{"id":7028,"date":"2024-03-25T15:15:36","date_gmt":"2024-03-25T14:15:36","guid":{"rendered":"https:\/\/www.tsi-kompakt.de\/?p=7028"},"modified":"2024-03-28T15:27:27","modified_gmt":"2024-03-28T14:27:27","slug":"rts-for-the-calibration-of-performance-triggers-comes-into-force","status":"publish","type":"post","link":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/","title":{"rendered":"RTS for the calibration of performance triggers comes into force"},"content":{"rendered":"<p>The Regulatory Technical Standard (&#8220;RTS&#8221;) on performance-related triggers for synthetic STS securitisations will enter into force on 11 April, following its publication in the official journal of the European Union on 22 March. This finalises the rules regarding the point at which synthetic securitisations must switch from pro-rata to sequential amortisation. These rules serve to protect investors in the senior tranche from losses.<\/p>\n<p>Following the publication of the final draft by the European Banking Authority (&#8220;EBA&#8221;; see also our <a class=\"tsi-link-text\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2022\/09\/performance-basierte-trigger-fuer-synthetische-sts-verbriefungen\/\">TSI Compact article from 28 September 2022<\/a>), the European Commission&#8217;s review took over a year until the final version was published in December 2023. Although the European Commission made adjustments to the structure and form of the RTS, nothing significant was changed in terms of content.<\/p>\n<p>It is to be welcomed that the new RTS now includes a complete grandfathering measure after all. The EBA had not provided for this in its final draft. The risk of some synthetic on-balance-sheet transactions losing STS status as a result of the new RTS is therefore no longer present.<\/p>\n<p><a class=\"tsi-link\" href=\"https:\/\/www.true-sale-international.de\/fileadmin\/tsi-gmbh\/tsi_downloads\/aktuelles\/RTS_on_performance-related_triggers.pdf\" target=\"_blank\" rel=\"noopener\">To the RTS performance trigger<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Regulatory Technical Standard (&#8220;RTS&#8221;) on performance-related triggers for synthetic STS securitisations will enter into force on 11 April, following its publication in the official journal of the European Union on 22 March. This finalises the rules regarding the point at which synthetic securitisations must switch from pro-rata to sequential amortisation. These rules serve to<\/p>\n<div class=\"read-more\">\n<div class=\"more-dotted-line\"><\/div>\n<p><a class=\"moretag\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/\">Read More<\/a><\/div>\n","protected":false},"author":19,"featured_media":6224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[847],"tags":[705,963,679,962],"class_list":["post-7028","post","type-post","status-publish","format-standard","has-post-thumbnail","category-regulatory-update-en-2","tag-eba-en","tag-regulatory-technical-standard-en","tag-rts-en","tag-synthetic-sts-securitisations","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RTS for the calibration of performance triggers comes into force - TSI kompakt<\/title>\n<meta name=\"description\" content=\"The Regulatory Technical Standard (&quot;RTS&quot;) on performance-based triggers for synthetic STS securitizations will enter into force on April 11, following its publication in the European Journal on March 22. This means that the regulations regarding the point in time at which synthetic securitizations must switch from pro rata to sequential repayment are now finally fixed. These provisions serve to protect investors in the senior tranche from losses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RTS for the calibration of performance triggers comes into force - TSI kompakt\" \/>\n<meta property=\"og:description\" content=\"The Regulatory Technical Standard (&quot;RTS&quot;) on performance-based triggers for synthetic STS securitizations will enter into force on April 11, following its publication in the European Journal on March 22. This means that the regulations regarding the point in time at which synthetic securitizations must switch from pro rata to sequential repayment are now finally fixed. These provisions serve to protect investors in the senior tranche from losses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/\" \/>\n<meta property=\"og:site_name\" content=\"TSI kompakt\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-25T14:15:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-28T14:27:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2021\/03\/Fotolia_157513654_STS-fuer-Syntheten.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"849\" \/>\n\t<meta property=\"og:image:height\" content=\"566\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Birgit Holzhauser\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Birgit Holzhauser\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/\"},\"author\":{\"name\":\"Birgit Holzhauser\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#\\\/schema\\\/person\\\/d1ca6361734811d0336ac7bac34d57a7\"},\"headline\":\"RTS for the calibration of performance triggers comes into force\",\"datePublished\":\"2024-03-25T14:15:36+00:00\",\"dateModified\":\"2024-03-28T14:27:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/\"},\"wordCount\":186,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/Fotolia_157513654_STS-fuer-Syntheten.jpg\",\"keywords\":[\"EBA\",\"Regulatory Technical Standard\",\"RTS\",\"Synthetic STS securitisations\"],\"articleSection\":[\"Regulatory Update\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/\",\"url\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/\",\"name\":\"RTS for the calibration of performance triggers comes into force - TSI kompakt\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/Fotolia_157513654_STS-fuer-Syntheten.jpg\",\"datePublished\":\"2024-03-25T14:15:36+00:00\",\"dateModified\":\"2024-03-28T14:27:27+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#\\\/schema\\\/person\\\/d1ca6361734811d0336ac7bac34d57a7\"},\"description\":\"The Regulatory Technical Standard (\\\"RTS\\\") on performance-based triggers for synthetic STS securitizations will enter into force on April 11, following its publication in the European Journal on March 22. This means that the regulations regarding the point in time at which synthetic securitizations must switch from pro rata to sequential repayment are now finally fixed. These provisions serve to protect investors in the senior tranche from losses.