On December 19, 2017, the European Securities and Markets Authority (ESMA) published three consultation papers on draft technical standards implementing the Securitisation Regulation (SR). The SR lays down common rules on securitization and creates a European framework for simple, transparent and standardized (STS) securitization.
The consultation papers seek stakeholder views on:
- The contents and format of underlying exposures and investor report templates, which aim to meet the SR’s reporting requirements;
- The operational standards for providing these reports to, and accessing the information from, securitization repositories, and the specific conditions for the entities specified in the SR 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.
ESMA’s consultation is open for feedback until March 19, which will then be used to help finalize the draft technical standards. A final report for the STS notification and third-party application requirements is expected to be published in July 2018. The final report for the reporting requirements and operational standards/ access conditions is expected to be published by the end of 2018.
A copy of ESMA’s press release is available here.
ESMA’s consultation paper on draft technical standards on content and format of the STS notification under the Securitisation Regulation is available here.
ESMA’s consultation paper on draft technical standards on disclosure requirements, operational standards and access conditions under the Securitisation Regulation is available here.
ESMA’s consultation paper on draft technical standards on third-party firms providing STS verification services under the Securitisation Regulation is available here.