December 19, 2017

ESMA published three consultation papers on the draft technical standards implementing the Securitisation Regulation. The Regulation establishes a general framework for securitization and creates a specific framework for simple, transparent, and standardized (STS) securitisation. The consultation is open for feedback until March 19, 2018. ESMA will use the feedback received to help finalize its draft technical standards and expects to publish a final report in July 2018 (for the STS notification and third-party application requirements) and by the end of 2018 (for the reporting requirements and operational standards/access conditions).

The Regulation requires certain information to be reported about securitizations to repositories, including details of their underlying exposures, details of the securitization structure, and information on the securitization cash flows. The securitization repositories will be registered and supervised by ESMA. In addition, securitizations seeking to be designated as STS must fulfil additional criteria and notify ESMA of their fulfilment of these criteria. Finally, third-party entities may seek to be authorized by a national competent authority to assess the compliance of securitizations with the STS criteria. The Regulation includes a number of mandates for ESMA to draft technical standards on these provisions. Accordingly, ESMA’s just-published consultation papers seek stakeholder views on:

  • The contents and format of underlying exposures and investor report templates, which aim to meet the reporting requirements of the Regulation
  • The operational standards for providing these reports to securitization repositories and for accessing this information from securitization repositories; moreover, the specific conditions for the entities specified in the Regulation to access information from securitization repositories
  • The contents and format of the notification to ESMA of a securitization’s STS status
  • The application requirements for third-party entities seeking to be authorized as providers of STS verification services

 

Related Link: Press Release

Comment Due Date: March 19, 2018

Keywords: Europe, EU, Securities, Securitization Framework, STS Securitization, Reporting Requirements, ESMA

Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.

May 23, 2019 WebPage Regulatory News
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

PRA Consults on Maintenance of TMTP Under Solvency II

PRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

Denis Beau of BDF on Supervisory Priorities for Climate-Change Risks

Denis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.

May 21, 2019 WebPage Regulatory News
News

ISDA CDM to be Deployed for UK Digital Regulatory Reporting Pilot

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.

May 21, 2019 WebPage Regulatory News
News

MAS to Consolidate Regulation of Merchant Banks Under Banking Act

MAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3118