On 7 July 2023, the European Commission adopted the Final Draft of the Risk Retention RTS and published it as a Commission paper. The original Final Draft was drafted by the EBA and published in April 2022 (see TSI kompakt from 12 April 2022). This means that the EU Commission has taken considerably longer than the originally planned three months.
Only minor changes
In the final version now available, the EU Commission actually has made some changes, but these are mostly editorial and not significant. The provisions of the RTS regarding the Risk Retention published in April 2022 thus remain unchanged in substance.
Next Steps
After the EU Commission has given its approval, the Council now has three months to object. This deadline is a formal act and an objection by the Council is generally not to be expected. If there is no such objection, the RTS will be published in the official EU journal afterwards and will enter into force twenty days later. The RTS on risk retention should thus become legally valid before the end of the year.