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Points 63 and 64 of part X of circulars CSSF 06/273 and CSSF 07/290 (transposing points 30 and 31 of part 4 of annex IX of directive 2006/48/EC) concern institutions which are originators of securitisations of revolving exposures with early amortisation provisions, where the early amortisation is triggered by another factor than by the average 3-month excess spread. The originating institution must then apply to the CSSF, who may apply a treatment that shall closely approximate the treatment outlined in points 59 to 62 of the abovementioned part X.
Point 64 specifies that, before the CSSF intends to treat such a securitization in accordance with point 63, it shall inform the relevant competent authorities of the other Member States. Before such a treatment becomes part of its supervisory policy approach to securitisations containing early amortisation clauses of this type, the CSSF shall consult the competent authorities of other Member States and shall take into account their opinions. These opinions and the adopted treatment shall be disclosed publicly by the CSSF.
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