Featured Product

    ESMA Chair Addresses ECON Committee on Securitization Regulation

    August 29, 2018

    The ESMA Chair Steven Maijoor discussed Level 2 measures under the Securitization Regulation with the European Parliament's Committee on Economic and Monetary Affairs (ECON) in Brussels. In his introductory statement during the ECON scrutiny session, Mr. Maijoor focused on the main elements of the recent activities of ESMA under the EU Securitization Regulation and offered an overview of the remaining deliverables under this regulation in the upcoming months.

    Mr. Maijoor highlighted that the Securitization Regulation is a key pillar of the Capital Markets Union project and it places a number of key tasks under the responsibility of ESMA. According to him, between now and the January 18, 2019, ESMA will be submitting the following:

    • Technical standards on securitization repositories’ operational standards and access conditions regarding the data reported to them
    • Technical standards on the information to be provided by firms seeking to register with ESMA to provide securitization repository services
    • Technical advice to EC on the fees to be charged by ESMA for supervising securitization repositories
    • Technical standards on the cooperation arrangements between national competent authorities and ESAs.

    He revealed that ESMA has been working to build its capabilities to receive and publish the simple, transparent, and standardized (STS) notifications, as a securitization can only be confirmed as having the STS label and thus lower capital requirements, if it appears on the official website of ESMA. ESMA will publish reporting instructions in the next few months, to allow sufficient time for originators and sponsors to prepare before the start of next year. Once the regulation is in force, ESMA will continue to supporting the national competent authorities and engage in regular supervisory convergence activities with the aim to further facilitate the harmonization of the application and enforcement of the new European STS framework.

     

    Related Link: Introductory Statement (PDF)

    Keywords: Europe, EU, Banking, Securities, Securitization Regulation, STS Securitization, Reporting, Remaining Deliverables, ESMA

    Featured Experts
    Related Articles
    News

    APRA Announces Deferral of Capital Reform Implementation

    APRA announced that it is deferring the scheduled implementation of Basel III reforms in Australia by one year.

    March 30, 2020 WebPage Regulatory News
    News

    IFRS Publishes Statement on Its Work During the COVID-19 Crisis

    IFRS, in its statement, emphasized that it shares global concerns about the impact of COVID–19 and is supporting its stakeholders by reconsidering timelines of its meetings and publications, providing information on the application of IFRS 9 on financial instruments, and offering calendar updates on ongoing activities.

    March 27, 2020 WebPage Regulatory News
    News

    US Agencies Announce Changes to SA-CCR and CECL Rules Due to COVID-19

    In light of the recent disruptions in economic conditions due to the COVID-19 outbreak, US Agencies (FDIC, FED, and OCC) announced two actions to allow banking organizations to continue lending to households and businesses.

    March 27, 2020 WebPage Regulatory News
    News

    IAIS Adjusts Work Program to Address Impact of COVID-19 on Insurers

    Considering the impact of COVID-19 outbreak, IAIS announced initial adjustments to its work program to provide operational relief to its member supervisors, insurers, and other stakeholders.

    March 27, 2020 WebPage Regulatory News
    News

    OSFI Announces Regulatory Adjustments to Support COVID-19 Efforts

    OSFI published three targeted industry letters that announce a series of regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers, and private pension plans in the light of COVID-19.

    March 27, 2020 WebPage Regulatory News
    News

    EC Regulation on CCR Mitigation for Covered Bonds and Securitizations

    EC published the Delegated Regulation 2020/447 with regard to regulatory technical standards on the specification of criteria for establishing the arrangements to adequately mitigate counterparty credit risk, or CCR, associated with covered bonds and securitizations.

    March 27, 2020 WebPage Regulatory News
    News

    UK Regulators Announce Measures to Address Impact of COVID-19

    UK Regulatory Authorities published statements and guidance addressed to financial entities on dealing with the impact of the coronavirus (COVID-19) outbreak.

    March 26, 2020 WebPage Regulatory News
    News

    ISDA and Industry Request Delay in Timeline for Initial Margin Rules

    Considering the challenges posed by the COVID-19 pandemic, ISDA submitted a letter on behalf of 21 industry associations and their members requesting BCBS, IOSCO, and global regulators to suspend the current timeline for the initial margin phase-in.

    March 26, 2020 WebPage Regulatory News
    News

    FCA, FRC, and PRA Issue Joint Statement to Address Impact of COVID-19

    In response to the COVID-19 outbreak, FCA, the Financial Reporting Council (FRC), and PRA have announced a series of actions and made statements to support the continued functioning of capital markets in the UK.

    March 26, 2020 WebPage Regulatory News
    News

    EC Rule Corrects Regulation Supplementing Solvency II Directive

    EC published the EU Delegated Regulation 2020/442, which corrects the EU Delegated Regulation 2015/35 that supplements Solvency II Directive (2009/138/EC).

    March 26, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4901