ESMA Opinion and Q&A on Disclosures Under Securitization Regulation

In its opinion, ESMA agrees with the EC request to amend its disclosure RTS/ITS and, accordingly, has substantially expanded the ability for reporting entities to use the "No Data" options in the respective disclosure templates, in particular in the templates for asset-back commercial paper securitization. In addition, ESMA has also adjusted the content of certain fields in the templates, where it considered that this could more appropriately address the EC request. ESMA has also clarified the templates to be used to provide any inside information as well as information on significant events affecting the securitization (under (f) and (g) of Article 7(1) of the Securitization Regulation). ESMA submitted its opinion containing these revised draft technical standards to the EC for endorsement. These revised RTS/ITS will contribute to delivering a regulatory rule-book for EU securitization markets. The XML schema for these templates shall be made available in the coming months.

The recently published Q&A cover many technical issues on how to complete template fields and aim to provide guidance to market participants seeking further context that may be helpful for their future expectations of how to comply with these RTS/ITS. Nevertheless, they are being provided in advance of the possible adoption of the disclosure RTS/ITS being adopted by EC and are, therefore, subject to possible changes. 

Related Links

• Press Release
• Opinion (PDF)
• Q&A (PDF)
• EC Letter, December 2018

Keywords: Europe, EU, Banking, Securities, Securitization Regulation, Disclosures, Implementing Technical Standards, Regulatory Technical Standards, Opinion, Q&A, Templates, ESMA