Originator

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As originator (Engl. ≈ author or to originate = somewhat justified) is in connection with a securitization transaction means a credit institution as an initiator to be securitized debt ( assets ) alone or in either Consortium (by Kreditausreichung or through the purchase of existing receivables portfolio ) and placed on the money market via an investment vehicle ( conduit ). Conduits are usually refinanced via secured money market paper (ABCP) - typically via so-called true sale transactions, in which the debt claims are sold to the issuing company and transferred to the issuer along with the collateral.

definition

Germany

Under the legal definition of § 229 para 1 of the Ordinance on the capital adequacy of institutions, groups of institutions and financial holding groups (. Solvency Regulation - SolvV) is considered an institution of a securitization transaction as an originator when the securitized portfolio contains this securitization transaction counterparty risk positions

  • for the account of the institution or were purchased for the purpose of securitization, or
  • were established for the account of such a company or purchased for the purpose of securitization that belongs to the same group of institutions or financial holding group as the institution and is to be taken into account when assessing the combined equity base in accordance with Section 10a (1) of the German Banking Act (KWG).

European Union

According to Article 2 no. 3 of the EU - securitization regulation . And Regulation (EU) No 575/2013 as amended by the Amendment Regulation (EU) No 2401/20137 an "originator" a company.

  1. himself or through affiliated companies was directly or indirectly involved in the original arrangement that gave rise to the obligations or potential obligations of the debtor or potential debtor that give rise to the exposures that are now the subject of the securitization; or
  2. Acquires the risk positions of a third party for its own account and then securitizes them;

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