Originators, sponsors and SSPEs may use the designation ‘STS’ or ‘simple, transparent and standardised’, or a designation that refers directly or indirectly to those terms for their securitisation, only where:
(a)((a)) the securitisation meets all the requirements ofset out in Section 11, 2 or Section 22a of this Chapter, and ESMA has been notified pursuant to Article 27(1); and
(b)((b)) the securitisation is included in the list referred to in Article 27(5).
The originator, sponsor and SSPE involved in a securitisation considered STS shall be established in the Union.