Securitisation 2025

GREECE Law and Practice Contributed by: Panagiotis (Notis) Sardelas, Matina Kagkelari and Anna Zlatoudi, Sardelas Petsa Law Firm

mission has recently approved the extension of the HAPS programme by EUR 1 billion and until 30 June 2025 1.3 Applicable Laws and Regulations The securitisation of business claims and real estate properties in Greece is governed by the Securitisation Law, together with the general provisions on the “sale of assets” contained in Articles 513 et seq and 455 et seq of the Greek Civil Code. Regulation (EU) 2017/2402 of the European Par - liament and of the Council of 12 December 2017, laying down a general framework for securitisa - tion and creating a specific framework for sim - ple, transparent and standardised (STS) secu - ritisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012, as in force, (the “EU Securitisation Regulation”), and any regulatory technical standards issued there - under, would also apply. Securitisations in the banking sector that aim for a significant risk transfer and accounting derecognition should meet the requirements of Regulation (EU) 575/2013 of the European Parliament and of the Council of 26 June 2013, as amended by Regulation (EU) 2017/2401 (the CRR). Banking securitisations aiming to qualify for the HAPS programme should also comply with the provisions of Greek Law 4649/2019, as most recently amended by Greek Law 5072/2023 (the “HAPS Law”). Greek Law 2801/2000 governs the securitisation of State receivables.

More general aspects of securitisation trans - actions are governed by the Greek Company Law 4548/2018, a legislative decree dated 17 July/13 August 1923 on some special provi - sions on sociétés anonymes, and by Greek Law 2844/2000 on the pledge registry, the provisions of which will be repealed upon the entry into force of the relevant provisions of recent Greek Law 5123/2024, which introduced the new sin - gle electronic pledge registry, to be operated by the Hellenic Cadastre. The effective date of the operation of the new registry has been extend - ed pursuant to a ministerial decision to 30 June 2025 . The provisions of Greek Law 5072/2023, which transposed Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers and replaced the relevant provisions of Greek Law 4354/2015, would also apply to the servicing of receivables transferred under the Securitisation Law, if the relevant servicing activ - ities have been assigned to licensed Greek or EU credit servicers, within the meaning of Greek Law 5072/2023. Greek Law 5072/2023 does not apply to the transfer of claims under credit agreements signed before 30 December 2023, nor to their respective servicing agreements. Finally, new Greek Law 5113/2024 (the “DLT Law”), published on 21 June 2024, provides for measures implementing the EU DLT Pilot Regime in Greece, introduced by Regulation (EU) 2022/858, which is applicable from 23 March 2023. More specifically, the DLT Law introduces a legal framework for financial instru - ments, within the meaning of Directive 2014/65/ EU (“MiFID II”), issued through DLT (distributed ledger technologies) and explicitly recognises that Greek sociétés anonymes can issue digital securities (including securitized bonds) through

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