The ESMA Chair Steven Maijoor discussed Level 2 measures under the Securitization Regulation with the European Parliament's Committee on Economic and Monetary Affairs (ECON) in Brussels. In his introductory statement during the ECON scrutiny session, Mr. Maijoor focused on the main elements of the recent activities of ESMA under the EU Securitization Regulation and offered an overview of the remaining deliverables under this regulation in the upcoming months.
Mr. Maijoor highlighted that the Securitization Regulation is a key pillar of the Capital Markets Union project and it places a number of key tasks under the responsibility of ESMA. According to him, between now and the January 18, 2019, ESMA will be submitting the following:
- Technical standards on securitization repositories’ operational standards and access conditions regarding the data reported to them
- Technical standards on the information to be provided by firms seeking to register with ESMA to provide securitization repository services
- Technical advice to EC on the fees to be charged by ESMA for supervising securitization repositories
- Technical standards on the cooperation arrangements between national competent authorities and ESAs.
He revealed that ESMA has been working to build its capabilities to receive and publish the simple, transparent, and standardized (STS) notifications, as a securitization can only be confirmed as having the STS label and thus lower capital requirements, if it appears on the official website of ESMA. ESMA will publish reporting instructions in the next few months, to allow sufficient time for originators and sponsors to prepare before the start of next year. Once the regulation is in force, ESMA will continue to supporting the national competent authorities and engage in regular supervisory convergence activities with the aim to further facilitate the harmonization of the application and enforcement of the new European STS framework.
Related Link: Introductory Statement (PDF)
Keywords: Europe, EU, Banking, Securities, Securitization Regulation, STS Securitization, Reporting, Remaining Deliverables, ESMA
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
ISDA is consulting on the implementation of fallbacks for the sterling LIBOR ICE Swap Rate and for the USD LIBOR ICE Swap Rate.
BIS and BoE launched the BIS Innovation Hub Center in London, which is the fourth new Innovation Hub Centre to be opened in the past two years.
ESRB published recommendations on the reciprocation of macro-prudential measures in Belgium, France, Luxembourg, Norway, and Sweden.
SEC announced that the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Actions.
EC published the Delegated Regulation 2021/931, which supplements the Capital Requirements Regulation (CRR or Regulation 575/2013) with regard to the regulatory technical standards specifying the method for identifying derivative transactions with one or more than one material risk driver.
BCBS is consulting on preliminary proposals for the prudential treatment of cryptoasset exposures of banks.
EBA issued a revised list of validation rules under the implementing technical standards on supervisory reporting.
BIS Innovation Hub, BDF, and SNB announced that, together with a private-sector consortium led by Accenture, they will conduct an experiment using wholesale central bank digital currency (wCBDC) for cross-border settlement.
ESAs published two amended implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).