January 08, 2019

ESMA issued the final regulatory technical standards (RTS) for cooperation between competent authorities and ESAs under the Securitization Regulation (2017/2402). The regulatory technical standards clarify how competent authorities and ESAs (EBA, EIOPA, and ESMA) should cooperate with each other in the field of securitization transactions.

As investors, originators, sponsors, original lenders, and Securitization Special Purpose Entities (SSPEs) can be established in different member states and supervised by different competent authorities, close cooperation between competent authorities and ESAs is critical to achieve an effective system of supervision for securitization transactions in EU. Therefore, the regulatory technical standards of ESMA set out the general cooperation obligations, the information to be exchanged, and the common notifications procedures in the event of infringements of the Securitization Regulation. 

ESMA submits its draft regulatory technical standards for endorsement to EC, which has three months to endorse them. Once fully implemented, these regulatory technical standards will contribute to delivering a regulatory rule-book for the European securitization market.

 

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Keywords: Europe, EU, Banking, Insurance, Securities, Securitization Regulation, Regulatory Technical Standards, Supervisory Cooperation, ESAs, ESMA

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