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    ESMA Issues Standards and Guidance Under Securitization Regulation

    November 13, 2018

    ESMA issued a set of items that aim to implement the new European regulatory framework for securitizations and to help promote simple, transparent, and standardized (STS) securitizations. ESMA has prepared these items with due regard for its mandates of investor protection, orderly markets, and financial stability. ESMA submitted the final report and final technical advice to EC for endorsement. These regulatory and implementing standards and technical advice will contribute to delivering a regulatory rulebook for European securitization markets.

    These items include the following:

    • Final report on draft regulatory and implementing standards on the information and templates to be provided as part of an application by a firm to register as a securitization repository with ESMA as well as on the operational standards and access conditions for information collected and maintained by securitization repositories
    • Final Technical Advice of ESMA to EC on fees to be charged by ESMA for registering and supervising securitization repositories
    • Further guidance to market participants on ESMA’s arrangements for being notified of a securitization’s STS status. This guidance consists of a set of reporting instructions and an interim STS notification template, pending the development of ESMA’s STS Register in the coming months. The instructions and template file can be found on ESMA’s securitization policy activities webpage.
    • Statement addressing various topics related to the near-term implementation activities under the Securitization Regulation. This statement aims to provide additional information to facilitate market participants’ understanding around ESMA’s deliverables, given that the Securitization Regulation begins to apply on January 01, 2019.

     

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    Keywords: Europe, EU, Banking, Securities, Securitization Regulation, STS, Regulatory and Implementing Standards, Technical Advice, Reporting, Template, Instructions, EC, ESMA

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