Focus on structural features

Point of reference for prudential regulatory purposes (e.g. BRRD, LCR)

Applicable across sectors

Requirements in Step I obligatory for all covered bonds seeking regulatory recognition  

Enhanced conditions for preferential risk weight treatment

Focus on credit risk related features

Requirements in Step I as well as Step II obligatory for all covered bonds seeking preferential risk weight treatment 

Voluntary convergence of national frameworks through non-binding instruments

Specific areas with less material impact on the overall robustness of the covered bond frameworks

Areas covered:

1. Dual recourse, segregation of cover assets and bankruptcy remoteness of the covered bonds

2. Requirements for coverage, liquidity risk mitigation and cover pool derivatives

3. Requirements for the system of special public supervision and administration:

(i) Cover pool monitor

(ii) Supervision of covered bond issuer

(iii) Supervision in the event of issuer’s insolvency/resolution

(iv) Administration post issuer’s insolvency/resolution

4. Transparency requirements

5. Conditions for soft bullet and CPT covered bond structures 

Areas covered:

All requirements in STEP 1

+

1. Requirement for eligible cover assets

2. Limits on substitution assets

3. LTV limits for mortgage cover assets

4. Minimum overcollateralisation

Areas covered:

1. Composition of the cover pools

2. Cover pools with underlying assets/obligors located in jurisdictions outside the EEA

3. LTV measurement and frequency of revaluation

4. Stress testing by the covered bond issuer


 
Il documento integrale può essere consultato al seguente link: https://www.eba.europa.eu/-/eba-recommends-a-harmonised-eu-wide-framework-for-covered-bonds

 

 

* La Consultazione affronta anche il tema di un possibile sviluppo di una disciplina europea armonizzata in materia di Covered Bonds, riconoscendo che le divergenze legislative tra i diversi Paesi possono costituire un ostacolo principalmente in termini di liquidità e di possibilità di investimento e sottolineando l’importanza delle numerose raccomandazioni sulle best practices suggerite da EBA

** Gli Stati membri possono elevare il limite del 5 % di cui al primo comma del paragrafo 1 sino a un massimo del 25 % se le obbligazioni sono emesse da enti creditizi che abbiano la sede legale in uno Stato membro e siano soggetti a speciale vigilanza pubblica ai fini della tutela dei detentori delle obbligazioni. In particolare, le somme risultanti dall’emissione di tali obbligazioni vengono investite, conformemente alla legge, in attività che per tutto il periodo di validità delle obbligazioni siano in grado di coprire i crediti connessi alle obbligazioni e che, in caso di insolvenza dell’emittente, verrebbero utilizzate a titolo prioritario per il rimborso del capitale e il pagamento degli interessi maturati. Qualora un OICVM investa più del 5 % del proprio patrimonio nelle obbligazioni di cui al primo comma, emesse da un solo emittente, il valore complessivo di tali investimenti non supera l’80 % del valore del patrimonio dell’OICVM. Gli Stati membri comunicano alla Commissione l’elenco delle categorie di obbligazioni di cui al primo comma e delle categorie di emittenti abilitati, in base alla legge e alle disposizioni in materia di vigilanza di cui al predetto comma, a emettere obbligazioni rispondenti ai criteri enunciati nel presente articolo. Questi elenchi sono corredati di una descrizione del regime delle garanzie offerte. La Commissione comunica immediatamente agli altri Stati membri queste informazioni, con i commenti ritenuti opportuni, e le rende accessibili al pubblico. Tali informazioni possono essere oggetto di scambi di opinioni in sede di comitato europeo dei valori mobiliari di cui all’articolo 112, paragrafo 1.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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