ECB Announces Changes to Loan-Level Data Requirements
ECB announced certain changes to the loan-level data requirements of Eurosystem. ECB has published a new reporting template and the associated manual/taxonomy to ensure that non-marketable debt instruments backed by eligible credit claims (DECCs) can comply with their respective loan-level data requirements. The SME DECC template will become applicable as of October 01, 2021. Additionally, certain ECB templates will be replaced by the ESMA reporting templates, which are to be used as of October 01, 2021.
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
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