all the structural features of the securitisation that can materially impact the performance of the institution’s securitisation position, such as the contractual waterfall and waterfall related triggers, credit enhancements, liquidity enhancements, market value triggers, and deal-specific definitions of default.

Credit institutions shall have a thorough understanding of all structural features of a securitisation transaction that would materially impact the performance of their exposures to the transaction such as the contractual waterfall and waterfall related triggers, credit enhancements, liquidity enhancements, market value triggers, and deal-specific definition of default.

Particulate emissions will increase by over 10 times, even though acceptable air levels are already exceeded by 50%, or even by 120%.

The Commission kept its promise, however, and, six months later, did indeed present us with a new draft.

The logic is, indeed, very simple. There is a threshold below which the quality of the products available on the market will inevitably fall and, if the quality – not forgetting that, more often than not, these are paints which are used as protective films, particularly against atmospheric agents – drops below an acceptable threshold, the effect will be the opposite to that which we desire. In the medium- and long-terms, there would, indeed, be an increase in the applications of the paint necessary and, therefore, inevitably, an increase in emissions.

This negative definition does not imply that agreements between firms which exceed the thresholds will appreciably restrict competition; the notice only creates a safe harbour.