Featured Product

    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.

     

    Related Links

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

    Featured Experts
    Related Articles
    News

    EC Delegated Regulation on Specialized Lending Exposures Under CRR

    EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.

    April 14, 2021 WebPage Regulatory News
    News

    OSFI Consults on Minimum Qualifying Rate for Uninsured Mortgages

    OSFI is proposing new minimum qualifying rate for uninsured mortgages under the Guideline B-20.

    April 13, 2021 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in April 2021

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities amounting to 115 as of the March 01, 2021 cut-off date.

    April 12, 2021 WebPage Regulatory News
    News

    OSFI Issues Letter on ICAAP Submission and Internal Audit of BCAR

    OSFI issued a letter to confirm that a formal Internal Capital Adequacy Assessment Process (ICAAP) submission is not required in 2021.

    April 12, 2021 WebPage Regulatory News
    News

    EC Agrees to Prolong Scheme to Support NPL Reduction at Greek Banks

    EC has approved the prolongation of an existing Greek scheme aiming to support the reduction of nonperforming loans, or NPLs, of Greek banks on the basis that it remains free of any State aid.

    April 09, 2021 WebPage Regulatory News
    News

    EIOPA Study Examines Internal Model Market and Credit Risks Under SII

    EIOPA published a report presenting the results of its yearly study on the internal modeling of market and credit risks under the Solvency II Directive, also known as SII.

    April 09, 2021 WebPage Regulatory News
    News

    ESMA Issues Notification Templates for STS Synthetic Securitizations

    ESMA published the interim simple, transparent, and standardized (STS) notification templates for synthetic securitizations, post the recent amendments to the Securitization Regulation.

    April 09, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    EBA Updates Lists of Entities for Use in Capital Calculations under SA

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    FED Proposes to Automate Bank Stock Adjustment Using Call Report Data

    FED published a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock.

    April 08, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6835