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March 23, 2018

ESMA published two consultation papers on draft technical standards implementing the Securitization Regulation. ESMA requests feedback on these consultation papers until May 23, 2018. ESMA will use the feedback received to help finalize its draft technical standards and advice. ESMA expects to publish a final report on securitization repositories application requirements by the end of 2018 and its final technical advice on fees by the end of the third quarter of 2018.

The consultation papers seek stakeholder views on:

  • The application requirements for firms seeking to register with ESMA as securitization repositories. This consultation paper also includes draft Guidelines on the transfer of data between securitization repositories.
  • Technical advice to EC on securitization repository fees, covering the type of supervisory fees, the matters for which fees are due, the amount of the fees, and the manner in which they are to be paid.

The Securitization Regulation establishes a general framework for securitization and creates a specific framework for simple, transparent and standardized (STS) securitization. As part of these arrangements, the Regulation requires certain information to be reported about securitizations to securitization repositories, which will be registered and supervised by ESMA. The Regulation also grants ESMA the right to charge fees from securitization repositories, to fully cover its necessary expenditure related to the registration and supervision of securitization repositories as well as the reimbursement of any costs that competent authorities incur as a result of any delegation of tasks by ESMA to these authorities. ESMA recently received a request from EC to provide technical advice for these fees. The Securitization Regulation was published in the Official Journal of the European Union on December 28, 2017. 

 

Related Links

Comment Due Date: May 23, 2018

Keywords: Europe, EU, Securities, Banking, Securitization Framework, Securitization Regulation, Securitization Repositories, Implementing Technical Standards, ESMA

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