The CSSF published on 7 January 2015 the Circular CSSF 15/600 (the “Circular”) addressed to all credit institutions and investment firms originator of traditional and synthetic securitizations (originator institutions). The Circular implements the European Bank Authority’s (EBA) guidelines on significant credit risk transfer for traditional and synthetic securitizations relating to Articles 243 and Article 244 of Regulation (EU) 575/2013 (published on 7 July 2014) (the “Guidelines”). The Circular entered into force on 7 January 2015. 
Originator institutions of traditional securitizations must comply with (i) the general requirements exposed in the Guidelines for all traditional securitizations presenting a transfer of significant risk under article 243 of Regulation (EU) 575/2013 and with ii) the specific requirements exposed in the Guidelines in order to carry out a significant transfer of risk to third-party, in accordance with article 243 paragraph 4 of Regulation (EU) 575/2013.
Originator institutions of synthetic securitizations must comply with (i) the general requirements exposed in the Guidelines for all synthetic securitizations presenting a transfer of significant risk under article 244 of Regulation (EU) 575/2013 and with ii) the specific requirements exposed in the Guidelines in order to carry out a significant transfer of risk to third-party, in accordance with article 244 paragraph 4 of Regulation (EU) 575/2013.
Originator institutions of traditional securitizations or of synthetic securitizations must provide to the competent Authority (i.e the CSSF or the ECB in accordance with Regulation (EU) 1024/2013 of 15 October 2013) all the information requested concerning traditional or synthetic securitizations for which they intend to demonstrate a transfer of significant risk, so that the competent Authority can carry out the evaluation of the transfer of significant risk to third-parties as specified under Titles I to III of the Guidelines.
An originator institution of traditional securitizations or of synthetic securitizationsmust at least notify the competent Authority of any traditional or synthetic securitization for which it intends to show a transfer of significant risk which is not similar in its structure and the composition of its portfolio to the preceding operations notified by such institution.