Featured Product

    ESMA Opinion and Q&A on Disclosures Under Securitization Regulation

    January 31, 2019

    ESMA published an opinion containing the revised set of draft regulatory and implementing technical standards on disclosures (disclosure RTS/ITS) under the Securitization Regulation. This opinion is ESMA’s response to a letter from the EC requesting certain amendments to the disclosure technical standards published in the final report of ESMA on August 22, 2018. ESMA also published a set of questions and answers (Q&A) based on stakeholder feedback and questions on the disclosure technical standards received by ESMA since August 22, 2018.

    In its opinion, ESMA agrees with the EC request to amend its disclosure RTS/ITS and, accordingly, has substantially expanded the ability for reporting entities to use the "No Data" options in the respective disclosure templates, in particular in the templates for asset-back commercial paper securitization. In addition, ESMA has also adjusted the content of certain fields in the templates, where it considered that this could more appropriately address the EC request. ESMA has also clarified the templates to be used to provide any inside information as well as information on significant events affecting the securitization (under (f) and (g) of Article 7(1) of the Securitization Regulation). ESMA submitted its opinion containing these revised draft technical standards to the EC for endorsement. These revised RTS/ITS will contribute to delivering a regulatory rule-book for EU securitization markets. The XML schema for these templates shall be made available in the coming months.

    The recently published Q&A cover many technical issues on how to complete template fields and aim to provide guidance to market participants seeking further context that may be helpful for their future expectations of how to comply with these RTS/ITS. Nevertheless, they are being provided in advance of the possible adoption of the disclosure RTS/ITS being adopted by EC and are, therefore, subject to possible changes. 


    Related Links

    Keywords: Europe, EU, Banking, Securities, Securitization Regulation, Disclosures, Implementing Technical Standards, Regulatory Technical Standards, Opinion, Q&A, Templates, ESMA

    Related Articles
    News

    SEC Adopts Rules and Amendments Under Regulatory Regime for Swaps

    SEC announced that it took a significant step toward establishing the regulatory regime for security-based swap dealers (SBSDs) by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Act.

    September 19, 2019 WebPage Regulatory News
    News

    APRA Revises Standard on Margin Rules for Uncleared Derivatives

    APRA revised CPS 226, which is the prudential standard on margin and risk mitigation requirements for non-centrally cleared derivatives.

    September 19, 2019 WebPage Regulatory News
    News

    BIS Formalizes Agreement to Set Up Innovation Hub in Hong Kong SAR

    BIS and HKMA signed the Operational Agreement on the BIS Innovation Hub Center in Hong Kong Special Administrative Region (SAR).

    September 18, 2019 WebPage Regulatory News
    News

    PRA Proposal on Probability of Default and LGD Estimation

    PRA proposed, via the consultation paper CP21/19, an approach to implementing EBA’s recent regulatory products relating to Probability of Default (PD) estimation, Loss Given Default (LGD) estimation, and the treatment of defaulted exposures in the internal ratings-based (IRB) approach to credit risk.

    September 18, 2019 WebPage Regulatory News
    News

    PRA Issues Consultation on Prudent Person Principle Under Solvency II

    PRA, via the consultation paper CP22/19, has set out its proposed expectations for investment by firms, in accordance with the Prudent Person Principle (PPP).

    September 18, 2019 WebPage Regulatory News
    News

    CFTC Extends Comment Period for Proposals on Cross-Border Clearing

    CFTC announced that it is extending, until November 18, 2019, the comment period for the proposal for an alternative compliance framework for derivatives clearing organizations (DCOs) that are organized outside of U.S. and that do not pose substantial risk to the U.S. financial system.

    September 18, 2019 WebPage Regulatory News
    News

    BNM Publishes Financial Stability Review for the First Half of 2019

    BNM published Financial Stability Review for the first half of 2019.

    September 18, 2019 WebPage Regulatory News
    News

    APRA Observations from Thematic Review on Recovery Plans of Insurers

    APRA issued a letter to general insurers and life insurers, outlining observations from a recent thematic review on recovery planning by insurers.

    September 18, 2019 WebPage Regulatory News
    News

    FASB Issues Summary of Tentative Board Decisions at September Meeting

    FASB published a summary of the tentative decisions taken at its Board meeting in September 2019.

    September 18, 2019 WebPage Regulatory News
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3848