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    ESMA Consults on ESG Ratings and Launches STS Securitizations Register

    The European Securities and Markets Authority (ESMA) publishes a Call for Evidence on environmental, social, and governance (ESG) to gather information on the market structure, revenue, and product offerings for ESG rating providers in the European Union. The Call is mainly addressed to ESG rating providers, users of ESG ratings, and entities subject to rating assessment of ESG rating providers and the responses to the questionnaire can be submitted by March 11, 2022. The feedback received will be shared with the European Commission, as a part of a separate consultation on the use of ESG ratings by market participants and the functioning and dynamics of the market (expected before the second quarter of 2022). In addition, ESMA launched its Simple, Transparent and Standardized (STS) Register for the notification of securitizations under the Securitization Regulation.

    ESMA has put in place an automated process to facilitate notification of securitizations meeting the STS criteria that are eligible for STS label and makes them available in the new STS register. The STS register replaces the previous interim solution of an STS list on the ESMA website. It will allow originators and sponsors to benefit from an enhanced notification system and will provide investors and supervisors with improved access to individual STS securitizations to assist them in performing their respective due diligence and supervisory tasks. The STS Register covers traditional STS securitizations (non-ABCP securitizations, ABCP securitizations, and ABCP programs). The interim STS notification is still applicable to synthetic STS securitizations though. Originators and sponsors are expected to continue sending notifications of synthetic securitizations eligible for the STS label using the interim STS solution, until further notice by ESMA.  

     

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    Keywords: Europe, EU, Banking, Securities, STS Securitization, Synthetic Securitization, Reporting, Securitization Regulation, ESG, STS Register, ESG Ratings, EC, CRAs, ESMA

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