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Banks must retain 20 percent of asset-backeds to gain EU label, Tang proposes

( June 8, 2016, 13:23 GMT | Official Statement) -- MLex Summary: Banks would need to retain a 20 percent interest in loans they securitize, up from 5 percent in current law, to gain a proposed EU label for simple and transparent asset-backed securities, under amendments from Paul Tang, the European Parliament leader on the labeling bill. Lenders would also have to disclose how they use the money they raise from selling off the loans, as part of a central registry for securitizations proposed by the Dutch Socialist. Tang’s amendments would also mandate the European Securities and Markets Authority to work with national regulators in enforcing the labeling requirements, which are the centerpiece of efforts to revive structured finance as a way to fund credit. (Click here for a report on related legislation.)The following is an excerpt from the draft report. Click the attachment at bottom for the full document....

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