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December 19, 2017

ESMA published three consultation papers on the draft technical standards implementing the Securitisation Regulation. The Regulation establishes a general framework for securitization and creates a specific framework for simple, transparent, and standardized (STS) securitisation. The consultation is open for feedback until March 19, 2018. ESMA will use the feedback received to help finalize its draft technical standards and expects to publish a final report in July 2018 (for the STS notification and third-party application requirements) and by the end of 2018 (for the reporting requirements and operational standards/access conditions).

The Regulation requires certain information to be reported about securitizations to repositories, including details of their underlying exposures, details of the securitization structure, and information on the securitization cash flows. The securitization repositories will be registered and supervised by ESMA. In addition, securitizations seeking to be designated as STS must fulfil additional criteria and notify ESMA of their fulfilment of these criteria. Finally, third-party entities may seek to be authorized by a national competent authority to assess the compliance of securitizations with the STS criteria. The Regulation includes a number of mandates for ESMA to draft technical standards on these provisions. Accordingly, ESMA’s just-published consultation papers seek stakeholder views on:

  • The contents and format of underlying exposures and investor report templates, which aim to meet the reporting requirements of the Regulation
  • The operational standards for providing these reports to securitization repositories and for accessing this information from securitization repositories; moreover, the specific conditions for the entities specified in the Regulation to access information from securitization repositories
  • The contents and format of the notification to ESMA of a securitization’s STS status
  • The application requirements for third-party entities seeking to be authorized as providers of STS verification services

 

Related Link: Press Release

Comment Due Date: March 19, 2018

Keywords: Europe, EU, Securities, Securitization Framework, STS Securitization, Reporting Requirements, ESMA

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