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/Fotolia_157513654_STS-fuer-Syntheten.jpg\",\"contentUrl\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/Fotolia_157513654_STS-fuer-Syntheten.jpg\",\"width\":849,\"height\":566},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2024\\\/03\\\/rts-for-the-calibration-of-performance-triggers-comes-into-force\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Startseite\",\"item\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"RTS for the calibration of performance triggers comes into force\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#website\",\"url\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/\",\"name\":\"TSI kompakt\",\"description\":\"The blog about credit and securitisation markets\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#\\\/schema\\\/person\\\/d1ca6361734811d0336ac7bac34d57a7\",\"name\":\"Birgit Holzhauser\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/096d45be8f488442dddaac8948e81789175751a8d854e90d671280a023b3273a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/096d45be8f488442dddaac8948e81789175751a8d854e90d671280a023b3273a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/096d45be8f488442dddaac8948e81789175751a8d854e90d671280a023b3273a?s=96&d=mm&r=g\",\"caption\":\"Birgit Holzhauser\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"RTS for the calibration of performance triggers comes into force - TSI kompakt","description":"The Regulatory Technical Standard (\"RTS\") on performance-based triggers for synthetic STS securitizations will enter into force on April 11, following its publication in the European Journal on March 22. This means that the regulations regarding the point in time at which synthetic securitizations must switch from pro rata to sequential repayment are now finally fixed. These provisions serve to protect investors in the senior tranche from losses.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/","og_locale":"en_US","og_type":"article","og_title":"RTS for the calibration of performance triggers comes into force - TSI kompakt","og_description":"The Regulatory Technical Standard (\"RTS\") on performance-based triggers for synthetic STS securitizations will enter into force on April 11, following its publication in the European Journal on March 22. This means that the regulations regarding the point in time at which synthetic securitizations must switch from pro rata to sequential repayment are now finally fixed. These provisions serve to protect investors in the senior tranche from losses.","og_url":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/","og_site_name":"TSI kompakt","article_published_time":"2024-03-25T14:15:36+00:00","article_modified_time":"2024-03-28T14:27:27+00:00","og_image":[{"width":849,"height":566,"url":"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2021\/03\/Fotolia_157513654_STS-fuer-Syntheten.jpg","type":"image\/jpeg"}],"author":"Birgit Holzhauser","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Birgit Holzhauser","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/#article","isPartOf":{"@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/"},"author":{"name":"Birgit Holzhauser","@id":"https:\/\/www.tsi-kompakt.de\/#\/schema\/person\/d1ca6361734811d0336ac7bac34d57a7"},"headline":"RTS for the calibration of performance triggers comes into force","datePublished":"2024-03-25T14:15:36+00:00","dateModified":"2024-03-28T14:27:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/"},"wordCount":186,"commentCount":0,"image":{"@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/#primaryimage"},"thumbnailUrl":"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2021\/03\/Fotolia_157513654_STS-fuer-Syntheten.jpg","keywords":["EBA","Regulatory Technical Standard","RTS","Synthetic STS securitisations"],"articleSection":["Regulatory Update"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/","url":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/","name":"RTS for the calibration of performance triggers comes into force - TSI kompakt","isPartOf":{"@id":"https:\/\/www.tsi-kompakt.de\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/#primaryimage"},"image":{"@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/#primaryimage"},"thumbnailUrl":"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2021\/03\/Fotolia_157513654_STS-fuer-Syntheten.jpg","datePublished":"2024-03-25T14:15:36+00:00","dateModified":"2024-03-28T14:27:27+00:00","author":{"@id":"https:\/\/www.tsi-kompakt.de\/#\/schema\/person\/d1ca6361734811d0336ac7bac34d57a7"},"description":"The Regulatory Technical Standard (\"RTS\") on performance-based triggers for synthetic STS securitizations will enter into force on April 11, following its publication in the European Journal on March 22. This means that the regulations regarding the point in time at which synthetic securitizations must switch from pro rata to sequential repayment are now finally fixed. These provisions serve to protect investors in the senior tranche from losses.","breadcrumb":{"@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/#primaryimage","url":"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2021\/03\/Fotolia_157513654_STS-fuer-Syntheten.jpg","contentUrl":"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2021\/03\/Fotolia_157513654_STS-fuer-Syntheten.jpg","width":849,"height":566},{"@type":"BreadcrumbList","@id":"https:\/\/www.tsi-kompakt.de\/en\/2024\/03\/rts-for-the-calibration-of-performance-triggers-comes-into-force\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Startseite","item":"https:\/\/www.tsi-kompakt.de\/"},{"@type":"ListItem","position":2,"name":"RTS for the calibration of performance triggers comes into force"}]},{"@type":"WebSite","@id":"https:\/\/www.tsi-kompakt.de\/#website","url":"https:\/\/www.tsi-kompakt.de\/","name":"TSI kompakt","description":"The blog about credit and securitisation markets","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.tsi-kompakt.de\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.tsi-kompakt.de\/#\/schema\/person\/d1ca6361734811d0336ac7bac34d57a7","name":"Birgit Holzhauser","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/096d45be8f488442dddaac8948e81789175751a8d854e90d671280a023b3273a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/096d45be8f488442dddaac8948e81789175751a8d854e90d671280a023b3273a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/096d45be8f488442dddaac8948e81789175751a8d854e90d671280a023b3273a?s=96&d=mm&r=g","caption":"Birgit Holzhauser"}}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/posts\/7028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/comments?post=7028"}],"version-history":[{"count":2,"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/posts\/7028\/revisions"}],"predecessor-version":[{"id":7030,"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/posts\/7028\/revisions\/7030"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/media\/6224"}],"wp:attachment":[{"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/media?parent=7028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/categories?post=7028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tsi-kompakt.de\/en\/wp-json\/wp\/v2\/tags?post=7028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}