ECB Announces Changes to Loan-Level Data Requirements

ECB had decided, in March 2019, that the loan-level data reporting requirements of the Eurosystem collateral framework will converge toward the disclosure requirements specified in the Securitization Regulation (2017/2402). ECB has now announced that the “ESMA reporting activation date” occurred on June 25, 2021, when all related conditions were fulfilled. Consequently, the new loan-level data rules will enter into effect after a transitional period of three months from the ESMA reporting activation date. As of October 01, 2021, asset-backed securities under the scope of the Securitization Regulation will only be assessed for compliance against Eurosystem collateral eligibility criteria if loan-level data is submitted to an ESMA-registered securitization repository and according to the templates developed by ESMA. All asset-backed securities seeking eligibility as Eurosystem collateral are subject to the same loan-level data requirements, regardless of any exemption from the disclosure requirements under the Securitization Regulation. Therefore, eligible asset-backed security issuers are required to provide information to the Eurosystem according to the procedures established in Sections 1 and 2 of the Delegated Regulation 2020/1224, which entails the submission of investor reports, as well as templates on underlying exposures, inside information and significant events.

In case of eligible asset-backed security transactions issued prior to January 01, 2019, which are not subject to the Securitization Regulation, the current loan-level data reporting requirements of the Eurosystem will be maintained for three years until September 31, 2024. After that date, the ECB asset-backed security loan-level data templates will be phased out and these asset-backed securities will equally be subject to the procedures established in Sections 1 and 2 of the Delegated Regulation 2020/1224, as a Eurosystem eligibility requirement. To ensure that non-marketable debt instruments backed by eligible credit claims (DECCs) can comply with their respective loan-level data requirements, ECB has created a specific ECB SME DECC template. This decision takes into consideration that DECCs do not fall under the scope of the Securitization Regulation.

Related Links

• Press Release
• ECB SME DECC Template (ZIP)
• ECB SME DECC Taxonomy
• Other ECB Loan-Level Data Templates
• ESMA Reporting Templates

Keywords: Europe, EU, Banking, Loan-Level Data, Reporting, Securitization Regulation, Asset-Backed Securities, Collateral, SME DECC Template, Eurosystem Collateral Framework, ESMA, ECB