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Fruto do seu papel de relevo na crise financeira de 2008, a titularização foi objeto de crescente pressão legislativa. A retenção de risco surge como um mecanismo de alinhamento entre os interesses dos originadores e dos patrocinadores e os interesses dos investidores em operações de titularização, tornando a concessão de crédito assente num modelo de originate to distribute mais onerosa para os primeiros. Em qualquer operação que implique uma transferência de risco de crédito divido em tranches, o cedente, o patrocinador ou o mutuante inicial deverá manter, de forma contínua, um interesse económico líquido substancial na operação não inferior a 5%, até que todas as posições (não retidas) emitidas se encontrem amortizadas, não podendo esse interesse económico ser vendido ou transferido. Por outro, os investidores institucionais europeus deverão verificar o cumprimento deste dever na due diligence que realizam. O direito comunitário contém um elenco taxativo de modalidades de cumprimento da obrigação de retenção de risco, assentes na retenção de uma percentagem do valor nominal das tranches vendidas aos investidores ou do valor nominal dos ativos titularizados, entre as quais os cedentes, os patrocinadores e os mutuantes iniciais poderão optar livremente.
Due to its role in the financial crisis of 2008, securitisation has been subject to increasing regulatory pressure. Risk retention emerges as an alignment mechanism between the interest of originators and sponsors and the interests of investors in securitisation transactions, making credit granting based on an originate to distribute model more burdensome to the first. In any transaction where credit risk is tranched and transferred, the originator, sponsor or original lender shall retain on an ongoing basis a material net economic interest in the securitisation of not less than 5% until all (nonretained) positions issued under the transaction are redeemed, and this material net economic interest may not be sold or transferred. In addition, European institutional investors must monitor compliance with the foregoing to fulfil the respective due diligence obligations. European law sets out an exhaustive list of risk retention modalities, which are based on the retention of a percentage of the nominal value of the tranches sold to investors or on the nominal value of the securitised assets, among which originators, sponsors and original lenders may freely choose.
Due to its role in the financial crisis of 2008, securitisation has been subject to increasing regulatory pressure. Risk retention emerges as an alignment mechanism between the interest of originators and sponsors and the interests of investors in securitisation transactions, making credit granting based on an originate to distribute model more burdensome to the first. In any transaction where credit risk is tranched and transferred, the originator, sponsor or original lender shall retain on an ongoing basis a material net economic interest in the securitisation of not less than 5% until all (nonretained) positions issued under the transaction are redeemed, and this material net economic interest may not be sold or transferred. In addition, European institutional investors must monitor compliance with the foregoing to fulfil the respective due diligence obligations. European law sets out an exhaustive list of risk retention modalities, which are based on the retention of a percentage of the nominal value of the tranches sold to investors or on the nominal value of the securitised assets, among which originators, sponsors and original lenders may freely choose.
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Keywords
Titularização Retenção de risco Risco de crédito Originate to distribute Securitisation Risk retention Credit risk Originate to distribute