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    BoE Details Transparency Requirements for Asset-Backed Securities

    October 11, 2019

    BoE published a market notice setting out the detailed transparency requirements for asset-backed securities and covered bonds. To be eligible for the BoE operations, the notice sets out transparency requirements that must be fulfilled for asset-backed securities and covered bonds.

    The ABS-CERT template of BoE must be completed by the participant in Sterling Monetary Framework (SMF participant) requesting eligibility. Loan-level information is required to be made publicly available at a frequency of not less than quarterly and within one month after the relevant interest payment date. BoE requires loan-level data to be provided in the templates. The prospectus and the closing transaction documents (excluding legal opinions) are also required to be made freely and publicly available, along with the standardized monthly investor reports (at least quarterly). Furthermore, for securitizations, a cash flow model is required to be made freely and publicly available by, or on behalf of, the originator or issuer.

    All of the above information is expected to be placed on a website maintained by the issuer or originator (or by another party on their behalf) and made freely and readily available to interested third parties. In certain circumstances, BoE may request additional information to support its analysis, including historic performance information. Asset-backed securities and covered bonds backed by collateral from non-UK jurisdictions will be required to comply with the BoE eligibility criteria. BoE will adopt a principles-based approach to non-UK transactions, with exemptions granted only where criteria are not relevant. Any such requests for exemptions should be discussed with the BoE on an individual basis.

     

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    Keywords: Europe, UK, Banking, Securities, Asset-Backed Securities, Reporting, Securitization, Transparency, Covered Bonds, BoE

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