In this article, Norman Pepe and Fabrizio Occhipinti examine some features of securitisations of non-performing exposures (so-called NPEs) in the light of the regulatory framework set out under the European regulatory framework (i.e. Regulation (EU) 2017/2402) and the implementing regulations soon to be issued by the European Commission on the basis of the proposal formulated by the European Banking Authority (EBA) as a result of a long process of public consultation. Having contributed to this public consultation process with observations that were incorporated in the final text proposed by the EBA, the authors share some background to the debate that preceded the adoption of the “draft regulatory technical standards”, with a particular focus on the risk retention requirement.