ESMA Updates XML Schema and Instructions for Securitization Reporting
ESMA updated the XML schema version 1.2.0, along with the associated reporting instructions, for templates set out in the technical standards on disclosure requirements under the Securitization Regulation. The updates address technical issues identified by stakeholders since December 2019. The reporting templates and the associated XML schema and reporting instructions will enter into force 20 days after the technical standards on disclosure requirements have been published in the Official Journal of the European Union. To facilitate the smooth implementation of these updates, reporting entities may choose to use either version 1.1.0 or version 1.2.0 of the XML schema and validation rules until February 01, 2021. As of February 01, 2021, the reporting entities may only use Version 1.2.0.
The Securitization Regulation establishes a general framework for securitizations and creates a specific framework for simple, transparent, and standardized (STS) securitizations. Among other objectives, the Securitization Regulation aims to enhance the transparency of securitization markets in EU. To this end, ESMA has developed four Message Definitions to support the reporting of Asset-Backed Commercial Paper (ABCP) and non-ABCP securitization data either to (for public securitizations) securitization repositories or (for private securitizations) directly to holders of securitization positions, to competent authorities referred to in Article 29 of the Securitization Regulation, and, upon request, to potential investors. The relevant messages will be submitted by the entity designated among the originator, sponsor, and Securitization Special Purpose Entity (SSPE) of a securitization, as further discussed in the ESMA Opinion on the disclosures technical standards. Securitizations for which a prospectus is required to be drawn up are required to be reported to securitization repositories. However, private securitizations are under no obligation to report to securitization repositories and are, therefore, not discussed within the published reporting instructions.
The Securitization Regulation (Articles 7 and 17 in particular) and the ESMA Opinion on the disclosure technical standards set out information about the scope of the templates covered in the published reporting instructions—that is, who must report data, where data should be sent, and who can access this data. Further clarifications have been provided in the Questions and Answers (Q&A) document of ESMA. Fourteen disclosure templates have been set out in the technical standards to exchange messages on Securitization non-ABCP Underlying Exposure Report, Securitization non-ABCP Significant Event and Investor Report, Securitization ABCP Underlying Exposure Report, and Securitization ABCP Inside Significant Event and Investor Report (also including the Status advice feedback message). The four Securitization messages spreadsheets are available in the accompanying XML Schema package.
Related Links
- Press Release
- XML Schema, Version 1.2.0 (ZIP)
- Reporting Instructions (PDF)
- Disclosure Requirements and Templates
Keywords: Europe, EU, Banking, Securities, Securitization Regulation, ABCP Regulation, Reporting, XML Schema, Instructions, Disclosures, Basel, ESMA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
EBA Responds to EC Action Plan on AML/CFT Framework in EURelated Articles
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
