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    ESMA Guides on Securitization Repository Data Consistency Thresholds

    July 10, 2020

    ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds. The guidelines provide clarity to market participants and securitization repositories on the accepted levels of No-Data options contained in the securitization data submitted to securitization repositories. ESMA also provided an overview of the feedback received from stakeholders during the consultation on the guidelines as well as the ESMA response to that feedback. In addition, ESMA has released a list of designated competent authorities under the Securitization Regulation.

    The majority of feedback received during the public consultation was supportive of the data completeness and consistency thresholds. Following feedback received during the consultation, ESMA has further developed and clarified some requirements in the guidelines. Based on the feedback received, ESMA has increased, from 20, to 35, the tolerance thresholds for both the legacy assets field threshold (that is, Threshold 1 in Annex A of the Guidelines) and the legacy IT systems field threshold (that is, Threshold 2 in Annex A of the Guidelines), for the Corporate underlying exposure template, with a view to tightening these thresholds over time once market participants have gained experience with the ESMA reporting requirements.

    The objectives of these guidelines are to establish consistent, efficient, and effective supervisory practices within the European System of Financial Supervision and to ensure the common, uniform, and consistent application of the Securitization Regulation. The finalized guidelines achieve these objectives by describing thresholds for when the use of No-Data Options prevent the data submission from being "sufficiently representative of the underlying exposures in the securitization" within the meaning of Article 4(2)(d) of the Securitization Repository Operational Standards Delegated Regulation. ESMA will consider these guidelines for supervisory purpose as of January 01, 2021.

     

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    Keywords: Europe, EU, Banking, Securities, Securitization, Securitization Regulation, Securitization Repositories, No Data Options, Reporting, Designated Competent Authorities, ESMA

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