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    ESMA Issues Schema and Validation Rules for Securitization Reporting

    July 17, 2019

    ESMA published updated questions and answers (Q&A) on the Securitization Regulation, along with a set of reporting instructions and XML schema for the templates set out in the draft technical standards on disclosure requirements. The Q&A updates clarify different aspects of the draft disclosure technical standards, including how specific fields in the templates should be completed. To accompany the XML schema, ESMA has published a set of validation rules that prohibit the submission of certain combinations of information that are logically incoherent. These additional resources are intended to assist market participants in implementation of the ESMA draft technical standards on disclosure requirements under the Securitization Regulation.

    ESMA will continue to update this Q&A on the Securitization Regulation in the coming months. ESMA is providing the updated Q&A, XML schema, and validation rules in advance of several disclosure-related delegated acts that are due to be adopted by EC. This is a deviation from the standard practice of ESMA because ESMA considers it important to assist affected entities in preparing for the entry into force of the disclosure technical standards, given the specific nature of the transition provisions set out in the Securitization Regulation. ESMA considers that these XML resources are, for example, an important input for an originator, a sponsor, or a Securitization Special Purpose Entity, or in short SSPE, that has been designated to make information about a securitization available via a securitization repository as well as for a prospective securitization repository that may be preparing to apply for registration to ESMA. These published resources are subject to change in case the actual delegated acts adopted by EC contain changes that need to be reflected in the present documents.

     

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    Keywords: Europe, EU, Banking, Securities, Securitization Regulation, Reporting, XML, Validation Rules, Q&A, Technical Standards, Disclosures, EC, ESMA

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