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35. In Article 3 of the CRA Regulation, in paragraph 1 for the definition of ‘structured finance instrument’(1) substitute—
“‘securitisation instrument’ means a financial instrument or other assets resulting from a securitisation transaction or scheme whereby the credit risk associated with an exposure or pool of exposures is tranched, having the following characteristics:
payments in the transaction or scheme are dependent upon the performance of the exposure or pool of exposures;
the subordination of tranches determines the distribution of losses during the ongoing life of the transaction or scheme; and
the transaction or scheme does not create exposures which possess all of the characteristics listed in Article 147(8) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;”.
This definition was substituted, with the rest of Article 3(1), by S.I. 2019/266 the Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019.
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