Featured Product

    ESMA Consults on Securitization Repository Data Consistency Thresholds

    January 17, 2020

    ESMA published a consultation paper on the guidelines on securitization repository data completeness and consistency thresholds. The proposed guidelines set out an initial calibration of thresholds to be applied by securitization repositories when verifying the completeness and consistency of disclosure templates submitted to them under the technical standards that were recently published by EC. These technical standards set out the key elements of the disclosure obligations for securitization transactions as well as the operational standards of securitization repositories. The consultation is open until March 16, 2020 and responses are being sought from securitization repositories, providers of securitization information to repositories, as well as trade associations, investors, and consumer groups.

    The objective of the consultation is to help market participants and securitization repositories to understand ESMA’s expected maximum use of "No Data options" contained within a securitization data submission. The proposed guidelines in this consultation paper set out:

    • The proposed calibrations for data completeness thresholds to be applied by securitization repositories
    • Explanations on how and when ESMA intends to revise these thresholds
    • An example of how the representativeness verification of these thresholds would be applied to a sample exposure report (Annex II)

    The technical standards, recently published by EC, define the content and format of the information that an originator, sponsor, and securitization special purpose entity (SSPE) of a securitization must provide to competent authorities, investors, and potential investors in a securitization. They also set out the obligations of a securitization repository, through which this information must be made available. One of the obligations of a securitization repository is to verify that the data it receives from the originator, sponsor, and SSPE of a securitization is sufficiently representative of the underlying exposures in a securitization, which is understood as the permitted level of use of the "No Data options" in the disclosure templates by the securitization parties. ESMA aims to publish the final report on the guidelines as close as possible to the publication of the technical standards in the Official Journal of the European Union.

     

    Related Links

    Comment Due Date: March 16, 2020

    Keywords: Europe, EU, Banking, Securities, Securitization, Securitization Regulation, Securitization Repositories, Data, Disclosure, No Data Options, ESMA

    Related Articles
    News

    HKMA on Fintech Adoption and Innovation by Banks in Hong Kong

    HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.

    May 20, 2020 WebPage Regulatory News
    News

    BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk

    BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Consults on Guide for Managing Climate and Environmental Risks

    ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.

    May 20, 2020 WebPage Regulatory News
    News

    ECB Issues Opinion on Revisions to CRR in Response to COVID Crisis

    ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.

    May 20, 2020 WebPage Regulatory News
    News

    EBA Assesses Interlinkages Between Recovery and Resolution Planning

    EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).

    May 20, 2020 WebPage Regulatory News
    News

    SRB Publishes Final MREL Policy Under the Banking Package

    SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.

    May 20, 2020 WebPage Regulatory News
    News

    US Agencies Amend Interim Final Rule on Transition Period for CECL

    US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.

    May 19, 2020 WebPage Regulatory News
    News

    ECB Releases Results of March Survey on Credit Terms and Conditions

    ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.

    May 19, 2020 WebPage Regulatory News
    News

    FINMA Adjusts Deadlines for COVID-19 Relief Measures for Banks

    FINMA published guidance (06/2020) on extending or discontinuing various exemptions that were granted due to the COVID-19 crisis.

    May 19, 2020 WebPage Regulatory News
    News

    SRB Consults on Standardized Data Set for Bank Valuation in Resolution

    SRB launched a consultation on the minimum data needed for valuation of a bank in resolution.

    May 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5203