Article 270 Senior positions in SME securitisationsX1F1

the securitisation meets the requirements for STS securitisation set out in F2rules made by the FCA by virtue of regulation 5 of the Securitisation Regulations 2024 which make provision corresponding to that previously made by Articles 19, 20(7) to (14) and 21 to 28 of Regulation (EU) 2017/2402, as it had effect immediately before its revocation by the Financial Services and Markets Act 2023;

the originator, sponsor and SSPE must be established in the United Kingdom;

the position qualifies as the senior securitisation position;

the securitisation is backed by a pool of exposures to undertakings, provided that at least 70 % of those in terms of portfolio balance qualify as SMEs within the meaning of Article 501 at the time of issuance of the securitisation or in the case of revolving securitisations at the time an exposure is added to the securitisation;

the credit risk associated with the positions not retained by the originator institution is transferred through a guarantee or a counter-guarantee meeting the requirements for unfunded credit protection set out in Chapter 4 for the Standardised Approach to credit risk;

the third party to which the credit risk is transferred is one or more of the following:

the central government or the central bank of F4the United Kingdom, a multilateral development bank, an international organisation or a promotional entity, provided that the exposures to the guarantor or counter-guarantor qualify for a 0 % risk weight under Chapter 2;

an institutional investor as defined in F5regulation 3(1) of the Securitisation Regulations 2024 provided that the guarantee or counter-guarantee is fully collateralised by cash on deposit with the originator institution.