STS (Simple, Transparent, Standardised)

EU designation under SR Articles 19–26 for traditional securitisations meeting specified quality criteria, conferring preferential capital treatment. Must be notified to ESMA via portal (traditional) or email STSnotifications@esma.europa.eu (synthetic).

ESMA Securitisation Repositories

ESMA-registered repositories (EuroDW and SecRep B.V.) where securitisation loan-level and investor reports must be filed. Issuers must file with one; ESMA DESK portal provides investor access.

Risk Retention (5% Rule)

EU SR Article 6 / UK SR requirement: originator, sponsor, or original lender must retain ≥5% material net economic interest. Can be: (a) vertical slice; (b) random sample; (c) first-loss tranche; (d) first-loss in each tranche; (e) seller's interest in revolving structures.

CRR3

EU regulation (2024/1623) implementing Basel IV in the EU, effective January 1, 2025. Introduces output floor phasing to 72.5% of standardised RWAs by January 2027. Materially affects SRT economics and bank capital models.