GREECE Law and Practice Contributed by: Panagiotis (Notis) Sardelas, Matina Kagkelari and Anna Zlatoudi, Sardelas Petsa Law Firm
of Justice has issued template forms regarding the above registrations. Following the entry into force of the relevant provisions of Greek Law 5123/2024 (see 1.3 Applicable Laws and Reg- ulations and 3.1 Bankruptcy-Remote Transfer of Financial Assets ) the summary of the trans - fer (assignment) agreement and of the servicing agreement will be registered with the new single electronic registry which will be operated by the Hellenic Cadastre. The procedure for submitting the relevant agreements will be determined by a Hellenic Cadastre BoD decision, which has not been issued yet. It is noted that, pursuant to Article 25 of Greek Law 5123/2024, the registrations of agreements effected prior to the coming into force of the aforementioned law shall be governed by the provisions applying thereto at the time such registrations were made; accordingly, the old agreements do not need to be also registered in the new electronic pledge registry. In addition, the EU Securitisation Regulation has introduced a set of harmonised disclosure and transparency rules that have applied to all forms of EU securitisations since 1 January 2019 (other than securitisations existing prior to that date to the extent that they are grandfathered). The EU Securitisation Regulation has imposed specific disclosure requirements on the originator, the sponsor and the SPE, which were clarified by the implementation of technical standards, compris - ing formats and templates to help standardise the reporting procedures. • Certain information should be disclosed to investors (and to potential investors, upon request) and to national competent authori - ties before pricing, including all documenta - tion essential for the understanding of the transaction, as well as any offering document
or prospectus and, where no prospectus has been drawn up, a “transaction summary” of the main features of the securitisation. Information on the underlying exposures and investor reports should also be made available on an ongoing basis (see also 4.4 Periodic Reporting ). • The originator, sponsor and SPE should des - ignate from amongst themselves one entity to fulfil the relevant information requirements. In private securitisations, such as the ones stipulated under the Securitisation Law, the required information is provided directly to investors and to the competent authorities, whereas information transparency in public securitisations is achieved through filings with a securitisation repository, or by register - ing an entity online to act as a securitisation repository. 4.2 General Disclosure Laws or Regulations As mentioned, the Securitisation Law only allows private securitisations, but the listing of the respective notes is not prohibited. If the notes are listed on ATHEX, the following legislation will also apply: • the Prospectus Regulation and Greek Law 4706/2020, which specifies the implementa - tion measures under the Prospectus Regula - tion; • Greek Law 3556/2007, transposing Directive 2004/109 (the “Transparency Directive”); and • Regulation (EU) 596/2014 (the “Market Abuse Regulation” or MAR). 4.3 Credit Risk Retention The Securitisation Law does not provide for “credit risk retention”. However, the risk reten - tion requirements found in the relevant EU leg - islation (namely the EU Securitisation Regulation
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