August 29, 2018

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

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