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    ESMA Updates XML Schema and Instructions for Securitization Reporting

    August 19, 2020

    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.

     

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    Keywords: Europe, EU, Banking, Securities, Securitization Regulation, ABCP Regulation, Reporting, XML Schema, Instructions, Disclosures, Basel, ESMA

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